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Easy Ways to Lower Your Cost of Living

Easy Ways to Lower Your Cost of Living

June 30, 2022

With the rising inflation rates, your cost of living has increased along with it. While one of the biggest costs of living expense adjustments you can make to improve your finances is moving to a less expensive area, that’s not always feasible or possible. Instead, start by looking at your spending other than your rent or mortgage. Continue reading to learn easy ways to lower your cost of living.

Get Rid Of Services You Don’t Use

Nowadays there are so many different streaming services to watch your favorite shows, movies, podcasts, music and more. There are bound to be several that you’re paying for that you barely touch. Cancel the services you don’t use often; the small monthly payments can quickly add up to save you hundreds of dollars a year. If there is a specific show or movie you want to watch on a platform, take advantage of the free trials offered.

Shop Your Cell Phone Plan

Elevate your needs out of a cell phone plan and check if you can get a better deal with your carrier or a different one. If you have a protection plan on your cell phone, check with your provider to see if there is a cheaper phone plan that you can switch to.

Evaluate Your Car Insurance

There are several different actions you can take to lower your car insurance.

You can increase your deductible which would increase your out-of-pocket costs if you’re involved in an accident but lower your monthly payments.

If you have an older car, you can drop from full coverage to liability coverage. By dropping collision and comprehensive coverage, you can save money monthly. Only do this if your car is worth less than your deductible plus a year’s worth of premiums to make sure you have coverage that works for you.

Ask your insurance company if there are any discounts you qualify for, such as safe drive or multi-driver. You could also bundle your car insurance with your home or life insurance for a discount.

Find Ways To Save On Groceries

No matter what, you’ll have to purchase groceries. When going grocery shopping, make sure to have a list so you don’t overspend. Prior to shopping, look for coupons or promotions to save on your groceries. Go for the generic brand instead of the name brand for additional savings.

Manage Your Credit Card Debt

Surprisingly, there are several ways to manage your credit card debt to help your cost of living if you’re holding onto credit card debt.

Ask your credit card company for a lower interest rate. They’ll likely lower your rate if you have a consistent payment history and a great credit score.

If your credit card companies offer a balance transfer to an existing card or a new balance transfer card with a 0% APR, consider taking advantage of it. Initiating a balance transfer will allow you to pay off your balance interest-fre. Be aware of the time period of the zero interest; make a repayment plan to stay on track.

Consider a personal loan to consolidate your credit card debt. Personal loans often have lower interest rates than credit cards, lowering your monthly payments and saving you money on interest

Revamping your budget to lower your cost of living can be difficult. Having a knowledgeable and helpful financial advisor on your side can make that process easier. Our advisors at Lifebridge Financial are happy to assist in building a budget that works for you. Schedule a consultation with us today to get started.