Cost of Living Blues!
If you're like me, you've noticed that life is getting a little more expensive. The rising costs of living are affecting everything from the items we buy to the price of our mortgage/rent. It's not just about how much money we have; it's also about our ability to earn it in the first place.
Inflation is a silent killer. It's the hidden tax on your savings and income without you realizing it. It's like a slow poison that kills your wealth by eating away at it each year.
Inflation eats away at your purchasing power as time goes by, making goods and services more expensive over time. The cost of living goes up because inflation makes everything more expensive: food, rent, transportation, clothes—you name it!
Given the recent economic climate, it's not surprising that small business owners are struggling to cope with rising costs. While some people are finding ways to save money and cut corners, others may be wondering how they can make ends meet without going out of business altogether. Lets face it, sometimes you feel like no matter how hard you work – you are just not setting the world alight right now! The despondency sets in and you wonder what on earth you can do to spark interest and re-ignite sales.
I have decided to start taking action now in order to avoid the impending slump in business. I mean, how would I compete with companies who are selling mass produced, cheap offerings?
The first thing I have done is keep the faith in my values as a business – and my products. Ok, there is stuff out there that is cheaper – sometimes a lot cheaper. I have taken stock of what kinds of products I offer and compare those against similar offerings on the market and look at any areas where mine stand out. For example, my product has features or that makes it stand out from similar offerings (such as the unique design and recycled message it sends and also being made locally), this might help justify charging higher prices than competitors who don't offer these perks. On the other hand, if there's nothing unique about what it is then maybe now's not such a good time either because other companies might be able to charge less without affecting their bottom line too much either way - but again this depends on how much demand exists for such products among consumers so do some research before making any firm decisions here!
Inexpensive gifts for frugal times
With the economy in shambles, a lot of people are looking for ways to save money. And frugal folks like us know that sometimes the best way to save is not to spend it at all.
There are many ways you can save on gifts, handmade doesn’t have to be expensive and I am careful to justify each and every price on each individual product without going over the top. Not only will these homemade gifts be better than anything you could buy at the store—they'll also show your loved ones how much you care without them.
At the same time you can feel good inside, that you are supporting a small business instead of expanding the pockets of the multi-million pound shopping empires out there – not naming any names!
You're not alone in your struggle to make ends meet. Our economy is changing, and it's affecting every part of our lives. But you can do something about it! Start by looking for ways to save money at home, such as using less electricity (get the fam to start switching things off after use etc) or buying local produce. When I’m doing my food shop online – I am straight on the offers first and I now set myself a budget. Food shopping online also helps me out as I can’t put extra items in my trolley while I am walking around the store!!
You could also take on more side gigs to bring in extra income. And if you still need help getting back on track with bills and expenses, there are programs available that may provide assistance with paying off debts. I know as I have hit that tree before back a few years and I’m not ashamed to say so.
If we are all careful, we can all survive together until this patch starts levelling out, whenever that may be. We all have to earn in order to live. This started out as a side hustle, and is now my main source of income so obviously I worry that it’s going to take a nose dive at some point. Thinking positive is key – the light will appear at the end of the tunnel!!
Love E xx