Everything is rising in price, that is no real surprise however, for many of us, our pay is not rising in line with this and we are all starting to feel the pinch with the rising costs. This could
For some of us, it is just eating into what spare cash we may have a month and for others, it is pushing us closer to the breadline and sacrifices are having to be made. If you are feeling the pinch though and you need to commute to work, it can feel really tight as many of us are weighing up the cost of travelling against pay for that role. It is the same for those with children too, so many articles coming out about how it is more expensive to work than stay at home with children, which just seems like madness!
If you are still battling the commute and the costs, here are 3 ways to look at cutting costs where possible to help save a few pounds every month!
- Car sharing – If you have to take a car due to your work location, is it possible to car share with a colleague, even if one of you is picked up on the way there? Depending on the location, you could either rotate who is driving or give some money towards petrol if it is always the same person driving. This way it would work out cheaper for you both in the long run if it is possible as you are only fueling one car a go.
- Downsize your car – Depending on your car and your finances, it might be possible to downsize your car which will save money in running costs and yearly costs such as insurance and road tax. This is not an option for everyone but using an online calculator you would be able to work out the costs of getting a new car. If you already have a car, you could sell this and put the money towards the newer car also, so it might not even cost you anything more depending on what you already have. A few years ago we went from a 2.2-litre engine car to a 1.2-litre engine car and it made a huge difference in our monthly petrol costs. I would dread to think what it would cost now to run such a big car.
- Purchase public transport cards in advance – For those of you who travel by public transport, you have also been hit by the rising costs. If you travel frequently on public transport, make sure you take a read this great post on how to cut costs. It could be as simple as purchasing early for those who only travel once in a while or for the more frequent travellers, you may want to consider getting a season pass and saving some money.
We know that the rising costs are here to stay for a while, with many of us worrying about what may be just around the corner. Although some changes may only save £10 a month, if you could do that for 3 or 4 things, you will be able to offset some of the costs that are coming.
It will be a while before we are able to feel like everything is under control with the rising costs, however, for my own mental space, I am working on little solutions that are easy to solve first with our outgoings and then working to the bigger ones. I just want to ensure we stay on our journey to early retirement the best I can, whilst still living a life we love now.