Costs are rising at an unbelievable pace in 2022… but your salary probably is not. This is something many millions of Americans are going through, with inflation at sky-high levels. The reality is that even before our current inflation crisis, wages were not rising in tandem with the cost of living.
To make ends meet on the same amount of money every month, you may need to save on your monthly expenses. Some of them are set in stone – like insurance policies and mortgage payments. But others can be reduced with some savvy tricks.
Here are 5 easy ways to save on monthly expenses.
1. Save water
Your water bill is one monthly expense that can be minimized if you start doing what you can to save water. There are many different ways to reduce your water bill, including taking shorter showers and flushing the toilet less often (it is one of the biggest users of water!). But your attitude needs to be proactive if you are to really make a difference.
Change your focus from reducing water usage to actively saving water. Instead of letting water flow down the drain, try to keep as much as possible. Then, you can use this water for your plants, or even to top up the toilet tanks.
2. Watch out for electricity vampires
The electric bill is another unavoidable expense that can be reduced without impacting your quality of life. You don’t need to stop using the TV or get rid of your heaters. Rather, look for so-called electricity vampires. These are things that suck electricity from the grid without providing any output.
Common electricity vampires include chargers which are always plugged in, appliances that are not in use most of the time, and decorative lamps. By unplugging them or switching off the outlet when possible, you can cut down on your electricity by as much as 20%.
You should also make an effort to turn off lights in rooms you are not using. Putting the geyser and pool on a timer can also help reduce your bill.
3. Cancel unnecessary subscriptions
In today’s world, we are bombarded with subscription services. Some of them provide excellent value, while others only seem like a good idea at the time. Still others are free trials that we did not realize ended. Most people are paying for a few services they don’t use and don’t even know it.
Your phone should tell you what apps you have subscriptions with. If you have a subscription with Apple Music and Spotify, choose one and cancel the other. If you subscribed to a home workout app you never use, accept that it will never magically become useful!
Look at any debit orders on your bank account, as well as any PayPal subscriptions. Since you have forgotten about them, they probably are not the most expensive services. But when you add them all together, they can make a significant difference.
4. Consolidate your debt
Most Americans have debt from more than one source. Many of us have a number of credit cards in addition to loans we still need to pay. It is often these payments that take the largest chunk of one’s salary.
While there’s no easy way to pay all of your debts off, you can improve your debt by consolidating it. This refers to using a debt consolidation loan with a better interest rate to pay off all of your other loans. It can save you a lot of money in interest and fees, while making it easier to keep track of your debt.
5. Write shopping lists
Consumer goods are very expensive right now, and you cannot change the fact that the grocery bill has gone up. However, you can reduce how much you spend at the store using some simple techniques. Writing shopping lists is the most basic.
Never go to the grocery store with a vague idea of what you need. You will end up buying things on impulse and stocking up on perishables you already have. By writing a strict list and sticking to it completely, you can save money on groceries every month.
Costs are higher than ever, but there are ways to reduce what you spend each month. The above 5 tips are good ways to start improving your monthly expenses.