The UK inflation rate has surged to 3.5%, the highest since February 2024, mainly due to skyrocketing household costs like energy and council tax, which average an increase of £391. In light of these pressures, finance expert Trajan King advises the public to remain calm and reassess their financial situations by reviewing monthly budgets. King underscores the importance of identifying unnecessary expenses and starting a savings account to prepare for uncertainties. Updating CVs and engaging with job platforms like LinkedIn are additional recommendations to alleviate job stability concerns.
In your monthly budget, ensure that you're clearly establishing key expenses to identify areas where you could potentially save money. This will help you to ensure that you have a healthy amount of money stored in a savings account.
Taking the time to assess and rebuild your monthly budget is a highly effective way to stay ahead of the curve and will help you to feel more prepared during times of economic uncertainty.
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