Friday 18th November 2022

What's it all about?

This article's designed to help you:

  • Get on top your day-to-day expenses.
  • Understand how small changes can make a big difference to your finances.
  • Make smart decisions about your spending.

Over 9 in 10 of us in the UK are seeing our day-to-day spending rocketing up. Over 3 in 4 are struggling with bumped-up fuel, gas and electric bills each month, too. It’s a painful one-two punch combination that’s lumped a shocking 15 million UK households with the difficult decision of whether to heat our homes or feed our families. This is all happening at an already tough economic time. According to the Office for Budget Responsibility, the UK was already in a recession as of November 2022. This basically means that the economy has slowed down for 2 quarters on the trot. Meanwhile, unemployment’s expected to go up from 3.6% to 4.9% by 2024 and, while we’re likely to be seeing overall growth of 4.2% this year, the size of the economy will actually shrink by 1.4% in 2023 before growing again by 1.3%, 2.6% and 2.7% in the following 3 years. Inflation, which is what’s got most of us concerned, is predicted to sit at 9.1% this year, before falling to 7.4% in 2023. As long as the cost of living stays so high, it’s down to all of us to make better decisions about how we manage the money we’re spending. Here are some key tips on cutting your costs down to size.