Money saving expert Beth is the Mancunian money guru behind Budget Jones Diary. The Chartered Accountant works full-time in finance and paid off a whopping £20k in personal debt.
For Beth, she is looking to the third option.
“You can only decrease your expenses to an extent,” she said. “So, for me personally, increasing my income is the only option.
“I will continue to grow my Budget Jones’s Diary brand and lessen the burden of the cost of living crisis.”
The expert detailed her general budgeting tips to Express.co.uk recently.
She said: “Creating your first budget may take time and it will be ever-evolving, but you must persevere with it and remain consistent – your hard work will definitely pay off!”
Her tips to create your budget include; calculating your income, analysing your expenses, and writing down your goals.
How will the cost of living crisis affect you?
Rising energy prices
The energy sector’s regulator Ofgem has increased the price cap by 54 percent. Bills are expected to rise annually by £700.
Rising national insurance
National insurance is rising by 10 percent.
Rising council tax
Council tax is rising by 3.5 percent on average across band D properties. Some councils are raising the tax by more than four percent and one, Sandwell, by more than five percent. This will leave some in the band paying a huge £2,000 a year.
Water bills rising
Water bills are rising by 1.7 percent on average.
Lateral flow tests are not free
Lateral flow tests will no longer be free across the UK, rolling out first in England.
This has left Britons financially squeezed compared to previous years, with many rightly concerned about costs.
A deals expert has suggested a £20 heated blanket from Amazon, which works out as cheaper to run than heating a whole house.
The money-saving option was suggested by Chloe Carmichael, money saving expert and founder of Chloe’s Deal Club.
She told Express.co.uk readers: “I recently invested in a heated blanket which I use at my desk.
“It’s much cheaper to run than heating and saves me heating the whole house.”