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To gain some more insight on this topic from a personal finance expert, we reached out to Laura Turner, founder of Thrifty Londoner, who was kind enough to have a chat with Bored Panda.
"The most obvious items that I’ve noticed have become increasingly more expensive are food items," Laura shared. "I think this is because when we buy things frequently, we get to know the prices over time (plus, the cumulative cost becomes very obvious!)"
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"The most expensive things in our baskets will also have the most obvious percentage increases," the Thrifty Londoner noted. "For me, I’ve seen salmon fillets costing £10 a pack in some stores, to other items like olive oil increasing by at least £1 per bottle."
"As someone with dietary intolerances, I also buy a fair amount of dairy free and gluten free products, and these are also more expensive than ever before," Laura added. "Whether it’s £3 for a chocolate bar, or £4 for a pack of wraps!"
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I accidentally bought a $15 bag of grapes and a $15 bag of cotton candy grapes. Panicked when I got home but even worse the next day they were moldy! I actually returned them to the store. I’m not cheap but $30 is $30.
Laura says she started to notice a shift in these prices around a year ago, but they have significantly accelerated in the last 6 months. "I have changed the way I shop a little to accommodate the increased prices," she told Bored Panda. "For example, instead of salmon being my choice of an omega 3-rich oily fish, I now opt for the cheaper, but still omega 3-rich, mackerel."
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Laura also provided some tips for those of us who need help budgeting. "The starting point of any good budget is to know exactly what your essentials cost each month (your rent or mortgage payments, bills, travel, fuel, groceries etc)," the expert noted. "Look at your bank balance to get a true picture."
"See if you can reduce any of these fixed costs- for example, negotiating your bills, as a head start on your budget," she continued. "Then, you can work from there to see what’s leftover for non-essentials and saving."
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"My best advice is to try and increase your income to help combat increased costs resulting from inflation," Laura added. "Things like asking for a pay rise, side hustling, or making sure that your savings are in a high interest savings account."
If you'd like to hear more wise words and financial advice from Laura, be sure to visit Thrifty Londoner!
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