The cost-of-living crisis has seen prices for everything from food to energy soar in the last 18 months. Although the rate of inflation has started to come down, it’s still way above the 2% target set out by the Bank of England – and it’s likely to continue to be above this target for a while.
While it’s not affected everyone in the same way, the rising cost of living has seen many people in the country adjust the way they spend. According to the latest figures, around two-thirds of adults aren’t spending as much as they were on non-essentials due to the cost of living being higher than it was.
So, is it possible to make money right now? Is it possible to save?
Making money
There is potential there to make money, however. If you’re looking to raise some additional funds, here are some ideas to try:
- Use your creative skills – If you’re crafty, you might want to try selling your homemade pieces. Or you might opt to sell any art you create or pieces you write. This is all classed as transforming your hobby into a side hustle and it may be possible to ditch the day job if you find that your side hustle is a lucrative enterprise. Sites like Etsy are designed for makers selling their wares.
- Sell unwanted clothes and furniture – Take the time to sort through your belongings and work out what you want to keep and the items that you think might be sellable. There are plenty of ways to sell your belongings, including via sites like Vinted and Depop. You could find that you make money from items that have been hanging around for a while.
- Rent out your space – Are you out at work all day? If so, you might want to consider renting out your parking space. This could be especially lucrative if you live close to transport links like train stations or an airport.
You might also consider renting out your spare room or, if you have a second property, Airbnb could potentially be an avenue you consider.
Saving money
Saving is possible. Here are some tips to help:
- Look at your budget – Establish your income and outgoings and work out how much you have left over once you’ve covered the essentials like bills and the food shop. You don’t have to put away a lot of money in order to start seeing the benefits of saving.
- Choose a savings account – It’s worth looking into an account that will get you the most out of what you put in too. An ISA could be a great option, for example.
- Shop savvy – Are there ways to reduce your food shop? It can take time to compare different supermarkets and shops, but you could find that by putting in the time, you could see significant savings based on checking out the price of the same groceries in different stores.
- Look at your energy bills – It’s likely you’re already paying close attention to your energy bills, especially after the events of the last two years. However, if you’ve not invested in a smart meter, you might want to consider doing so ahead of the winter. This can show you how much you spend on energy and give you an insight into where you could save.
Are you looking at ways to raise funds and save cash in 2023?
