20 Ways to Beat Inflation in 2023

There are plenty of positive perks to enjoy in winter – watching movies with the family, tucking into a steaming mug of hot chocolate or mulled wine, perhaps curling up by the fire with a new book. You might even enjoy getting out and about, wrapping up in all your layers to visit gardens, family or a pub lunch with friends.

It can be harder to have a good time if you are worried about the cost of living. Some activities – especially if they involve travel – may be sacrificed in favour of essentials such as eating and keeping warm. This is fine (albeit disappointing) as a one-off, but with high inflation looking set to continue, this may become a more permanent state of affairs. Fortunately, there are plenty of ways to beat inflation in 2023 – including investing in, high quality goods that will last well beyond the current crisis.

How is inflation impacting households in the UK?

The term “inflation” refers to a gradual increase in prices over time. In the UK, it has been fairly steady over the past 30 years – until this year, when it rose from 2% to around 10%. This is mainly due to increasing energy prices (largely because of the situation in Ukraine), interest rate hikes and global supply chain problems. In turn, this has had an impact on the price of anything that requires fuel or energy, including food production, transport and household utilities.

For the over 55s, who often work part-time and tend to spend more of their budget on food and utilities already, this will have a significant impact. In fact, in a recent study, more than 80% of this age group said they planned to make lifestyle changes including using less heat and going out less, to offset the rise in expenses. It is no wonder, then, that many people in this age group are worried about how they are going to stay warm this winter, and how to save money for the future.

What is the best way to beat inflation?

There isn’t much we can do about inflation itself, but fortunately, this eye-watering figure looks likely to go down in the new year. The National Institute of Economic and Social Research predicts a rapid fall in 2023, back to around 3%. The other good news is that because of the government’s triple lock pension pledge, OAP’s should see a rise in the full rate state pension to £203.85 a week, starting in April.

When it comes to matters that we can control, there are plenty of lifestyle changes we can make to get ahead of the price hikes, most of which involve cutting down on spending or shopping more efficiently. Even adopting a few of these ideas will make a difference, especially over a long period of time:

1. Invest in quality – when some items break, they have to be replaced immediately and that can be expensive. Investing in a good quality item, like an adjustable bed or recliner sofa, that has a reliable warranty, will protect you from rising prices and means you’ll have a good, supportive piece of furniture if your health or lifestyle needs change.
2. Insulate your home – if having your home or roof professionally insulated is not an option right now, prevent heat from escaping with thermal curtains or radiator reflectors and make sure all windows and doors are properly sealed.
3. Cut down power use – turn off lights, use energy efficient appliances, unplug TVs and computers and air dry clothes to save a lot of energy over time this is one of the best ways to beat inflation. Consider inviting Age UK to visit your home to do an energy check.
4. Only heat what you use – if there are rooms you don’t use in winter, seal them off so the heat stays in the ones you use. Move large items of furniture away from heat sources so the warmth can circulate throughout the whole room.
5. Use heating more efficiently – rather than heating a large area, keep yourself warm by curling up on your favourite sofa or recliner chair with a hot water bottle and some blankets. You could also upholster your favourite recliner chair with an insulating fabric or get cosy with a .
6. Only buy what you need – before you head to the supermarket, check to see what you already have. Are there some old tins in the back of the cupboard, or some frozen leftovers you could use? Set a budget, use a smart scanner or order online so you can keep an eye on your spend.
7. Choose cost-effective foods – you can save a lot of money if you are prepared to change what you buy according to what is available. Opt for fruits and vegetables that are in season and switch to generic, non-branded products when possible.
8. Build meals around low-cost staples – pasta, rice, beans, eggs and potatoes are reliable, filling foods that are relatively cheap and perfectly good for you. Even tinned vegetables and fruit are a helpful option, especially if you often end up throwing out fresh produce that has gone off.
9. Use repair shops – these are springing up all over the country and are a great way to bring new life into broken treasures. If you have an old appliance, piece of clothing or toy that needs fixing, take it along for your local expert to weave their magic.
10. Learn to mend – better yet, upskill yourself and learn a craft or trade. There are all kinds of benefits to having a creative skill, whether it be sewing, knitting, woodworking, ceramics or even electronic circuitry.
11. Buy second hand – according to recycle-more.co.uk, the average person in the UK buys 26.7kg of new clothes every year – and yet almost 70 million items of clothing are sitting in charity shops waiting for new owners. Perhaps it is time to head down to your local high street and have a good rummage.
12. Equity release on your real estate – if you own your home, some people consider boosting savings by releasing tax-free cash. We highly recommend you get professional advice from a well-qualified expert first, as taking this option can affect your options for passing on the house in the future.
13. Pay off debt – no doubt about it, debt is expensive! Prioritise paying it off, and do not take out anymore if you can possibly avoid it, including new credit cards.
14. Check on your portfolio – talk to your financial adviser about diversifying assets to decrease your risk level and counter the effects of inflation. When the economy improves you can ramp it up again if you want to.
15. Go out less – to save on transport, travel off-peak, work from home or carpool if you can. Walk or ride if the weather allows and run errands in batches to minimise trips.
16. Holiday at home – we all know a holiday is good for our mental health, but in these times why not stay close to home and visit places you have been meaning to but have not gotten around to yet? Choose self-catering accommodation, share, and consider what luxuries you can live without, such as satellite TV or private bathrooms.
17. Cancel what you do not use – have a look through your bank statement and see if there are any subscriptions you could spare. Perhaps you could share some, like newspaper or magazine deliveries, with a friend or neighbour.
18. Utilise free services – libraries, parks, museums, heated shopping malls and public transport for certain people are all free and can be taken advantage of. Charities such as Age UK offer subsidised services, including hairdressing and IT help.
19. Claim what you’re entitled to – experts from relevant charities can look at your pension and benefits and make sure you’re getting everything you’re entitled to. You may be surprised by what’s available that you didn’t know about!
20. Negotiate better rates – you can almost always find a better rate for services like phone and internet, bank fees, insurance and utilities. If you’re not comfortable doing this, ask a family member, a close friend or Age UK expert to help.

The Bottom Line

If you’re worried about the year ahead, feeling like there’s nothing you can do or that the new year is looking dreary without all your favourite treats, try some of these ways to beat inflation and make what you have to go a little further. Choosing just a few that work for you will add up to a lot more in your pocket over time.

For people who worry about protecting their health and well-being during this unprecedented period of inflation, talk to the team at The Mobility Furniture Company about investing in a high-quality, sustainable adjustable double or bed, single bed or recliner chair. You’ll get all the health benefits, and be covered by a five-year warranty, so you know you can rely on it. Plus, you can be sure you will still have one treat every day to look forward to – relaxing in your super-comfortable chair or bed!