Tips to Afford the Rising Cost of Living

by Jenn

It is not uncommon for the prices of household goods to increase over time. However, the cost has recently increased dramatically. And as prices go up, it’s easy to feel that your financial future is at stake. The good news is there are a few ways to tighten your belt as the cost of living keeps going up.

Reducing the Cost of Student Loans

If you owe money on student loans, you might feel they are a huge drain on your monthly spending. This is often hundreds of dollars you could be putting toward something else. While the best option is to pay off the debt as soon as you can, you could benefit from refinancing. That’s because options like NaviRefi student loan refinancing offer flexibility with the freedom to choose your rate type and payment.

Come Up with Another Budget

Your budget is important to your financial health since it helps you see how much you are spending compared to how much you are bringing in. If you have never created a budget, there are plenty of ways of creating one. There are apps and different kinds of software to help you automate the process as well. If you already made one, you could adjust the numbers to show your cost of living more accurately. Ensure the other categories are still accurate as well. Make sticking to your budgeting goals a priority to keep yourself in check and mitigate any potential money woes that could be harmful long term. 

Reducing Wants-Based Spending

When you look over what you have been spending each month, you might be surprised at what you find. You might find you need to cut back on take out, or you are spending more on gas because of unnecessary trips, or buying fun items more than you thought. Consider cutting some of these unnecessary expenditures. Instead of ordering food to be delivered to your home, consider making more food at home. You can freeze leftovers to pull out an easy meal.

Looking Over Bills

Often, your monthly bills will include subscriptions, but these can chip away at your savings without you noticing. Take a bit of time to list out all recurring payments, whether you make these once a month, a few times a year, or even annually. If you discover you are paying for more services than you actually use, consider cutting these things out. Even without subscriptions, it is possible to be paying too much on your bills. 

Some credit card companies or banks charge fees to use their services. With so many financial options out there, you don’t have to pay a fee to access these services, so consider shopping around to find something that works better for you. Recurring bills, like insurance, might be able to be negotiated. Even small savings can add up. If you cut a monthly bill back by $10, you will save $120 a year. And if you have a cell phone, look into downgrading it. For instance, if you have an unlimited data plan, you may look into paying less to get a limited amount, especially if you don’t often use all your data.

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