Are you feeling the squeeze of the cost-of-living crisis? Rising prices on everything from food to rent can make it harder for your money to go further. But fear not; there are ways to prioritise expenses, negotiate better deals, and manage debt to help ease the financial burden.
In a recent LinkedIn Live, personal finance expert Olamide Majekodunmi (Ola) shared her tips and tricks for navigating the cost-of-living crisis. She advises creating a bare-bones budget and cutting out any unnecessary expenses to prioritise essential bills. And if you’re struggling to make payments, don’t hesitate to contact your local council or a charity for assistance.
But it’s not just about cutting back – Ola also suggests negotiating better deals with service providers and using cashback websites for extra savings. And for those dealing with debt, she recommends prioritising debts with the highest interest rates and seeking help from charities such as StepChange or Debt-Free London.
Overall, Ola emphasises the importance of proactively seeking help when needed. With her free resources on Instagram, in her podcast, and through workshops, anyone can start taking control of their finances. So, if you’re feeling the pinch of the cost-of-living crisis, take a page from Ola’s book and start making your money go further today!
Timestamps:
Why we are having a cost of living crisis [00:02:35] Ola explains the reasons behind the cost of living crisis, including rising production costs, energy bills, and rent prices.
Prioritising expenses during the cost of living crisis [00:04:43] Ola offers advice on how to prioritise expenses, including reviewing essential bills and cutting unnecessary subscriptions.
Negotiating better deals to save money [00:06:00] Liz asks Ola how to negotiate better deals, especially for insurance policies and gym memberships. Ola offers tips on negotiating and cutting costs.
Negotiating better deals [00:06:38] Tips on negotiating better deals with service providers and saving money on bills.
Using cashback websites [00:08:14] Explanation of how cashback websites work and how they can help save money on purchases.
Managing debt [00:11:16] Advice on managing debt, including prioritising payments and negotiating with credit card providers to freeze interest charges.
Debt charities [00:13:12] Recommendations for debt charities and hotlines to help those struggling with debt.
Investing vs paying down debt [00:13:36] Discussion on whether to invest spare money or pay down debts during tough times.
Savings accounts [00:14:50] Recommendations for finding savings accounts with good interest rates and the importance of checking your current interest rate.