A Guide to cutting back on living costs
Britain is facing the most savage inflation for a generation.
Everyone differs both in what they spend their money on and how they are affected by price inflation. As a result, the Office of National Statistics offers an online personal inflation calculator that allows you to input your own spending patterns to give you a more individualised idea of how inflation affects you.
Five easy ways to slash living costs
Head for cheaper stores
Mysupermarket can help by scanning the supermarkets to find the cheapest store and items for your shopping list. It claims it can take 20% off your food bill.
Cut energy bills
If you haven't switched already, make sure you're on the cheapest energy tariff you can by using a service such as moneysupermarket. It says you could save up to £325 a year.
Switch to a cheaper energy supplier
Mitigate your mortgage bill
If your mortgage deal has come to an end, don't sit around on your lender's standard variable rate. Talk to a mortgage adviser about finding a cheaper offer.
Find the right mortgage for your needs
Sort your debt
If you have loans and debts on credit cards, make sure you're getting the best deals on offer here too. Sites such as Moneysupermarket can help.
Find the right debt solution for your situation
Hit the road - on foot
With oil prices rocketing and summer on the way, it's time to put away the car and try walking or biking when you can.
It'll keep more money in your pocket and help the environment too.
The reality is that many costs are indeed soaring. Gas and electricity bills are up 15% on average this year, while the latest figures from independent supermarket comparison site Mysupermarket suggest that staple food prices are also up 15% on the same time last year. Meanwhile, petrol prices have recently hit a 20-year high.