The cost of living crisis keeps climbing and it’s affecting us all. While we may feel pretty powerless, there are lots of little things that we can do to fight back and make our money go further. My name is Jack Parsons and I’m the CEO of Youth Group, which is an organisation dedicated to seeing young people thrive.
Having heard from so many of our 1.7 million community members about how hard they have been hit by spiralling prices, we have been working hard to equip young people with money powers to help make the most of their money.
As part of the new series of my podcast My Duvet Flip, I’ve been meeting with business leaders like Dragon’s Den star Kelly Hoppen and Lloyds Banking Group CEO Charlie Nunn to discuss how we can help young people who are struggling right now.
So, here are my top tips for combatting the cost of living crisis.
Improve your budgeting
While this one does take a bit of time, making and sticking to a rigorous budget could be the best way to make your money go further.
Work out how much money you have available each week and break it down into different costs like grocery shopping and public transport. Having split your money between the things you actually need to spend it on, you can save money by avoiding the things that you don’t really need. For me, this would be having too many English Breakfast Teas from the cafe’s near me. This may feel like just a pound here and a pound there, but it all adds up.