Cost of Living
Feed a Family on a Budget
This resource looks at how families can lower their food budget to help reduce household expenses during difficult times.
- Focus: Creating a food budget and tips on how to save money on groceries
- Category: General
- First published: 2023
- Pages: 19
- Illustrated throughout
Ebook: £4.99 
Hard copy: £15.99 add to basket
Making Sense of Finance — Part 1
Covering the history of money, how to make money work for you, managing money, budgeting, saving & borrowing and banking.
- Age range: 12 years and upwards
- Category: Schools
- Last revised: 2022
- Pages: 57
Ebook: £8.99
Hard copy: £25.99 add to basket
The cost of living is the amount of money needed to maintain a certain standard of living — in other words the level of income needed to cover life’s basic costs. This includes food, housing, heating, lighting, taxes, healthcare and other necessary costs. Changes in the cost of living are tracked in a cost of living index.
Inflation
The cost of living is linked to the rate of inflation. Inflation is the overall increase in the price of goods and services over a set period of time and, consequently, the decrease in the purchasing power of money. As prices increase, there is a decline in purchasing power and therefore an increase in inflation. Inflation is therefore linked to the value of currency and economists regularly monitor the inflation rate.
Cost of Living Crisis
The cost of living crisis is affecting people across the globe. More and more people are struggling to make ends meet regardless of their background or income level. The situation can be extremely bleak with individuals and families forced to cut down on essentials like food and heating. There are also many knock-on effects such as:
- Stress
- Anxiety
- Depression
- Suicide — see our blog article ‘The Cost of Living Crisis and Suicide’.
Our ongoing blog series ‘Dealing with the Cost of Living’ focuses more on the issues and various aspects surrounding the rising cost of living.
Energy Price Increases
Energy prices are increasing faster than they have for decades. Petrol and diesel prices have risen substantially and the escalation of gas and electricity costs are causing everyone to feel the pinch with rising household bills.
People everywhere are looking on energy comparison websites to find the best energy deals. With the likelihood of further energy price increases in the future, the cost of living will no doubt continue to rise.