While these tips are helpful, my guidance is that first, families should make a proper attempt at detailing the household income and expenditure.
It’s basic stuff, but like many things, many people plan to do this but never really go about it properly (rather like promising to do more home cooking and ending up heating up meals in the microwave).
A full analysis of household finances is needed to grasp the scale of the challenge faced.
Without it, though, families are in no position to understand how their finances stack up. Some may find they are lucky enough to deal with the current crisis by just tweaking spending here and there. For most families, more severe action is going to be needed.
This means such things as going without holidays (or at least that two week-er in Spain); or binning the second car; taking an evening job. Clearly these are major sacrifices – but this cost-of-living crisis will require families to consider such things.
And the huge concern is that these choices may simply not be available to those on low incomes with the result that the action needed to balance budgets will become more drastic, like turning heating either down or… off.
Young people trying to get onto the property ladder, as well as having to deal with higher fuel, food and energy bills like the rest of us, face a particularly big challenge.
Much depends on their family circumstances. If they expect to inherit property and other wealth (or perhaps hope that their parents will use equity release to raise cash for them) there is a light at the end of the tunnel.