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Coping with rising prices #thrifty #frugal

The falling value of the pound has meant many prices have increased since the Brexit vote. The price of imported food has gone up and so too has the price of clothing. Coping with rising prices if you’re on a fixed or low-income can be difficult.

coping with rising prices

Coping with rising prices

Many retailers have a high mark-up on clothing and the obvious thing to do if clothing is making a big dent in your budget is to look at the discount retailers and make the clothes you have last longer. Prices at discounters like Primark and Matalan have increased but if you are changing to them from a more expensive retailer then you can save money. It is also worth looking at supermarkets for clothing. Tesco, in particular, has a good selection online. George from Asda is good too. Coping with rising prices might mean going down-market in a number of areas. Changing from using the big four supermarkets to a discounter like Aldi, Lidl or an independent is an option too.

Online shopping

We can find a lot of bargains online especially through Amazon who offer good complaints and returns service should something go wrong. There are few products that Amazon doesn’t stock now. Clothing from Amazon can be a problem with sizes and so you might favour shopping in a store. I have a lot of problems with shoe sizes and have even had to buy 2 sizes larger when shopping in-store.

Standard of living

Many people now have fairly static income and are struggling to cope with these rising prices as well as people on fixed incomes. The money left after we have paid for essentials is our discretionary income that we can use for socialising and for luxuries. We need to get value for money for every pound we spend or our standard of living can soon fall rapidly. We can, for example, try to eat less but enjoy more. This can mean planning meals more carefully and getting value for money. We can also accept a challenge to cook a really frugal meal once a week to save money. Instead of a treat on Friday, a frugal meal could leave that little bit more money to enjoy the weekend.

Interest

Britons are using their credit cards more and getting into more and more debt. The interest they pay banks mounts up and cuts their standard of living. People complain of a pay freeze but can’t balance their own finances. A lot of credit is taken on because of impatience or worse, a desire to keep up with the Joneses.

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