We are in unprecedented times as energy bills, food costs, mortgage rates and inflation continue to rocket upwards.

The latest Consumer Price Index, which is the official mark of inflation in the UK, hit 10.1 per cent this month, driven up in large part by the cost of food.

Given the propensity for the current cost-of-living crisis to get worse, now is a great time to get your financial affairs in order.

While we can’t tell you best place to invest or save, here are a few simple tips to consider:

Managing and monitoring costs

Have you reviewed your outgoings recently? While there is very minimal scope to switch deals or cut costs, you would be amazed at how many people are on legacy contracts or terms that make their regular costs, such as broadband, higher.

Even small changes could add up to big savings overall, so it is worth taking the time to look at what costs can be cut, with the least effort and impact.

Taking advantage of tax reliefs

There is a wide range of personal tax reliefs available to all of us that we might not take advantage of that could reduce the amount of tax paid.

This is just one example, but if you are married and your partner earns less than the personal allowance (£12,570) and doesn’t pay any income tax you could use the Marriage Allowance to transfer £1,260 of their allowance to you. This could reduce the tax you pay by up to £252 in the tax year.

Re-evaluating existing contracts

Have you been working under the same contract for some time? Does your fee take into account inflationary pressures?

If your current contract isn’t making ‘ends meet’ then perhaps it is time to look elsewhere or seek a new contract with the same engager at a higher fee.

Given the shortage of skills within many industries, some businesses may be willing to meet in the middle or even match your requests given the cost of recruiting and onboarding a potential replacement.