Every time you pay attention, you can’t help but notice that the price of things is always climbing up. If you’re like most people, the chances are good that while these costs have steadily climbed, your income has remained relatively flat.
Over the long run, having a disparity between your income and the expenses of living can become a real problem.
To help, we’ve compiled a list of helpful and practical financial tips you can use to combat the rising costs of living.
Use Coupons and Discounts – Never before in history has it been easier to find coupons and deals on everything and anything! Check for advertised deals and coupons from Grocery stores and other retailers to score discounts when shopping for groceries or other household staples. For other products and services, consider using a site like Groupon or other related websites and mobile apps to find bargains on hard goods, beauty services, dining and restaurants, travel, automotive services, and a host of other things. You will be amazed by how much can save if you’re willing to spend some time searching for offers that you can use.
Curb Your Energy Consumption – A recent survey conducted by the Australian Bureau of Statistics revealed that the average household spends AUD 39 weekly for electricity and gas and AUD 60 for vehicle fuel. These expenses add up quickly! To save on vehicle fuel, consider carpooling, using public transportation, walking or riding a bike (if feasible) to offset some of the costs of fuel. If you must drive, consider combining multiple runs for errands into one trip.
To cut some of the costs of your home energy bills, all you need to do is adjust your thermometer by a couple of degrees. By running your heat a couple of degrees colder in the winter and your air conditioner a little warmer, you can combat the rising costs of energy.
Pay Down Debt – While debt isn’t exactly a rising cost of living, it is undoubtedly a monthly expense that must get accounted for in your budget. To avoid having to pay exorbitant interest fees, late charges and other fees, make an effort to pay your credit card balances off in full every month. By doing so, you are using credit to your advantage – especially if your credit card offers cash back or other incentives for using the card regularly. If you aren’t able to pay off the entire balance of your card, the chances are good that you’re paying 15% – 25% interest on every dollar you borrow. You don’t have to be a genius at math to figure out this equation is one that leaves you paying for the rest of your life if you aren’t careful.
Emergency Finance – If you get caught up in a situation that requires money, like a unexpected bill. Don’t borrow from just anyone, especially short-term lenders that charge a premium to borrower from them. Consider non-profit type of specialty loans that have no fees and low to no interest on the principle borrowed.
While there is no way to stop inflation on a grand scale, we hope that you’ll find these tips for combatting the rising costs of living helpful in your pursuit of saving more money in everyday life.