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MailOnline - Personal experiences of high inflation on finances

ended 11. May 2023

Mail Online is running the following piece today on the impact of high inflation on your personal finances.

https://www.dailymail.co.uk/news/article-12071739/How-UK-inflation-affects-mortgage-rates-fuel-costs-heres-means.html 

It comes ahead of the expected rise in interest rates at midday.

They'd like to hear from people on the impact of high inflation over the past year - particularly in terms of mortgage repayments, but anything else such as food.

Although, primarily they'd like to know how high inflation has affected your personal finances, they're also interested to hear how it's affected your business too.

IMPORTANT: THE JOURNALIST WOULD LIKE YOUR PERSONAL STORY ON HOW HIGH INFLATION HAS AFFECTED YOUR FINANCES…

There's a tight deadline on this one - if you could respond asap! 

5 responses from the Newspage community

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Editor
Samuel Mather-HolgateVerified
Independent Financial Adviser at Mather and Murray Financial
Inflation is the biggest enemy of personal finances, making it more expensive, not just to fill up your car or keep the lights on but, to feed yourself and your family. We’ve seen hundreds of customers over the last year have seen their fuel bills shoot up at the same time as their grocery shop and filling up their cars. When this is driven by excess demand, for instance when someone has had a pay rise, then the central bank increases rates to reduce the money in your pocket and slow spending. What they’ve got wrong, is using the same tool when inflation is not caused by demand. Essential items are increasing and the Bank of England is making the situation worse by increasing rates, although this has no effect on inflation, causing housing costs to soar too! Their policy hasn’t worked and today's rise will have no other effect than to cause further misery to homeowners.
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Gary Bush0
Financial Adviser at MortgageShop.com
The impact of high inflation and the chaos caused by the "went a bit too far" mini-budget has crippled client's personal finances, only now are we starting to see the light at the end of the cost of living crisis and we pray that the next inflation figure released shows it in single digits. Mortgage rates are now adjusted without the panic measures of last October and a more measured reaction to today's potential Bank of England base rate increase is being witnessed.
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Katie Elliott0
Director at HR Katie
Our mortgage is going up several hundred pounds next month, and our salaries won't be going up to match it. That's on top of fuel and food costing more each month. And then the kids need their shoes! The squeeze on my personal finances is unlike anything I've experienced before.
For my business, I also have done my best to reduce costs where possible to maximize my income as much as possible. For example, moving from Zoom (paid) to Google Teams (free) for meetings has made savings each month.
Also, after the "let's do loads of in-person meetings!" joy of the post-pandemic period, I am more mindful of travel costs and try to make meetings online as much as possible to avoid rail, fuel, and parking costs.
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Fanny SnaithVerified
Owner at Fanny Snaith - Certified Money Coach
As a money coach I am privvy to many working people's money situations and more and more they are just not adding up. Self-employed people I am seeing struggle particularly. I hear business coaches say - just raise your prices to cover your costs etc but that is becoming impossible as people simply cannot afford to pay more - and then more again. As a self-employed person myself, I see my overheads going up and it is hard to keep up. Mortgage interest rises are yet to hit the majority of mortgage holders and people are praying for a decrease later in the year. Landlords with just a few properties are having to sell up. For those with a strong entrepreneurial mind, there may be a wealth of opportunities out there but for those that don't - they are hanging on by their fingertips - just.
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Legend
Jenny BlythVerified
Small business owner at Storm in a Teacup Gifts
You start to realise things are bad when your weekly food shop starts to slowly increase each time. Bananas that once cost 13p each have now jumped to 18p which may not seem much but it soon starts to build up.
I pay in to a private pension (Penfold) as I’m self employed and will need the money out by. It’s disheartening to think that I will have to work longer and harder for my meagre savings to support me as I get older.