Are you starting to feel the pinch from inflation?
The price of pretty much everything is increasing, but your revenue is still the same…
What can you do?
Now is the time to take a look at your ongoing expenses. Although it may seem like there is nowhere else you can cut costs, there usually is. We just do not like to let go of things.
Take a look at your monthly expenses. Try to stay as unemotional as possible.
You could be able to save some money by cutting cable and streaming via internet. You may find that you are paying for multiple streaming services when one would do. Or you may find that one provider (ie: internet or cell phone) includes a streaming service as part of your package.
Check your cell phone plan to see if it is the best fit for you. You may be paying more than you have to.
If you have a landline, do you really need it?
If you buy the same things month after month, you may be able to save 5-10% by signing up for a subscription delivery service. Or, perhaps buying in bulk could provide some savings. Just be sure that the purchases are being used in full and not going to waste.
Look for savings opportunities through your credit cards. I just heard on an advertisement that Discover is offering 5% cash back on gas purchases. At $4 per gallon, that is $0.20 off per gallon. Many credit cards offer percentage off offers for a variety of stores if you add the offer on their website. This is a good way to save if you have a necessary purchase at one of those stores and you are able to pay off the purchase before interest is charged. One of my cards just sent me an offer for a $60 credit each month for the next three months if I make three $50 purchases each month. I normally do not use this card, but I will use it for a few $50 purchases just to get the $60 back. That is a 40% savings!
You can reduce your utility bill by keeping temperatures a little higher in the summer and lower in the winter. Get in the habit of turning off lights when you are not in the room. Take shorter showers. Unplug your electronics and small appliances when you are not using them. Use curtains strategically to help keep the heat in or out.
You can reduce your gas bill by reducing or eliminating unnecessary trips. Only stop at the store on your way home. Look into carpooling.
Pay bills online or by using your bank’s bill pay instead of mailing payments.
You can save on repair bills by maintaining your house, car, or other assets. You may think you cannot afford that maintenance expense, but a repair bill can be much higher!
Shop around for insurance. Insurance companies are far more likely to give competitive rates to new customers than loyal customers. Bundled rates may not be the best deal for you. Check your policies as both stand alone and bundled to see which is best for you.
If you have more than $1,000 in savings, make sure you are earning as much interest as you can. Look at a money market account or shop around at local banks to see who is giving the best rates.
If you find you truly have no expenses you can reduce, you can look for ways to increase revenue. You can ask your employer for a raise or take on a second job to cover expenses.
What are your favorite ways to save money?