For most of us, the prices of many things seem to have risen ahead of our income. In some cases, it may be more than the costs that have risen; it may be our consumption. If you are looking for ways to manage rising expenses and increasing consumption, here are some timely suggestions.
The Roof Above and the Utilities Within
- You may be using more of your income for housing than in the past, but make sure you are getting the best rates available for both your mortgage and any equity loans, and that you are deducting every penny allowable under current Internal Revenue Service (IRS) rules. Shop around!
- Review your home heating/cooling expenses for the last 12-24 months (or as long as you have owned/rented the property) and get on a budget plan that reflects true current prices. Adjusting the thermostat when you are sleeping or away from home can significantly lower costs. Air sealing and checking your insulation can also trim expenses!
- Check your local electric and water departments for free conservation programs and tips. Expect their rates to continue rising and adjust your lifestyle accordingly.
Shopping Sprees
- Going to the “super” grocery store can be a great adventure. Make a shopping list of what you want and stick to it. Meal planning helps you to use the groceries you do purchase efficiently. Join your local grocery store’s loyalty program and use the app so you don’t miss sales, coupons, and specials on the items you use most. Following these strategies can reduce your weekly food bill by up to 20%.
- Clothing prices may seem to have gone out of control, but you have the power to bring them back into line by shopping smart. Consider a “capsule wardrobe” using quality basics that can be mixed and matched instead of “fast fashion” pieces. Shop “end of season” sales to find deals on things you know you will need to replace for next year. This can be especially effective when shopping for children!
Health and Fiscal Fitness
- The added expense of a good fitness program can lead to better health and fewer visits to the doctor or chiropractor. In many cases, the sidewalk outside your home will work just as well as the fitness club down the street.
- If your doctor agrees, shop “generic” when you need medications, and look for pharmacies that offer reduced rates on prescriptions; the same stores may even offer reduced prices on prescription eyewear needs. Some online pharmacies may have reduced prices compared with a traditional drugstore. This can be a good option for long-term prescriptions, as well as asking for a 90 supply.
Entertainment
- The number of streaming services available has grown rapidly in recent years. It can be frustrating to be interested in a show or movie and learn it’s only available on a streaming service you don’t currently have. Many of them will lure you in with a free trial, but how many of us remember to cancel? Do an audit of how many services you subscribe to and which ones you actually use. After you know what you want to keep, shop around to see if there are any bundling deals you qualify for. Even competing services may offer a bundle through your cell service provider, internet provider, etc.
- The cost of an afternoon or evening at the movies is another wonder of our times. It may be time to begin enjoying Friday nights at home with the family, making pizzas and watching movies on a streaming service. Family game nights are another great option!
- A meal out at a restaurant is not always a luxury. There are times when it becomes as necessary to personal survival as sleep. Dining out does not need to have a luxury price tag. “Two-for-one” specials and “kids eat free” offers are more common than ever before. Sign up for emails from your favorites and/or download their app so you don’t miss out!
Expenses have increased, and your income may not have kept pace with them. You also may have fallen prey to spending patterns that have made increased consumption and deficit financing a way of life. If your expenses have run away, rein them in today for a comfortable, more secure future!
