About 10 years ago when I was in college (*huh*), I could buy a week’s worth of groceries for $60. It contained all the usual college essentials like milk, eggs, ramen, and even all the ingredients to make my famous peach sangria. Oh what a wonderful time to be alive. Compare that to spending $60 on kale, almond milk, a box of cereal, and chicken last week. I felt like I was inadvertently double charged as I was leaving the store, but unfortunately I was not. I’m sure I’m not the only one wondering how I got here. I don’t know how many more “pick up” trips I can spend $60 or more on.
If you need everything from food to rentals to weekend outings, join the club. If your expenses continue to rise, nothing has changed, and your income is unfortunately not increasing, this drug can be difficult to swallow. The cost of living is largely driven by where you live and the rate of inflation, which unfortunately has risen steadily over the past few years as a result of supply chain problems, world affairs and increased demand (a trinity). . However, even if you live in a place where the cost of living is relatively low, many of you are likely aware that prices have increased recently. Moving to a cheaper state or changing inflation isn’t easy, but there are some things you can do to cut your spending and make a little more money.
1. Think strategically about your food budget
Food is one of those expenses you see more and more these days (at least I do!). To get the most out of it, it’s best to go to the store with a strategy. Take the time to plan what you want to make for the week and write down exactly what you need. That way, you can avoid buying food that spoils before you eat it, or being a victim of impulse buying. Ordering online can help you stay on track against the temptation of chips and candy, and choosing more affordable grocery stores can help you get the most out of your budget.
When you get home, prepare as many meals as possible in advance and have them ready to eat so you don’t order or eat out because you’re too lazy to cook (this is a good person). happens to) us). In an economy like this, eating out is intentionally set aside for splurge.
2. Assess hidden energy costs
This may seem like advice your dad would give, but hear me out. Whether you rent or own a home, you’ll likely have to pay at least a few utility bills, and those can get expensive quickly. From this time last year to today my utility bills have increased by almost 75%…wow. To keep your utility bills low, consider getting creative and creating a cozy atmosphere by choosing candles, blankets, etc., instead of using overhead lighting or air conditioning or heating. . Allow your clothes to air dry whenever possible and unplug anything you’re not using but still consuming energy. Think toasters, blenders, cell phone chargers, and more. Likewise, limit all showers to reduce water consumption. Once a week (don’t shoot messengers!). Plus, it helps the environment.
3. Reduction of unnecessary recurring expenses
I’m not speaking from experience or anything, but I’m assuming you have some subscriptions on your credit card that you don’t even know about, and that you could probably do without. It’s a great time to evaluate streaming options (do I need 5 or just 2?), gym memberships, Starbucks cards, and auto-reloading in place. I like to opt out of these things for a month as a trial, and if I really miss something during that time, I guilt-free add them to my budget.
4. Transportation
In addition to food, the first thing I noticed that prices had gone up recently was the cost of gas and car maintenance. If you’re in the same position, it might make sense to consider whether you can drive less often for recreational purposes, whether you can keep insurance and maintenance costs as low as possible, or sell the car outright. This is a good time to consider whether Cheaper modes of transportation include public transportation, carpooling, biking, and walking. These will help you reach your financial goals as well as your fitness. If you need a car but don’t use it all the time, consider renting it out through a car-sharing program to make extra money. You can use a service like AirBnB to host your car. Turo. At the very least, you can get a few extra bucks back in your pocket by driving less for your hobby when you need to.
5. Housing
Housing costs often take up a large portion of your budget, so it might be worth looking into ways you can save money here. If you do decide to move, consider finding a smaller location or moving to a cheaper part of town. Finding a roommate is always a good option if you have the space, especially in a big city.
Depending on where you live, you may be able to negotiate a lower rate with your landlord if you offer to pay more in advance or increase your utility bills. If sudden rent increases are a problem, you can ask if there are rules about how much the landlord can legally increase rent over a period of time to make sure everything is on the books. Please check with your city of residence. If you own your own place and have extra space available (even if it’s just a warehouse space or a parking lot!), rent it out to others and make some money out of it. Consider earning.
6. Learn DIY and repair skills
I believe everyone should know how to be able to fix basic repairs. If you’ve never fixed a hole in a shirt or fixed a broken shelf, now is the perfect time to learn. If you have a plan A solution mindset, you can save a lot of money by not having to completely replace something or hire someone to fix it every time you have a small problem. increase. There are plenty of free tutorials on YouTube and TikTok to fix just about anything, so take a few minutes to see what you’ll need before paying for a new version. I was recently able to fix a washing machine that wouldn’t drain after watching some videos on the net. It saved me a lot of money on repairs and gave me a new topic at the party all at once (I know you definitely want to invite me). is).
7. Choose free or low-cost activities
Everything is so expensive these days that finding fun and free things to do can feel like you’ve found a gold mine. Once summer is in full swing, find cheaper activities and events that you can enjoy while saving money. Some of my recent favorites include potluck movie nights, cooking gourmet dinners with my husband at home instead of eating out, and going on long hikes around the city to reunite with friends. All these activities allowed me to spend time with my loved ones and saved me a lot of money. I also love to google free events and activities when I’m looking for something to do in a new city. And it always blows my mind (free cocktail making class, anyone?).
8. Do your best to negotiate…nothing!
I may be the best negotiator in the world. I love negotiating anything, but it’s definitely an acquired skill that I have to use regularly or it’s lost. If you’ve never tried negotiating before, find a low-risk situation, research some strategies, and try them out. Cell phone bills, streaming service bills, and insurance premiums are great opportunities to ask for discounts and freebies, especially if you’re willing to switch providers. It can be a little nerve-wracking to have a conversation, but if you save even $10 a month on services, you can spend $120 a year on other fun activities, savings goals, and more. Career-wise, if a promotion, raise, or annual review is coming up, be sure to negotiate your salary and ask if your company can provide a cost of living adjustment (called COLA) whenever possible.
