Looking for additional ways to save money? You might consider creating a money saving plan to focus on the most important expenses during times of financial crises.
From cutting down on your monthly subscriptions to adding another source of income, there are several ways to get your finances in order. Keep reading to learn a few helpful tips.
Cut Down on Unnecessary Subscriptions
How many subscriptions are you currently paying for? Do you use them all? Do you need them all? When money gets tight, subscriptions may be the first thing on the chopping block.
Many households have some sort of entertainment service, like Netflix, HBO, or Hulu. But these services can quickly get expensive, especially when you’re paying for multiple. Try to cut down on the number of services you pay for. Additionally, if you’re paying for a service like Hulu that offers a free version with ads, consider making the switch.
Entertainment services aren’t the only common subscriptions households have, either. Do you have a gym membership? If you don’t use it, see if you can cancel your subscription without incurring a high early termination fee.
Delay Big Purchases
Try to avoid making big purchases during periods of price inflation. Consider avoiding luxury items until inflation numbers begin to decline. Have you been looking into buying a home or vehicle? Unless you absolutely need to, avoid investing during inflation when prices are going to be higher.
Save Money on Gas and Electric Costs
Calculating inflation rate numbers all day can feel exhausting and dreadful. But instead of worrying about things outside of your control, take charge of what you can do, including reducing your gas and electric expenses.
Here are a few money-saving tips for utilities:
- Insulate your water tank, if you have one, to save on heating costs
- Use a dishwasher instead of hand washing, and only run your washer when it’s full
- Use smaller appliances, like microwaves, for small meals to reduce gas and electric costs of using the stove
- Use warm water instead of cold when doing the laundry
- Unplug any electronic device when it’s not in use or use an advanced power strip designed to prevent unused electronics from drawing electricity when they’re off
- Switch to energy-saving LED light bulbs
- Adjust your thermostat by seven to 10 degrees
Ask for a Raise
Asking for a raise can feel intimidating, but the worst your employer can say is no. Many employers are willing to provide a raise, especially when there’s a high inflation rate and an employee shortage. The pay increase provides a great savings opportunity, and can help you better manage your monthly budget.
Consider Side Gigs
If extra income can help you combat high inflation, there are plenty of opportunities you can take advantage of. If you’ve got the extra time, consider a side gig. Here are some popular second sources of income:
- Babysitting, house-sitting, or pet sitting
- Freelance writing
- Driving services, like Lift and Uber
- Delivery services, like GrubHub and Door Dash