The cost of living crisis has really started to take a strangle hold just after the pandemic. It is currently affecting the vast majority of people in the world, especially the ones that are working in a trading time for money job.
- Understanding The Crisis: What’s Driving Up The Costs?
- Budgeting Basics: Smart Strategies To Stretch Your Earnings
- Cutting Costs Creatively: Tips For Frugal Living
- Can You Rely On The Government For Assistance?
- Planning For The Future: Long-Term Strategies To Overcome Financial Challenges
Understanding The Crisis: What’s Driving Up The Costs?
The cost of everything has increased after the lock down resulting from the covid-19 pandemic in 2020. The prices has continued to increase even though we are out of the global lock down.
The cost of food, accommodation, transport and travel has continued to increase on a regular basis. The wars around the world have also contributed to the increase in prices.
There is not really a shortage of anything in the world. The movement of goods has been restricted to inflate the prices. A large amount of money has exchanged hands during and after the pandemic. The rich have got richer and the poor have been suffering as a result of this.
Wages have not increased to counter the increase in prices. Many people around the world are suffering and falling into debt as a result of the inflated global economy.
The divide between the super wealthy and the trading time for money worker has become enormous. A small number of people are enjoying the windfall from the pandemic, whilst the vast majority are struggling to make ends meet.
I paid £1.40 ($1.78) for a can of Ginger Beer, it would have cost under £1 ($1.27) before the pandemic. I know that this is not a necessity, but the cost of these impulsive buys adds up.
The cost of my weekly food shopping has increased exponentially. Many people are switching to packaged meals as they are not able to afford fresh produce.
The price of Gas and Electricity has increased rapidly and is not going come back down again. Once prices go up, they never come done again. Rent has also increased in most major cities around the world.
Budgeting Basics: Smart Strategies To Stretch Your Earnings
I would advise you to start preparing your meals in bulk for the whole week to save on rising costs. You can also cut down on the number of times you dine out at restaurants.
Preparing your meals at home will save you money in the long run and you will also know what you are putting into your meals. Spending less time at home will also enable you to cut down on heating costs during the winter months.
Don’t buy things that are non essentials. Don’t use money that you do not have (credit cards). Many people have fallen into the trap of using their credit cards as a buffer. If you are not careful, you will end up pilling on debt.
If your old car is still running smoothly, don’t bother getting a new one to keep up with the Jones. There is no shame is living below your means…it is better than getting into debt.
If you don’t need new clothes, just wear your existing ones until you have built up enough saving. It is better to save money than to pay for clothes to try and impress others by trying to look richer than you are.
Cutting Costs Creatively: Tips For Frugal Living
You can reduce your shopping cost by shopping at cheaper priced supermarkets. You can also start buying lesser know and supermarket own brand products.
Cutback on non-essential subscriptions like Netflix, Sky, Cable….keep your internet subscription to stay connected to the world and broaden your knowledge. There is a lot you can learn from YouTube alone, and you can also look at building your own online business.
If you have multiple vehicles in your household, you may be able to cutback and share one.
Look at your bank statement and go through all the transactions to see if they are essentials or nonessentials that you can cutback on.
I have noticed that I spend a lot of money every month on no-essential purchases. I buy chocolates and drinks from vending machines at work. I know that these are bad for my healthy, I have made a decision to cut back on these purchases.
I also spend money on snacks from the newsagent in the mall and coffee from the cafes whilst travelling back and from work. I have decide to cut back on these purchases.
I used to spend over $200 in these no-essential impulse purchases. I will cut these out and use this money to build a monthly passive income using the internet.
It’s worth the effort cutting back on non-essential spends and using the money to invest on something that will benefit you in the future. Start off by cutting out these spends gradually and eventually it will become a habit and you will not feel like making these impulsive purchases.
Can You Rely On The Government For Assistance?
My take on this is that you should never rely on the government for anything. The government have given out grants to many establishments and individuals totalling multiple billions of pounds. The vast majority of these have turned out to be fraudulent, leaving us to fill this loss by paying higher taxes.
We are restricted from using our cars and made to pay increased fares on public transport. The outdated transport system in London is not sufficient to meet the needs of increased passenger numbers.
There are many problems on the transport network in London, many trains and buses are cancelled daily. There seems to be many strikes that cost the average worker extra money to get into work by using a taxi. The money paid for travel cards is not refunded or it is intentionally made really difficult to get a refund.
It looks like the government don’t care about the struggles that the vast majority of people are facing on a daily basis. They seem to be concerned about pushing the agenda of the super wealthy and the elite.
If you want to transform your life for the better, you need to do it yourself. Like the legendary Bruce Lee said “There is no help like self help”.
The population of the UK used to be around 58 million back in 2000. In 23 years the population has increased to 70 million (officially). I think that the population is close to 80 million, the government has lost track of this number or is hiding it from UK residents.
People in the UK are working multiple jobs to make ends meet. The crime rate in the UK has increased multiple times over. There is a lack of police presence on the streets. The usage and selling or illegal drugs has increase and turned many places in the UK into no-go zones.
These are problems faced by the working class. The elite don’t need to use public transport or go into these no-go zones. They reside in their luxurious residences in exclusive neighborhoods.
If you are stuck in the trading time for money lifestyle, it is down to you to find a way out. The government is not coming to your rescue.
Planning For The Future: Long-Term Strategies To Overcome Financial Challenges
The problems and struggles outlined above will not just disappear. They are going to intensify, unless you get yourself out of that environment.
It is virtually impossible to get out of the trading time for money lifestyle with an average mindset. You need to look beyond your problems and find a way of building passive income streams that will allow you to escape this nightmare existance.
Some people have managed to put aside money every month to build up a substantial passive income earning stocks and shares portfolio, earning them a monthly passive income. Others have managed to climb the property ladder and own multiple properties that earn them a monthly passive income.
It was possible to build passive income streams using the above methods in the past, as most people were left with a sufficient chuck of disposable income every month. They were able to invest this to build up passive income streams that enabled them to quit the trading time for money lifestyle.
The only viable solution that I have come across in this present time is to build passive income streams using low-cost internet based business opportunities. Most people don’t have a substantial amount of monthly disposable income to work with.
I am currently employed in a job that involves trading time for money. I have made a decision to build passive income streams using the internet to enable me to quit this job in the next 12 months.
I am working with two low cost online opportunities to build a monthly passive income of over $5,000 to enable me to quit my current employment.
These opportunities offer a large amount of leverage to enable members to build up substantial monthly passive incomes. I will be working with these opportunities for the next 12 months.
My goal is to build up a monthly passive income of over $5,000 by 31st December 2024. If you would like to do the same, join my global teams in LiveGood and Nexus Rewards, we can work together to achieve our passive income goals together.
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