With wages trailing far behind the ever-increasing cost of living, more and more people in Liverpool are starting to experience financial difficulty. According to recent data, the area of Merseyside is one of the most affected in the whole of the UK, so if you’re experiencing financial difficulty, we’d like you to know that you are not alone and that plenty of support is available.
To do our part in helping you overcome these unfortunate circumstances, we are going to give you some ideas to manage your finances better, regardless of your level of income. We’ll also touch upon what help is currently available and a few things you can do to make some extra money until things get better.
How to Better Manage the Increasing Cost of Living
The rising cost of living is a fact, and although there is almost nothing that we can individually do about it, that doesn’t mean that we can’t take things into our own hands and make our situation slightly more manageable. Below, we’ll discuss a couple of different things that you can do to get a better hold of the money that you have coming in and make it go further.
Renegotiate Recurring Bills
Rent, mortgage, insurance, internet – these are all recurring monthly bills that the average person in Liverpool spends money on. Renegotiating those bills is a great way to improve your situation when experiencing financial difficulty.
For instance, if your internet bill is £35 per month, opting for a lower plan that costs £22 will save you £13 per month. Although a £13 saving might not seem like a lot, when you renegotiate all of your recurring monthly bills, you may have a hundred or more pounds extra at the end of each month.
Create a Budget
Having a budget is vital to making every pound go further during financial uncertainty. And the best way to do that is to create a budget that works for you and everyone you are responsible for. Creating a budget doesn’t have to be complicated. Look at the money you have coming in and prioritise your spending in a way that makes the most sense.
Cut Out Unnecessary Spending
It may seem obvious, but many people going through financial hardship continue to spend as if nothing is going on. This is a huge mistake, which will only keep you in your current financial situation longer. Some examples of unnecessary spending that everyone can cut back on include buying tech products, new clothes, eating out, and subscriptions, to name a few.
The Help That is Currently Available to People Facing Financial Difficulty in Liverpool
Only some people are affected equally during the cost-of-living crisis, meaning some may need more help than others. If you happen to be affected far more than others and require financial assistance, don’t worry – help is available. We suggest that you head over to this CitizensAdvice page and look at the different types of benefits you may be eligible for.
If you are a student, check with your university what help is currently available to students in need. Many universities have grants or loan schemes to help students continue their education despite their poor financial standing.
Sometimes, it’s even worth reaching out to the Liverpool Council. They can help you get by financially and find a stable job in the area that works for you.
How to Make Extra Money During the Cost of Living Crisis
Making extra money is always the best way to solve any money problems that you may have. Unfortunately, it’s easier said than done. Despite that, here are a couple of things that you can think about doing that will help.
Sell Unwanted Items on the Internet
If you have random items around your house that you no longer use, list them for sale. This goes for any item – whether it’s a carpet, a hoover, or even a mug. There are people in your area who will probably have an interest in the items that you’re selling. Some of the best sites for reselling items that you can use for free include eBay and the Facebook Marketplace.
Start Freelancing
If you have an existing skill such as writing, video editing, and graphic design, you can fill up your free time by picking up freelancing projects on platforms like Fiverr and Upwork. It’s a great way to earn some extra cash without leaving your home, and who knows, it could even turn into your full-time gig in the future.
Sell Your Home
If you own a home, selling it is one way to overcome your financial struggles. Most people don’t think of selling their home as a way to improve their financial situation because it takes a lot of time and money, which they don’t have.
But what if we told you that it doesn’t take months to unlock the cash value of your property in Liverpool? We Buy Any Home can help you sell your house quickly. Sometimes, we can have the money from your property with you within just 7 days. If you’d like to learn more about selling your home with We Buy Any Home, don’t hesitate to get in touch with us today.
Going through financial difficulty is a very unpleasant experience. On the bright side, plenty of help is available, and what’s worth remembering is that you’re not alone, and things will improve.
Hopefully, after reading this article, you have a better idea of what you can do if you’re struggling financially. And remember, if you happen to own a home you are considering selling, get in touch. We’d love to chat and give you a free, no-obligation quote for your Liverpool home.
