I’m on benefits and my inflation rate is a staggering 21%

[ad_1]

Struggling families are hit by inflation at more than double the national rate, an exclusive Squeeze Team investigation finds.

Official UK inflation is nine percentThe calculation is done using a basket of goods, but everyone has their own different rate based on how they spend their earnings.

6

Jodie Denver is trying to deal with her inflation soaring to 21 percentcredit: John McClellan

The Institute for Fiscal Studies (IFS) has warned that the lowest-income people will be most affected by inflation because they spend a large portion of their income on energy, which is rising in price.

A single mother of three Jodie Denver (40), who relies on disability benefits to stay afloat, has seen an astonishing 21 percent increase in her cost of living.

His plight comes as prices have been rising at their fastest rate for 40 years, with the national inflation figure rising to nine per cent in April, up from seven per cent in March.

Another jump in gas and electricity bills is expected in October, which will hit those short of cash even harder – but an investigation by our money-saving experts proves that many are now battling rising inflation .

Jim Lee, financial expert on the Squeeze Team, calculated the individual inflation rate based on the income and expenses of a family of four.

As opposed to income, we looked at the amount of their spending on everything from vacations to car costs, financial service fees and furniture.

These 9 Saving Hacks Will Save You From Inflation
Inflation soars to 9% as cabinet split on how to help with rising prices

Jim, Tax Partner at James Lee Associates, said: “Our analysis shows it is the poorest vulnerable to inflation.

“I was also impressed by how much money people are spending on fuel.

“And with energy prices on the rise for many people in October, it’s time to consider spending where you can.”

Jodie from Chigwell, Essex, who has lupus, a serious autoimmune disease, is able to “just” cover fuel and energy costs, but fears for her financial future.

She said: “The cost of living is ruining me. After my fuel and energy costs, I barely have any money. What’s left goes on food and children.

“My lupus means I can’t work. I have to rely on handouts from the local church and I grow vegetables to help lower the cost of my meals.”

pair cost

  • Vehicle cost: £0
  • Petrol/Diesel (Annual): £4,800
  • Meals (annual): £600
  • Alcohol and Tobacco (monthly): £48
  • Rent (Monthly): £625
  • Water, gas, electricity (monthly): £370
  • Visit (Monthly): £400

Jodie relies on her employment and support allowance of £117.60 per week to keep her children Natalie, 17, Sarah, 15, and Bobby, ten, fed and dressed.

She also receives a disability allowance of £61.85 per week, housing benefits of £650 per month, child benefits of £80 per month and a mobility car. Jodi used all her savings to pay energy bills and now lives on credit.

She said: “As a mother, I wake up at night and think about what money I can get around the house to buy bread and milk.

“I need a car to pick up the kids and it’s the only way I can enjoy some degree of mobility with my situation. I can’t cut my costs any more and I’m worried I’ll be in serious debt.” I’ll drown.”

Jim of The Squeeze Team said: “Jody has little room to fight inflation.

It is dependent on increasing its profits. The financial service fee of £720 per year can be reduced by switching credit cards and interest payments. She could try to cut back on her spending by using discount supermarkets. ,

Here we reveal the rising costs that are affecting three more homes and offer advice to help save them.

Chloe McMullin makes £25k and has a personal inflation rate of…15%

Chloe McMullin grapples with rising fuel prices

6

Chloe McMullin grapples with rising fuel pricescredit: Neil Hope

rising fuel costs Chloe McMullin has to struggle to keep her ten-year-old mobile hairdressing business afloat.

Chloe, 30, who lives near Plymouth, said: “Diesel prices are skyrocketing and my profits have taken a big hit.

“I was getting back on my feet after the lockdown and working on a small profit margin and it has eaten into the cost of diesel.

“The cost of my vehicle is also high because I use my car on country streets and there is a lot of wear and tear.

“I have deducted all my personal costs and am not surprised when my personal inflation rate exceeds the national average.”

The Squeeze Team gym said: “Chloe spends £1,000 a year on sports, gardening and pets. Gym memberships can preclude exercising outside or at home and there are many cheap gardening hacks on the internet.

“The £500 spent on electronic leave could be reduced by simply switching to a SIM for her mobile and changing Internet providers. She could also find secondhand white goods on Internet sites or charity shops.

Chloe’s Cost

  • Vehicle Cost (Annual): £1,500
  • Petrol or Diesel (Annual): £4,160
  • Meals (monthly): £200
  • Alcohol and Tobacco (monthly): £10
  • Mortgage (monthly): £375
  • Water, gas, electricity (monthly): £300
  • Visit (Monthly): £150

Josh Waters makes £23k and has a personal inflation rate of…11%

Josh Waters says inflation rate 'horrifying'

6

Josh Waters says inflation rate ‘horrifying’credit: Hu Evans

Single dad Josh Waters, 30, says he expects his personal inflation rate to continue rising.

Josh is a support worker from Falmouth, Cornwall.

He said: “I was shocked to see our inflation rate. The impact of fuel and heating costs is appalling.

“I have to drive to see clients and the fuel is crippling my ability to do my job.

“Now I’m just concentrating on cheap supermarket shops, making money for my daughter and paying off the mortgage.”

Jim of The Squeeze Team said: “Josh needs to see £1,000 a year spent on personal effects.

“He needs to look item by item and see what he can cut.

“And essentials can be cheaper. Do they need to buy branded products?

“He is also spending £1,500 a year on household maintenance. He should see if he can do some of the work himself or get it cheaper.

“There are tutorials online that show you how to fix things. While you should never try gas or electrics without training, there’s no harm in trying to put up some shelves.”

cost of passion

  • Vehicle Cost (Annual): £2,200
  • Petrol or Diesel (Annual): £4,200
  • Meals (monthly): £240
  • Alcohol and Tobacco (monthly): £50
  • Mortgage (monthly): £615
  • Water, gas, electricity (monthly): £320
  • Visit (Monthly): £80

The Keoughs earn £32k and have a personal inflation rate of…11%

Stephen and Gemma Keough are selling property to cope with rising costs

6

Stephen and Gemma Keough are selling property to cope with rising costscredit: Matthew Powers

Property maintenance owner and gardener Stephen Keough and his wife Gemma, owners of a model agency, spend most of their income on rent.

The 33-year-old couple from Chaderton, Manchester, who have three children, are selling items on eBay to cover the rising cost of food and heating bills.

Stephen said: “I’m surprised our inflation rate isn’t high. I recently had to sell my lovely white van because of its high cost and replace it to keep my property maintenance business alive.

“Gemma managed to get us on a fixed-price gas and electricity deal last year, but when it runs out in October we fear it will double or triple.”

Jim of the Squeeze team said: “Gemma and Steven spend £4,200 on insurance.

“Using a price comparison website can reduce this because insurance remains fairly competitive.

“The same is true for their £90-per-month communication costs. The mobile phone and internet marketplace is highly competitive and knowledgeable buyers can find good deals.

“They may surprise themselves by how much they can reduce the bills.”

cost of kef

  • Vehicle Cost (Annual): £1,000
  • Petrol/Diesel (Annual): £12,000
  • Meals (monthly): £400
  • Alcohol and Tobacco (monthly): £150
  • Rent (Monthly): £703
  • Water, gas, electricity (monthly): £210
  • Visit (Monthly): £100
Sun's Squeeze team aims to give readers practical advice to cut costs

6

Sun’s Squeeze team aims to give readers practical advice to cut costscredit: News UK
Rising costs in all areas are straining hard Britons

6

Rising costs in all areas are straining hard Britonscredits: PA



[ad_2]

Source link

Leave a Comment