World on a budget
With the cost of living constantly on the rise, thousands of people are struggling to provide some of the most basic necessities for themselves. Being in crisis for almost a year, many people can’t afford to heat their houses, they are having to budget when cooking dinner and some are having to time their hot showers. And with Christmas approaching, it’s becoming even more of a struggle to keep this time of giving hopeful, as many won’t be giving or receiving a lot this year.
However, during these tough times, it isn’t just people that are struggling. Many companies are finding it hard to stay afloat.
Last year, Covid -19 took a huge toll on many businesses. The government were able to help some with business grants and other kinds of support. But just as Covid has left our headlines, cost of living has taken over, affecting a vast majority of people from all across the world.
The Times have said this could be an “even bigger threat than the pandemic.”
The cost-of-living crisis is another global issue that is changing the world and so many lives.
During the pandemic, #supportingsmallbusinesses was trending throughout the majority of lockdown. With people having had a lot more free time being at home, a lot of small companies were started and many from before the pandemic were thriving more than ever. But now with the world on a budget people haven’t got the extra money to spend on these businesses.
A lot of people are having to go without the things that make them happy, simply because they can’t afford it.
According to parliament.uk, consumer prices were 11.1% higher in the month of October 2022 compared to October last year. Inflation of energy, food, gas, electricity, and petrol prices are making it almost impossible for the average consumer to afford their basic human needs.
It is said that the inflation rate is expected to slow in 2023, but is that too late?
On the 5th August 2022 the office for national statistics published that over 24 million people In Great Britain were having to reduce energy use in their homes and were having to cut back on food and essentials.
Selen Osman, CEO of @Luna_lovesmudge on Instagram spoke about how her business is potentially helping her customers heal and find peace in the current climate. “Smudge sticks aren’t a priority, let’s be honest. In this current crisis people aren’t spending their money where it isn’t necessary. I do have a few more customers than I expected, I guess people also really need something to believe in.” Smudge sticks are sage leaves bound together by string with dried flowers, they are believed to lift and take away any negative energy and stress with the smoke released from burning it.
“I feel like there is so much negativity in the world right now. There always has been, but now more than ever. Whenever money is involved, so is stress and negativity. So maybe my smudges are giving people relief and I’m glad I can provide that for them during such a rubbish time.”
Coventry based nail technician, Kajani Piranavanan, explained how business has slowed down drastically since the cost of living has worsened. “I used to have like 4/5 clients a day coming to get their nails done. Now I’m lucky if I get that amount in a week. It’s a joke to be honest, these girls came to get their nails done so they could feel good about themselves, and they can’t afford that luxury anymore. I can’t believe it’s gotten to this” She then went on to explain how it’s affected her own lifestyle having to adapt to the change of income.
“I became a nail tech so that I could make extra money as a student. I’ve never had to look into getting another job during uni because I thought doing nails is a business that would never die out. Clearly, I was very wrong. Now I’m looking into jobs at Asda, Amazon, and Lidl because I can’t afford to rely on this anymore.”
In an Instagram poll, 29 out of 50 voters said that they’ve had to give up things they love such as various hobbies, beauty appointments and extracurricular clubs due to the fact that they are no longer able to afford it. The other 21 voters said that they’re still able to afford the things that make them happy or have found a more affordable solution to keep it up.
The cost-of-living crisis on university students seems to be a complete separate issue. Students are already known to be living on a budget and now that budget has been cut down drastically.
Some students have had to cut down on meals and many don’t seem to be going out if money is involved. “This really isn’t the ‘uni life’ that I was sold when looking into universities. I’ve been hearing the term ‘broke uni student’ but I didn’t realise how real it was until I became victim to it. I won’t lie to you; I haven’t checked my bank account in a week and I don’t even want to know how much I have left in there.” Lesley Raquene, a first year Warwick university student is another one of the many students that have been struggling over these past few months.
Tunde Oburane, third year Coventry university student gave an insight to his lifestyle changes since the crisis “I loved my second year of uni, first year we had lock down, and now third year we have ‘broke ness’ this is so peak. My favourite thing to do is go studio with my boys and make music but ask me if any of us can afford that right now. It’s a mockery, human beings shouldn’t be living like this at all. How is this even okay? We need to fix this as soon as possible because we can’t keep living like this.”
Coventry music studio, Motive Man Entertainment CEO Femi Dokunmu said his business “hasn’t been too badly effected just yet”.
“Don’t get me wrong, booking numbers have dropped but I guess people want to keep up their hobbies and passions, just to keep them going. And I’m grateful for it because I love seeing clients come in and leave with that little spark of hope and excitement. I feel happy knowing that these people are able to continue doing what they love because the world is becoming a really gloomy and dark place and we need that element of hope to keep us going. We can’t ask people to just give up what they love, if we do that then what kind of life are we living? That’s not a world I want to be a part of.”
Parliament.uk released an article on 10th October 2022; World mental health day: Rising cost of living and mental health. In the article they touched on how financial losses can affect mental health. Social disadvantage, poverty or debt is near the top of the list for most common causes of mental health issues, alongside severe or long-term stress which is also almost undoubtably possibility when it comes to facing financial struggles . In August 2022, mental health charity Mind signed an open letter alongside 16 other mental health organisations in an attempt to come together and support people on low incomes. The article also stated “61% of therapists reported their clients were anxious about affording household bills” and “52% said their clients are losing sleep over the issue” alongside another “42% who said clients are cutting back on meaningful activities, such as going to the gym.” It is very concerning that people are struggling to afford the opportunity to go and properly exercise. The advice of many mental health organisations state that exercise and routine every day activities can help in many ways and can also be cost effective. Should some kind of alternative be offered?
Winter is a hard enough time for some as it is. Mental health is also a huge thing that is being affected for many due to the current climate. Seasonal affective disorder (SAD) is usually common during this time of the year and now with the financial strains building up for millions, a lot of people aren’t able to do the things that may normally help get their moods up. Having to give up a large number of things you enjoy and that make you feel good about yourself certainly doesn’t help, this would take a toll on someone with good mental health so for those who are already suffering, it could only be getting worse.
On the Mind organisations ‘Money and Mental health’ page, they’re providing advice on how to manage your finances if you feel they are affecting your mental health. They also provide links for support alongside the NHS website. If you feel you need to reach out or speak about anything you may be struggling with, please do not hesitate to seek advice.