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The results of Brexit caught the British nation and government by surprise. With the public resoundingly voting to leave the EU, Britain is poised on the verge of a new era. However, many have noted that Brexit could have a lasting negative effect on the British economy, costing jobs and reducing the country’s GDP. This news has created panic in every market throughout the UK and has even affected world markets as well. The Pound Sterling has fell dramatically against the dollar in 2017, however, it has seen a good start to the year and analysts are wondering if the worst financial effects of Brexit are over.
If you are concerned about the financial health of the UK and how it affects your daily life, all you need to know is that everyday items you are used to purchasing will increase in price. A rising standard of living coupled with stagnant wages means that you will be left with less disposable income every month. Therefore; you will need to either increase your income or reduce your spending to meet your monthly budget.
Here are seven ways that you can beat Brexit and save money by changing your spending habits.
1. Cut out the coffee
Do you stop off at the local coffee shop every morning for your triple espresso with foam filled all the way up to the top? Paying for a cup of coffee every day adds up at the end of the year. Instead of paying other people to make your coffee, invest in a coffee machine and a thermos. Make your coffee in the morning, it will only take a few minutes, and it will save you a bundle.
2. Trade your car
Are you driving a fancy car that costs you a pretty penny every month? Trade in your luxury vehicle for something a little less ostentatious. Visit a lot with used cars for sale and trade in your car for a model that you can afford.
3. Downgrade your mobile package
Mobile communications have changed the way we communicate as a society. However, are you using all of the minutes and data on your contract every month? The chances are that you can get away with a much cheaper contract option than the one you are using currently. If it’s time for you to upgrade, consider choosing a package that costs less, even if it means you won’t have the latest and greatest mobile device.
4. Cut the cable
Do you need that cable connection? How many times have you been lounging on the couch at home, skipping through hundreds of channels and you can’t find anything to watch? Is cable really worth it? Join the technological revolution in media, ditch your cable for online TV, it’s cheaper and has better variety, and the best part; its on-demand.
5. Use coupons and special offers
Only shop if you have coupons or special offers to cash in. Check your local stores and find out if they have specials on during certain days of the week. Food is one of the most substantial expenses for any household. Being prudent with your grocery shopping can save you thousands over the course of a year.
6. Travel less
Even with $50 per barrel oil, petrol is still expensive. Travel costs are one of the most significant expenses of anyone’s monthly budget. Cut the amount you spend at the petrol pump by driving less. Buy yourself a bicycle or alternative method of transport for moving around your local town. Avoid using your car as much as you can and conserve your petrol budget.
7. Ask yourself if it’s necessary
The next time you find yourself staring at a product you think you need in the window of a shop, or online, ask yourself if you really need it. There is a fine line between wanting something and needing it. Don’t spend your money frivolously on items you don’t need.