A BUSINESS adviser has shared his tips to get through rising costs over the coming months.

Colin Bielckus, from Whiteley, who runs Avenue Business Services, offered advice to businesses and individuals for overcoming a rise in costs and inflation.

It comes as the price of goods is seeing a hike in the UK.

The with the price of gas for a typical household was already set to rise by 54 per cent and inflation was expected to rise by about seven per cent by spring – even before the invasion of Ukraine.

Meanwhile, the UK’s bank rate is currently 0.5 per cent – only a 0.25 percentage point increase on December last year.

Mr Bielckus believes the rate of inflation increasing will be short-lived and that small changes to the way people borrow or save money will make the rise in costs slightly more bearable.

He said: ‘It seems as though there is a perfect storm coming with finances, and sadly it affects all of us. Although the banks have put interest rates up slightly over the last few months, it’ll still be a while before we see inflation begin to settle down to a more bearable number.

“The go-to would be to save, and saving is definitely preferred when it comes to financial distress, but there are ways to do it to get the most out of your money.

“For example, you can save in ways other than a standard savings account through your bank. Can you look into stocks and shares?

“The chances are, the return on these shares, along with dividend returns where the first £1,000 is tax-free, will outperform the return from interest rates.

“If you’re a little more affluent, can you look into investing into other things, such as property? This is one thing that does not ever seem to decrease in value, so if you’ve got cash to spare, is a good thing to put your money into.”

He also believes that people who are borrowing have options to reduce the amount they are affected.

He added: “Have a look into whether you are overpaying anywhere. Can you shop around and see if you are eligible for a balance transfer deal so that you can secure the low interest rate before it rises?

“Now is the time to look into your finances as you could be much better off in the long term for doing so.”