When it comes to working out how much money, there is a need to think about more than the bottom lines of a pay packet or what is in your bank account. Inflation can have a big impact on people’s life and there are many cost of living issues that harm people. The start of a New Year is always a good time to look at the economy and see what changes have happened. These changes can make you better or worse off, even if the money you take home from work hasn’t changed at all.
The Bank of England aims to offer inflation predictions at the start of a New Year and 2017 has been no different. This makes this time of year a relevant time to look at how well off you are. One important issue to consider is that the Office of National Statistics say that wages have risen by 2%. If you haven’t received an increase of this level, you are automatically doing worse than the average in the country while people who have received an increase above this level are said to be doing better than the national average.
You may be dealing with cost of living issues
However, even if you have received the national average increase, this doesn’t necessarily mean that you are better off, or even at the same level. This is because the cost of utilities and everyday products have likely been increasing as well, which means that your money doesn’t go as far. While you technically may be earning more money, or taking money home, it costs you more money to buy the things you need each month, and this sees you poorer off. This is a big reason in many of the cost of living issues that people suffer from.
If you are struggling every month, you need to take steps to make real changes to your finances. If you are hit with a one-off bill that has caused you problems and you need a small amount of support to get back on track, you may find a guarantor loan is your ideal solution.
This is because a guarantor loan is an affordable loan, thanks to the presence of a guarantor loan with a good credit score, and this may give you some breathing space to move forward. Cost of living issues affect more people than you think so if you do need help in this area, be sure to ask for support.