How can you prepare for the increasing cost of living?

If you’ve read the news or have been on social media lately it’s likely you’ve seen a lot of discussion around the ‘cost of living crisis’. It’s hard to avoid the reality that the cost of living is on the rise, including energy bills, petrol, road tax and even groceries.

Many of us are feeling the pressure with price spikes from every angle, so what can you do to plan ahead and alleviate some of the financial stress?

We’ve rounded up some tips from a few of our favourite creators who have shared some simple but effective suggestions for keeping track of your money and combating the price rises.

Skilled Finances

Husband and wife team Thando and Lindie Jacobs run the blog and podcast Skilled Finances, which is a goldmine of financial tips, tricks and real life advice for couples who are looking to grow their wealth together.

In a recent Instagram post, the pair shared their strategies for addressing the rising cost of living

“We’ve been using our Smart Meter to monitor and address how much money we use. We’ve increased the amount we’re paying for energy bills per month to create a buffer for ourselves.”

While the thought of paying extra on bills right now may seem daunting or counter-productive, we think that the idea of having a buffer in case something unexpected happens is a smart one.

Follow Thando and Lindie for more financial tips:

Instagram | Youtube | Podcast

She Talks Cars

Abigayle Andre, also known by her social handle @shetalkscars, also shares some great tips for getting ahead of the price rises, in particular the upcoming increase in vehicle excise duty (VED), or ‘road tax’. On April 1st 2022 the VED will increase for everyone in line with inflation. Though Abigayle let us in on a great hack on a recent TikTok video saying

“You’re allowed to renew your road tax up to 2 months in advance, which means that if you are due to renew in the next two months [before 1st April] you could renew now to save yourself that increase.”

This is a great idea for those who can take advantage of the early renewal. You can check when your road tax is due here.

Follow Abigayle for car reviews, news and advice:

YouTube | Instagram | TikTok

Looking After Your Pennies

Ex-maths teacher Charlotte Jessop is the financial educator behind Looking After Your Pennies, a blog dedicated to helping others better understand their money. After realising schools don’t teach young people how to manage money well enough, Charlotte began blogging her experiences in frugal living, saving and making money. Charlotte’s social media accounts are a great source of knowledge and her regular live chats with other finance bloggers and creators are full of insight and actionable tips. In a recent Instagram live with Elvire Matu (@savewithelvs) Charlotte recommended

”Splitting your council tax over 12 months rather than 10. You spread that money out and you are paying the same. If it helps you budget your money then it’s got to be a good thing.”

Even though you’ll miss out on those two payment free months that you may be used to, it’s a brilliant way to reduce your regular recurring bills and budget more consistently.

You can follow Charlotte for more advice here:

TikTok | Instagram | Blog

How can Karshare help?

Sign up to our side hustle webinar

Starting a side hustle with Karshare is another excellent way to get ahead of the price rises - You could be earning an additional £600+ each month! Karshare Pro, Phil has 8 cars on Karshare that he rents out to members in his community. When asked if he’d recommend Karshare to other owners, Phil said

“There’s a very high earnings potential and you’ve got complete flexibility as to when you want your car to be rented out or not. It’s also risk free as the renter’s use Karshare’s insurance when on a trip.”

You can read more about Phil’s experience with Karshare in this case study.

If you’re interested in learning how you can earn extra cash through car sharing, join us at our free webinar on Wednesday March 23rd 2022. Three members of the Karshare community will share their experiences and top tips for growing a successful car sharing business and answer your questions. You can sign up here.

Refer a friend for £100

We want as many people as possible to benefit from the additional income that comes with sharing your car. This is why we’ve increased our referrals fee from £50 to £100 for a brief period of time to encourage you to let your friends and family know about the extra money they could be making.

If you don’t own a car yourself, but know someone who does and goes on to share their car with Karshare after you refer them then you’ll both receive £100! Find out more here.