{"id":4625,"date":"2022-03-28T15:16:40","date_gmt":"2022-03-28T15:16:40","guid":{"rendered":"https:\/\/www.bainesjewitt.co.uk\/blog\/?p=4625"},"modified":"2022-03-28T15:16:42","modified_gmt":"2022-03-28T15:16:42","slug":"how-can-you-cope-with-the-cost-of-living-crisis","status":"publish","type":"post","link":"https:\/\/www.bainesjewitt.co.uk\/blog\/how-can-you-cope-with-the-cost-of-living-crisis\/","title":{"rendered":"How can you cope with the cost-of-living crisis?"},"content":{"rendered":"<p>Many are feeling the impact of the increasing cost of living on their finances, with the inflation rate soaring to a 30 year high of 6.2 per cent in February. \u00a0<!--more--><\/p>\n<p>As prices rise across the UK, from the strain of increased energy, fuel, and food costs, individuals may have been searching for ways to maintain their standard of living.<\/p>\n<p>According to research from Avon, almost two thirds of British people are worried about the impact of inflation on their finances.<\/p>\n<p>This is having a knock-on effect of people cutting down on spending, with over 45.2 million people reportedly reducing their expenditure.<\/p>\n<p>From the research, it was apparent that some (nearly two fifths of women) are considering or have already obtained an alternate source of income.<\/p>\n<p><strong>What measures can individuals take?<\/strong><\/p>\n<p>Whilst cutting down on spending is one option, there are some necessary outgoings that cannot easily be reduced or stopped, such as the volatile fuel prices.<\/p>\n<p>However, you may be able to make savings elsewhere, such as:<\/p>\n<ul>\n<li>Checking whether you are entitled to a Council Tax Reduction<\/li>\n<li>Opting to use public transport for short journeys<\/li>\n<li>Keeping track of income and outgoings, whilst setting out a budget<\/li>\n<li>Investing in household energy saving measures (to utilise the 0 per cent VAT rate)<\/li>\n<\/ul>\n<p>Alternatively, there is the option to try and increase your income and maximise your savings.<\/p>\n<p>One way to do this could be by taking advantage of the tax-free ISA allowance ahead of the end of the tax year (5 April).<\/p>\n<p>During the Spring Statement last week, the Chancellor did announce measures that some individuals may benefit from.<\/p>\n<p>For instance, the upcoming increase in the National Insurance Primary Threshold and Lower Profits Limit from \u00a39,880 to \u00a312,570 in July 2022 is equivalent to a tax cut of \u00a3330, according to the Chancellor.<\/p>\n<p>Despite this move, for those on higher incomes the amount of tax paid may still increase \u2013 due to the additional 1.25 per cent health and social care levy.<\/p>\n<p><strong>For advice with related matters, contact our expert team today. <\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Many are feeling the impact of the increasing cost of living on their finances, with the inflation rate soaring to a 30 year high of 6.2 per cent in February. \u00a0<\/p>\n","protected":false},"author":2,"featured_media":4627,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[24,72,53,114],"tags":[],"_links":{"self":[{"href":"https:\/\/www.bainesjewitt.co.uk\/blog\/wp-json\/wp\/v2\/posts\/4625"}],"collection":[{"href":"https:\/\/www.bainesjewitt.co.uk\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.bainesjewitt.co.uk\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.bainesjewitt.co.uk\/blog\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.bainesjewitt.co.uk\/blog\/wp-json\/wp\/v2\/comments?post=4625"}],"version-history":[{"count":1,"href":"https:\/\/www.bainesjewitt.co.uk\/blog\/wp-json\/wp\/v2\/posts\/4625\/revisions"}],"predecessor-version":[{"id":4626,"href":"https:\/\/www.bainesjewitt.co.uk\/blog\/wp-json\/wp\/v2\/posts\/4625\/revisions\/4626"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.bainesjewitt.co.uk\/blog\/wp-json\/wp\/v2\/media\/4627"}],"wp:attachment":[{"href":"https:\/\/www.bainesjewitt.co.uk\/blog\/wp-json\/wp\/v2\/media?parent=4625"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.bainesjewitt.co.uk\/blog\/wp-json\/wp\/v2\/categories?post=4625"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.bainesjewitt.co.uk\/blog\/wp-json\/wp\/v2\/tags?post=4625"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}