The cost of living is rising with energy and fuel prices just some of the daily necessities that are facing price increases.
In addition to this, food shops are also going up with people having to cut back on just how much they spend each week in a bid to cut costs.
It comes as the cost of the weekly food shop is said to be soaring with experts finding the prices of essential grocery items are rising by up to 50 per cent.
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As a result, individuals and families are now under a huge strain in a bid to make ends meet with many living pay check to pay check. And now according to a new analysis by the Fraser of Allander Institute, they are warning that a third of Scots are cutting back spending on food and other essentials due to the cost-of-living crisis.
In its latest quarterly economic commentary report, the institute said consumers were “starting to modify their spending behaviour” due to rising prices with more than half of consumers reporting they were spending less on non-essentials.
Discussing the change in consumer behaviour, Colin Mathieson, spokesperson for Advice Direct Scotland, said: “This latest analysis demonstrates the scale of the cost-of-living crisis we are in, with Scots having to make difficult decisions about spending on even essential items.
“We know there is a risk that rising energy bills and inflation could push people into debt, or make existing debt problems worse. The important thing to remember is that help is available, and that no one should have to struggle alone.
“Many Scottish citizens are not claiming the full benefits that they are entitled to. Our online calculator, which can be found at advice.scot, is tailored for Scotland and allows people check their entitlement to both reserved and devolved benefits.
“If you have personal financial worries, are struggling with debt, or need a way of getting back on track, our specialist debt advisers at moneyadvice.scot can help. We also have our energyadvice.scot service available to anyone who needs advice on things like billing and meters, switching suppliers, grants, and other financial assistance.”
Despite prices rising, there are certain things people can do to help them ease any financial pressure they're facing with Savoo putting together some savvy shopping tips for the next time you head out.
So with prices on the rise, what are some of the simple changes people can make to their shopping habits to reduce the bills? Here's what you need to know.
Swapping branded products
Swapping out branded products with the supermarket's own and non-branded items is the first step to making significant savings to your bill. With branded products often costing much more than the supermarket version, by the time you've reached the checkout you could be saving tens if not hundreds of pounds - and quite often you may not actually notice the difference.
Make sure you’re getting the best deal
Keeping an eye on value for money is also key when you are doing your shop. With supermarkets often putting offers on the end of their aisles, be extra cautious and look at the full shelf to ensure you are getting the best deal before adding it to your trolley.
Schedule your trips
Timing can be everything when it comes to saving money at the supermarket. Scheduling your visit in off-peak hours could be key to picking up the best deal, with many items being marked down in cost as reduced by certain points in the day.
Supermarket loyalty schemes
Another way to cut costs is to sign up to supermarket loyalty schemes to earn points and save money every time you shop. Many supermarket membership schemes offer points, rewards, savings and competitions to loyal customers. It's important to keep an eye out for the date of some of these money-saving offers, as it's key to use them before they expire.
In addition to loyalty schemes, it's also worth looking online for any items and searching for a discount code to see if you can get it cheaper online. Factor in delivery to ensure you're getting best value for money.
Be savvy about how much you buy
Bulk buying items where you can and meal prepping allows you to not only cut costs but also reduce any need to pop to the shop during the week and spend more money. In addition, bulk buying not only works out to be cheaper but also reduces your waste.
Don’t shop whilst hungry
We've all heard the saying 'never shop on an empty stomach' and it's true. You should try and avoid this as it will only make you want to buy more. Shopping after you've eaten will help curb any impulse purchases. Sticking to a well written list will also help prevent you from adding more things to your trolley.
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