Word Of Week: ‘Skimpflation’

The new 'word of the week' is 'skimpflation' which means that not only are things now twice as expensive (inflation), with half the portion size (a large label now hiding the lack of half of my cod loin) which is 'shrinkflation), but now they are using inferior ingredients in many household items which is called 'skimpflation'.

Put all three together and you will see why so many are struggling to make ends meet.

And yet our teeny-tiny Prime Miniature Rishi, in his impossibly tight jacket and extremely short trousers, has the balls to say that inflation is now back to normal levels at just over 2%.

I can assure you that it is not anything near 2%, it's still running at about 20% per annum, if you count anything that normal people need, like shelter, energy to keep that shelter warm, food to eat and energy to cook it with.

So if your income needs to increase by 20% per year just to keep up with the cost of living, how are you going to achieve that? 

Your boss is NOT going to take kindly to that kind of request, because the company you work for is suffering the same increases just to stay open.  Even if they did give you a raise of 20% you'd need even more than that to cover the extra tax you'd pay on it.

The fastest way to achieve that is to cut unessential outgoings, sell stuff and clear that spare bedroom or garage out at last...

OR to figure out how to make 20-30% of your current take-home income, by starting a side hustle or small business.

The average UK salary is between £28,324 and £42.000 according to Google.  You try it, I searched 4-5 times and got a different answer each time!  Let's take it at £35,162 or £28,384 after deductions. That's £676 a week.  25% of that is £169 so in order to just keep up with the real cost of inflation, you need to add £169 a week to your income.

Once you've sold everything that's not nailed down, your next option is to offer a product or service. I created a short video outlining some of your options there which you will enjoy. I've inserted it below.

Start A Local Business

If you want to work locally, you can do cleaning, assemble flat pack furniture, bake special occasion cakes or offer to clear people's gardens.  Find something that everyone needs all the time, that a certain percentage of people will pay for even during a recession and that you can do well and enjoy doing.  Nothing like being paid to do something you enjoy! Then mention your new business in your local Facebook Groups. If you do a good job, word will spread fast.

Start A Virtual Business

Another option, especially f you are an introvert and have an in-demand expertise, is to create a product or service and sell it online.  

To become an online entrepreneur, in fact. 

To help you with that, I've just created a new course called 'Start A Business (The 'Better Entrepreneur' Way)' course over at the website, which you might enjoy. 

It will be a paid course eventually, but while I'm adding more resources to it, if you subscribe to my newsletter, you can enjoy it for free!

Just subscribe to get my free Digital Marketing Cheatsheet, then when you get your first email, hit reply and ask me for the link to the course. 

I'll welcome your feedback about anything I can add to improve it too!


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