5 Tips to Stretch Your Money as Everyday Expenses Increase
These tips can help you stretch your money further as inflation increases.
- Prices continue to rise and likely won't stop anytime soon.
- Taking steps like lowering your bills and using cash back apps can help stretch your money.
It's no secret that everyday expenses have increased. Due to inflation, you're probably spending more each month to live your life. If you're already on a tight budget, it may feel like it's getting harder to make your paycheck last. With extra consideration and by making some changes, you can stretch your money further so you feel less financial stress as prices increase. Check out these five tips.
1. Adjust your budget
When was the last time you analyzed your spending and reworked your budget? Your old budget may not be working for your current situation. There may be some areas of your spending that you may be able to trim to free up extra cash. It may feel like you're already spending your money as best you can, but a closer inspection may reveal that's not the case.
If you're not already budgeting, now is the perfect time to start. Using one of the best budgeting apps can make it easier to track your spending and set spending goals. When you regularly follow a budget it will be easier to minimize overspending, and it can help you avoid accumulating additional debt.
2. Find ways to lower the cost of your regular bills
In addition to budgeting, paying less for your regular expenses can be helpful when money is tight. You may be able to negotiate some of your bills. For example, when was the last time you looked at home internet and cable costs? You may be paying more than you should. You may qualify for a discounted promotion, or if you ask your provider, they may be willing to lower your rate to keep you as a subscriber.
You can also get quotes for other everyday costs like insurance. Look at the details of your renters insurance, homeowners insurance, or car insurance policies. Get quotes and compare the same coverage across multiple insurers. Be sure to ask if you qualify for any discounts. Paying a few hundred dollars less per year in insurance costs can make a difference.
3. Take inventory and use what you own
It may feel like grocery costs are sky high right now. While some grocery items need to be purchased regularly, like milk and fresh fruit and vegetables, some grocery items can last a long time. When was the last time you thoroughly examined the items in your pantry? You may have canned goods or dry storage items that need to be used.
Take inventory of what you already have and use those items over the coming weeks and months. In addition to food items, you may have other household items, like toiletries and cleaning products taking up space in a closet. Carefully look through your home and use up what you've already bought -- this may help you spend less money.
4. Meal prep
Another way to save money while daily costs rise is by meal prepping. You can save money by cooking a few bigger meals each week. Doing this can cut down on food waste and can help you save time throughout the week. Plus, you can get creative and make more affordable meals to reduce your grocery bill.
If you've been spending more money on takeout or delivery because you're unsure what to eat for dinner, meal prepping may help. Grab a sales flyer from your go-to grocery store and shop for items that are on sale. Use those items to prepare meals for your family. Crockpots, instant pots, and casseroles are your friend.
5. Use cash back apps
Cash back apps can help you save money. As you use these mobile apps and browser extensions, you can earn cash back. While, in most cases, you won't receive your cash back earnings right away (most apps have a set pay period or minimum payout), it can be helpful when you receive your cash back payout. You can use your cash back for future expenses.
There are cash back apps for online shopping, grocery shopping, and all kinds of other in-store purchases. These apps are easy to use, and if you shop often, your cash back can add up fast.
These are some ways to stretch your money further as everyday expenses increase. You might also consider using a rewards credit card to pay for your daily expenses, so you earn valuable rewards. If you'd like more advice, review our personal finance resources.
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