The cost of living crisis cutbacks that could harm your long-term wealth

This is Money Podcast

This is Money

Business News, Business, Investing, News

4.1 • 650 Ratings

🗓️ 2 September 2022

⏱️ 58 minutes

🔗️ Recording | iTunes | RSS

🧾️ Download transcript

Summary

Belts are already being tightened but as bills head even higher more people will look to save where they can.

But are there some things that you should avoid doing or cutting back on at all costs?

Campaigns to get people not to pay their bills have obvious flaws, but what about only paying for the energy you use, diverting your pension saving elsewhere or cutting back on ditching saving or investing.

Some are at breaking point and will have little choice but to do some of these things, but what about those who are still heading off on holidays, going out for dinner and drinks, or getting takeways in - should they hammer down on discretionary spending before stopping saving?

In his column this week, Simon Lambert came up with his five false economies to avoid, but was he right to pick them? Simon, Georgie Frost and Lee Boyce discuss them on this podcast episode.

Also this week's episode, are buy-to-let landlords all bad or a crucial part of the property market, will an electric car still save you money after the energy price cap hike, and how high will savings rates go as the best buys come in thick and fast.

Transcript

Click on a timestamp to play from that location

0:00.0	Welcome to This Is Money podcast. I'm Georgie Frost and joining me and editor Simon Lambert today is Deputy Editor Lee Boyce.
0:09.3	And coming up, the five false economies to avoid as inflation bites. Sir Simon tells us why you shouldn't bend the budget, not pay your bills or skip your pension.
0:18.6	Also today, the bite to let battlegroundensions between landlords and tenants are at boiling point
0:23.5	as rising rates, extra rules,
0:25.6	and lack of rental homes drive up prices.
0:28.3	But was this a problem years in the making?
0:30.5	Plus, new savings Best Buy alert,
0:32.8	and with energy prices so high,
0:35.3	are electric cars any cheaper to run than petrol?
0:37.9	Don't being it. Up to date with all the latest breaking money news, just to go to this ismoney.com.
0:42.4	Dot UK or download the app.
0:44.6	Market updates and conversations around the financial world don't have to be boring.
0:48.9	The Digest and Invest podcast by E. Toro is a great way to tune into what's happening in a fun
0:53.6	and easily digestible format.
0:55.9	Discover the Digest and Invest podcast at E-Toro.com forward slash academy forward-slash podcasts.
1:01.3	But first, not a day goes by without more bad news about the rising cost of living.
1:06.1	The energy price cap going up 80% in October and God knows where after that,
1:10.2	inflation could reach over 20% next year.
1:12.4	Food prices rising at the fastest rate since the financial crash. It goes on. A raft of social
1:17.7	media campaigns, though, are telling us not to pay our bills. The temptation as well is to cut back
1:21.9	on our pension contributions and bin our budgets. But is this wise? Simon says not. He has put together five false economies
1:30.8	to avoid as inflation bites. Simon, welcome back from your break. What is it all about?
	...

Please login to see the full transcript.

Previous episode | Next episode

Disclaimer: The podcast and artwork embedded on this page are from This is Money, and are the property of its owner and not affiliated with or endorsed by Tapesearch.

Generated transcripts are the property of This is Money and are distributed freely under the Fair Use doctrine. Transcripts generated by Tapesearch are not guaranteed to be accurate.