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One of the most common methods of combating inflation and rising cost of living is to use smart techniques that help reduce costs. Some expenses can be negotiated or completely cut from budgets while savvy shoppers can use budgeting techniques to find extra savings and deals. In the GOBankingRates infographic below, you will find examples of painless ways to cut costs for essentials – and then continue reading for more information.
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Cancel underutilized monthly subscriptions
You may be subscribing to more subscription services, including movies and TV, music and games, than you realize.
Jacquie Kearns, chief brand and strategy officer at Affinity Federal Credit Union, said many individuals signed up for an extraordinary amount of streaming services during the covid-19 pandemic. Kearns said that in many cases, households that stream now pay more for streaming services than they did when they cut the cord to their cable provider. Take a moment to review your existing subscriptions, see which services you use the most and decide which services can be retained or canceled in your streaming package.
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Make a weekly goal plan
One place where inflation has hit hard is the grocery store. Knowledgeable shoppers use several budget strategies to stretch their money in the grocery store and make sure everyone in the family enjoys a delicious meal.
Some of these popular strategies are included in our infographic, such as meal planning for the week, shopping sales and mass purchases at warehouse clubs. There are even more secrets for grocery shopping that shoppers have previously shared with GOBankingRates. Have more money in your wallet by arriving at the store armed with a list to curb impulse purchases, buy store brands, shop for seasonal products and use any credit card that gives points or money back on grocery purchases.
Shop around! You can do this by scanning ads in store circulators, checking coupons and downloading apps that let you find additional coupons and deals in stores in your area. Compare store by comparing prices of similar items in different stores to determine which store offers the best deals.
Program your thermostat
If you do not already have a programmable thermostat, it is now time to invest in one for your home or apartment. By programming your thermostat, you can control the times of the day that you preheat or cool your home and ensure that you do not have heating or AC running all hours of the day or during the most expensive hours of the day. You can set the thermostat before leaving your home or use your smartphone to control the temperatures accordingly.
Change mobile subscription (or operators)
There are several bad habits that can increase a phone bill, including going over your data limit and constantly investing in smartphone upgrades. A painless way to reduce telephone costs is to periodically examine your mobile service. If you think your bank statement is too expensive, it may be time to make a change. Consider switching to another plan offered by the same provider or even exploring other affordable operators.
Lower the water heater temperature
Lowering the temperature of your water heater is actually something most people can do on their own, according to the US Department of Energy. While some manufacturers set thermostats for water heaters to 140 degrees Fahrenheit, you can set the temperature to 120 degrees Fahrenheit. This slows down mineral buildup and corrosion in your water heater and pipes.
Reducing the temperature settings of your water heater means you save anywhere from $ 36 to $ 61 annually in standby heat losses. Lower water temperatures for consumption including showers, washing dishes and washing clothes can also result in additional savings with some amounting to more than $ 400!
Frequent air leaks in the home
There are obvious and less than obvious gaps in your home that can lead to air leaks. Perform a regular visual inspection on the inside and outside of your home to detect any cracks or gaps that could lead to air leaks by following the advice of the US Department of Energy’s energy saving program.
You can also learn how to perform a basic pressurization test for buildings. This can help increase infiltration through cracks and leaks and make it easier to detect them. Once you know where the gaps are in your home that lead to air leaks, you will be able to seal your home properly from air leaks and save more money.
While many homeowners know that the cost of heating and cooling is increasing, most people may not fully understand what they can do to reduce these expenses. Kearns recommends that you contact your electricity or energy suppliers to review a home message. These new documents give homeowners a look at where they can make their home more energy efficient and regulate total energy consumption.
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