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It won’t have escaped your knowledge that we are currently living through a cost of living crisis. While that may sound dramatic, there is no doubt that things are tough right now. Money is scarce – and it is also not going anywhere near as far as it was a few years ago.
Side hustles have become almost obligatory for large chunks of the population in order to get by. Whether it is honing your Florida sports betting knowledge or selling old clothes that are no longer wanted, everyone is looking to make some extra money to make things just a little bit easier.
But there are only so many hours in the day that you can work. In the end, there are no extra jobs to take to bring some money in. So here are a few money-saving tips for everyday life that could get you on the right track to help with your bank balance and potential future savings.
Check Your Budget
Before you start saving any money you first need to see what you are actually spending your dollars and cents on. A detailed overview will give you an excellent insight into where your pay packet goes each week or month and might just throw up a few surprises.
By writing down all your income and outgoings you will be able to see immediately if there are any places that you can change your habits. If you want to be saving at the same time, make sure that you enter that in your budget too. This is an ongoing project and you can change and alter your budget all the time. Just make sure that you know exactly what is going on with your wallet.
Set Up Automatic Bill Payments
This may sound counter-intuitive to saving money. How can paying bills build up your bank balance? But it is the late fees and charges that can really bite – especially if they are coming around each month. Missing a payment doesn’t have to be a conscious decision, but it will still cost you even more.
You can correlate these automated payments with your budget as well. You should be able to schedule your bills throughout the month if you prefer to spread the cost. Or, you might rather want it all to go out at the same time, so you know where you stand after being paid. Either way, automate them all to avoid any extra charges.
Do It Yourself
We are not really talking about home improvements here. In fact, if you can put off any work on your house without making things worse, then now would be a good time to press pause on your makeover dreams. But doing things for yourself in everyday situations can save a lot.
That place that you like to pick up a coffee in the morning? Maybe give it a miss two or three days a week. Grabbing fast food to go on the way home from work because you can’t be bothered to cook? Find some easy, low-cost recipes to make yourself some healthier meals. It doesn’t have to be all the time, but think about how much you spend each week on food and drink.
Check Your Subscriptions
It is so easy to sign up for online subscriptions these days – and you will usually be enticed by a free period at the start. The problem is that if you then don’t cancel the subscription at the end of the free period, you could be hit with a big bill. So going through what you are already signed up for is a good idea.
Once you have cut down on all the online subscriptions you don’t really need, you can think about cable or phone packages. Call up your providers to see if there are any cheaper alternatives that suit you better. You may even be offered a much better deal if you suggest that you are going to look elsewhere.
Join Loyalty Programs
This is one money-saving idea that could quickly backfire – so you need to be particularly careful with your spending here. By creating your monthly budget you will have seen where your money goes. There will be things that you won’t want to cut out altogether, but they could be cheaper if you sign up for a loyalty program.
Groceries, coffee, and lots of stores offer discounts for regular shoppers and it could start making a real difference in the long term. You just need to be sure that you aren’t tempted so much by the offer promises that you end up spending even more to qualify for the savings.
Think About Your Fuel Costs
It is all very well saying cut down on your fuel consumption but some of us need to use our cars to get to work, so we can – you know – make some money. But there are ways that you can scale down on the amount you spend on gas – and there could even be cheaper and greener alternatives.
But even if you absolutely have to drive to work, you can still cut the costs. Lots of gas stations have their own loyalty programs, so utilize them. Also, shop around for the best prices near you. You could also open windows instead of using your A/C and check your tire pressure. Both these moves could extend the gas usage for your vehicle.
Every Cent Counts
When it comes down to it, every cent does count. Working people are struggling right now and if you are able to save even a few dollars a day, that is something to aspire to. All those dollars and cents add up, after all.
You may feel embarrassed at first to be double-checking bills and debating over even the smallest purchases. But once you get in the right mindset, budgeting will become second nature – and then you may actually be able to start saving and building a better future for yourself and your family.
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