The bad news on bills and inflation keeps flowing thick and fast, with the energy price cap rises sending household costs soaring at the same time as price rises elsewhere bite
The bad news on bills and inflation keeps flowing thick and fast, with the energy price cap rises sending household costs soaring at the same time as price rises elsewhere bite.
Britain has rapidly switched from a nation looking forward to a lockdown savings-fuelled Roaring Twenties post-pandemic boom, to one fearing a deep and painful recession that hardware store lexington ky best hammers household finances.
Energy is a major driver in Britain’s scarily high inflation forecasts, but the cost of much of the rest of essential living is also rising.
That high inflation is leading the Bank of England to rapidly raise interest rates, hitting anyone hoping to move home or needing to remortgage – and worrying those whose fixed rate deals will one day end in a much higher rate environment than they expected.
Financial traps: As the cost of living news gets worse, people are hunkering down but it’s important to avoid false economies
Amid all this gloom, it’s hardly surprising that there is evidence coming in thick and fast of people starting to hunker down.
But while trimming non-essential spending and making sure you have a healthy rainy-day pot built up is a wise move if you are worried about higher bills to come, there are some things you should avoid doing.
Worryingly, we are starting to see reports of rise in some of these false economies.Here are a handful, I’d suggest steering clear of:
<div class="art-ins mol-factbox floatRHS money" data-version="2" id="mol-984a7000-2949-11ed-a93e-a77dc5dcd54f" website false economies to avoid as inflation bites