Tips on surviving the cost of living crisis in 2022

Budgeting and direct debits

Whether we’re in a cost of living crisis or not, it’s always a good idea to take stock and know exactly where you’re spending your money. Either manually or with the help of a budgeting app, take a look at your monthly outgoings and try and categorise them - from housing (rent or mortgage) to utilities, food to transport.

Once you have a clear understanding of where your money is going, you can make cutbacks if necessary. One great way of keeping a track of your spending is paying for important bills by direct debit. You may find this article helpful on how to manage your money.

Be energy efficient

With the cost of gas and electricity so high, and set to increase further, it’s important to be more energy efficient in your home. According to energysavingtrust.org here are just a few ways to cut back on the cost of living crisis energy bills in your home and reduce your carbon footprint. The figures are for the UK - but it holds true for the whole world.

Switch off standby

You can save around £65 (£45 in NI) a year just by remembering to turn your appliances off standby mode.

Draught-proof windows and doors

Most homes will lose some heat through draughts around doors and windows, gaps around the floor, or through the chimney. So investing in draught proofing could save you money in the long run.

Turn off lights

Get into the habit of switching off lights when you leave a room - unless someone else is still in it! It could save you around £25 (£19 in NI) a year on your annual energy bills. Using LED bulbs could save you even more.

Stop tumbling

Avoid using a tumble dryer to dry your clothes. Air dry on racks instead -  you could save £70 (£65 in NI) a year.

Sell unwanted items

Who doesn’t have a Madonna album gathering dust on a shelf, or a pasta maker (used once) banished to the back of a cupboard? One person’s cast out is another’s must have. So why not clear out of your home and see if there’s anything you don’t use anymore and you could potentially sell. There are so many websites out there helping you do just that, such as Ebay or Facebook Marketplace.

Prepare meals

When shopping in the supermarket, make sure you check out all the prices before buying. Many foods will often be on offer. Also, buy foods which allow you to cook in big batches. You may not fancy a whole week of vegetable curry or tomato soup. But, make them in large amounts and you can freeze some in portions for meals over a month.

Make the most of offers

Many supermarkets offer you loyalty cards - so you can collect points for money off future purchases. These are well worth getting. Also, there’s a large number of sites offering rewards. These can be a good way to reduce cost or even get cashbacks on utility bills, such as phone bills.

Cost of living crisis support

During this time of economic difficulty, many governments are offering their citizens support through grants and packages. Check out your government’s websites for more details.

Get value out of sending money

During this cost of living crisis, it’s never been more important to send money and support friends and family. We understand that. So, here are a few ways to get better value out of your money transfers at this time.

Send the right amount of money

Depending on your situation, you might send smaller amounts more regularly or bigger lumps of money once in a while. There are pros and cons to both.  Check out our useful article; “Is it better to send money regularly or as a one-off?.

Find the best exchange rates

Your money transfers will go further when the exchange rates are most favourable. But it’s hard to predict when that will be, especially within the current environment. However, here are a few tips:

• Start watching movements of exchange rates before you send

• Compare exchange rates. Remember, banks generally tend to charge higher fees. You can use our calculator to know how much it would cost you with WorldRemit

• Send money with the WorldRemit app, and you can set up the latest FX notifications straight to your phone

• Choose low transaction fees

We also have a very useful article that’s worth reading on how exchange rates work.  

Send money with WorldRemit

During these difficult times, you want to know that your money will get to where it needs to be quickly and securely. 95% of transactions are ready within minutes** and security checks protect your money and personal information.

You can send money in a choice of ways - or recharge your loved ones’ phones with airtime top up.

Plus, to bump up your finances, why not refer a friend to us?  You could both earn a 20 GBP reward to use on your next transfer. So, don’t keep us to yourself. Your friend can also save money and enjoy three money transfers free of transfer fees when they use code 3FREE.

We’re always here to help

Remember, if you have any issues when sending money home our friendly customer care team are online 24/7, 365 days a year to help - in six languages.  You can find an answer quickly in our Help Hub. Or if you need to speak to us, we’re also here to take your call. Find out more.

Sources

*https://stats.oecd.org/Index.aspx?DataSetCode=G20_PRICES)

**95% of our July 2022 money transfers were authorised within 60 minutes.

This communication is intended for marketing purposes only and does not constitute or provide legal, tax, investment or financial planning related advice.