Rebudgeting During the Cost of Living Crisis

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It’s no secret that many people are struggling financially right now. This has been the result of a whole host of different scenarios and world situations over the course of the past couple of years. From the coronavirus and Covid-19 pandemic, which left many people out of work and digging into their savings, to the Russo-Ukranian war, which has sent world economies into chaos and energy bills soaring. If you’re finding that you’re struggling to make ends meet right now, are falling into debt or are simply not able to afford the extras that you usually enjoy, you may be wondering how to get back on top of your finances. Here are some suggestions that can help you with this.

Create a New Budget

The first step you need to take is to ensure you’re living to a budget that is accurate for the current moment. The budget that you created before the cost of living crisis may have been fine for the time, but when the price of rent, energy, fuel, food and so many other essentials is on the rise, you may find that this cuts further into your expenditure and reduces your disposable income. It’s important to ensure that you are fully aware of your actual disposable income to guarantee that you don’t overspend and to prevent yourself from experiencing issues with debt. Take some time to figure out your income, your take-home pay, deduct all of your agreed and contracted outgoings, then find your disposable income. Make sure you never exceed this with your spending.

Sell Unwanted Items

If you take a walk around your home, you will find a number of things that you no longer want but certainly have value, especially your jewelry. You can get cash for jewelry just by conducting a little bit of research. The same goes for clothing and shoes, especially those with high-end labels or if the tags are still attached. There are several online and retail stores that will take those items off your hands in exchange for cash. Old video games, DVDs, and vinyl records also have market appeal. You can find local or online buyers for these, as well.

Meal Plan

Sure, food is always going to form a proportion of your outgoings, but there are ways to save when prices keep rising. Never reduce the amount of food you provide for your family – this is never the answer and if times get really tough, there’s always the option of food banks. Instead, reconsider the way that you shop. Try choosing own brand and unbranded foods. Shop yellow reduction labels to save money on products that are close to their use by date. Try frozen and tinned foods as opposed to fresh foods. You should also make sure to meal plan. Knowing what you’re going to eat throughout the week makes sure that every element of every ingredient is used. You can find plenty of great recipes like this steak and shrimp recipe from

Weigh Up Hobbies and Other Activities

You may find that with a lower disposable income, you may need to reduce the amount you spend on your family’s hobbies and other activities. Whether that’s music lessons, sports clubs, evening plans or weekend plans. Often, you can find that there are lower cost, but similar, alternatives available to you in your local area. There may be payment options that give you a discount if you pay for a set number of sessions in advance. You may be able to find vouchers or discount codes for activities you’re planning. Cut costs where possible to reduce spending where you can.


Sure, nobody likes having to tighten their purse strings, but hopefully, some of the advice above will help you to rebudget during this cost of living crisis and make your outgoings more manageable.

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