How to deal with rising prices

Tuesday, February 20, 2018, 6:00 PM | Leave Comment

New research out today has shown that by 2019, a tank of petrol could cost £100. This is to be caused by an expected rise from £1.34.8 per litre for unleaded petrol to £1.54, which isn’t welcome news.

Even though we have experienced a slight decline in the cost per litre of petrol, experts are expecting costs to rise again after a boom is triggered in oil markets.

This petrol rise will be another kick in the teeth for many families who are already struggling with their finances at the moment. Experts are also expecting the Chancellor George Osborne to add in a deferred annual increase of 3p per litre at the beginning of 2018, and there is also likely to be another petrol price rise in August.

So, what happens when these rising petrol prices kick in? Ours cars are an essential part of our lives, so not being able to cover petrol costs just isn’t an option. Well, you might find that the most economical choice is to cut back on spending.

  • Are We Changing Our Spending Habits?

    Simple Payday recently conducted research into the spending habits of people this past Christmas. They found that one in four people opted for a ‘Secret Santa’ type system for buying presents this Christmas. The way that this would work would be that they would just choose one person in their family to buy a gift for.

    Other ways that people were planning to save money was to either set a limit on the amount they were going to spend or asking for specific gifts that they needed. This technique was to avoid other members of their family spending money on presents they didn’t want or need.

    Although they found that many people changed the way they spent Christmas, it didn’t change the high amount of money that was spent. The average cost for presents was around £364, which is £57 up on Christmas 2015.

    So, if you’re starting to think about getting your Christmas presents but your funds are low then you might think about using one of these techniques. If you just need some extra help to help you cover presents costs, then there is another option. Sell your car!

  • Sell your car – as fuel prices AND car insurance increases

    As car insurance is getting even more expensive, many customers are opting to increase their insurance excess to get a cheaper deal. However, what happens when something needs replacing like glass for a wing mirror or a scratch needs sorting out. Certain things like these can end up costing less than £100, and if your excess is let’s say £200, then it might not be something you will want to use your insurance for as it will put your premium up.

    However, many people won’t have a spare £100 knocking around, so what are your options? Well, you could ask a friend or family member for the money, but that isn’t always available for everybody. You could also pay for it on your credit card but you could end up paying more in charges and fees.

  • A short term option to rising prices and a shortfall

    Well, another option could be to use a short-term loan like a payday loan. Although it isn’t the right alternative for everyone, payday loans can be a quick and convenient way of getting access to a quick cash loan.

    With loan amounts available from as little as £50 for something like new glass for a wing mirror and although you’re insurance excess probably won’t be this high but it’s also possible to get loan amounts all the way up to £1250.

    The majority of customers will receive their loans on the same day of applying and within an hour in most cases. The amount that you can borrow will depend on how much your monthly salary is, as well as your loan provider.

The benefit of these loans is that you can borrow them on a temporary basis and then simply repay the loan amount (plus the interest) on your next payday. This means that you can get the small repair done to your car without the hassle of having to deal with your insurance company and also ultimately pushing your insurance premium up.

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