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Budgeting tips & loans

With the average USA family reportedly being $728 worse off per year than twelve months ago, it seems that drastic action is needed in order to fight the cost of inflation.

According to the report, inflation has affected the cost of most everyday products with even things such as children’s packed lunches increasing in price by 17% since 2019.

Transport and car insurance costs also increased by values of almost 75% for car insurance and of almost 46% for diesel prices (read the full story here).

For households, saving money on all expenditures is therefore crucial. It is important that families remember that savings can be made on all expenses, big and small, so it is important to shop around.

Here are a few examples of ways to save on household expenditures:

• Get the best deals for basic amenities and compare the price of your utilities. Changing providers may seem like a lot of trouble but it can help you to save a sizeable sum of money.

• Make sure that you shop wisely in order to find the best deals. This is especially important with food shopping where you can often spend lots of money on items you do not need. Take a look at “Saving Money on Your Weekly Food Shop” for more help.

• Review your travel plans in order to make sure you save as much money as possible. Consider walking rather than using public or personal transport and look for ways to save money on fuel or fares if these systems of travel are needed. Look here for more money saving advice on motoring and commuting.

• Consider getting rid of luxuries in order to help save money. These could be taking valuable funds away from other vital costs, leaving you in a difficult financial situation.

• Think of alternative ways to give yourself extra cash. Taking out a payday loan is one example of this as it provides customers with almost immediate access to cash sums, helping them to cope with the rising cost of finances.