19 Easy Ways To Lower The High Cost Of Living | Wildchildretire

Does your city’s high cost of living currently got you shaking in your financial boots?

Let us help you with that issue.

Here we’ll share with you 19 useful tips that will drastically help ease the burden of sky-high rent and gas prices.

In fact, these tips below have helped my wife and I maintain a 50% savings rate when we were paying nearly $2,000 a month for a 1-bedroom apartment!

So if you’re interested in finding out how to lower your mortgage payments, save over 40% on the cost of fuel, and reduce your cell phone expenses by over $1,000 a month, check out the helpful read below!

Let’s get started.

How To Reduce Your Cost of Living (19 Useful Tips)

1. Manage Your Home Like A Successful Business

The first tip on our list is to manage your home like a successful business.

Now, you may be thinking, “What does that have to do with saving money?”

Well, when you run your home like a business, you can make more informed and strategic decisions about your finances.

For example, the head of the household oversees the operation (checks everyone’s work and makes the final decision). The other partner may run the budget, one child may be responsible for looking for discounts, and the other child may be responsible for stopping impulse purchases.

Doing this will improve your personal finance situation, and you’ll save a ton each month!

2. Get A Budget ASAP

A budget is one of the most important tools you can have when it comes to saving. Without a budget, it’s very easy to overspend and get into debt.

There are many different ways to make a budget, but one of the easiest is to use a free app like Personal Capital.

With Personal Capital, you can track your income, expenses, and investment portfolio in one place. This makes it easy to see where you can cut back on your spending and save more each month.

There are many benefits to a budget. But its main pro is that it can help you save a ton.

So get started today!

3. Reduce Your Debt

If you’re like the average American with over $90,000 in debt, it can feel like you’re never going to get ahead financially. But the good news is that there are things you can do to reduce your debt and get on the path to financial independence.

One of the best ways to reduce debt is using the Quickens Debt Reduction Planner. This software is designed to help you create a debt reduction plan that works for your unique financial situation.

Connecting your bank accounts and credit cards to the software can automatically calculate your monthly payments and interest rates. It will also provide you with helpful tips on how to reduce your debt faster.

4. Minimize The Use of Credit Cards

If you’re trying to save (like many of us), it’s crucial to minimize using credit cards.

Credit cards can be an excellent tool for building credit and earning rewards, but they can also lead to overspending if you’re not careful.

If you’re using your credit card more than you’d like, try to make a conscious effort to use it less. For example, leave it at home when you go shopping, or only use it for emergencies.

You may also consider transferring your balances to a lower interest rate credit card. This can help you save more on interest and get out of debt faster.

5. Stop Eating Out (One of The Best Ways To Save More Cash)

Eating out is one of the biggest expenses that people have each month. In fact, the average person can easily spend over $300. So if you’re trying to save more, you must stop eating out as much as possible.

Cooking at home is not only cheaper, but it’s also healthier.

So, next time you’re tempted to go out to eat, try cooking a meal at home instead. You’ll be surprised at how much money you can save with this frugal living tip!

6. Do The Pantry Challenge (Yummy Leftovers!)

The pantry challenge is where a person eats everything in the pantry before buying more food. This is a great way to use up what you have before purchasing more food. By doing this, you could save more and use your resources more wisely in the kitchen!

So, for example, get those beans in the back of the pantry, that box of pasta, and that can of soup and make a delicious meal!

Not only will you save on monthly expenses, but you’ll also get to try some new recipes and clear out your pantry at the same time. Win-win!

7. Get A Costco Membership

Costco is a great place to buy in bulk and save money. A Costco membership can be a lifesaver if you live in a high-expense area.

You can get everything from groceries to clothing to electronics at Costco, and the prices are usually much lower than what you’d find at a regular store.

Plus, you can often find coupons and deals on the Costco website, saving you even more money.

So if you’re looking for a way to save money, get a Costco membership and start shopping in bulk!

8. Use Cash Back Apps

If you’re looking for an easy way to save money, try using cash-back apps like Ibotta and Rakuten. These apps allow you to earn cash back on your everyday purchases, which can add significant savings over time.

Cash back apps are a way to get money back when you buy something. You can use these apps to get money back on the things you already buy. To do this, you need to download Ibotta or Rakuten and shop like normal. Afterward, the apps will give you money back for the things you bought.

It’s that simple!

Money in the bank. 😁

9. Find Discounts

There are many ways to reduce your cost, but one of the best is to find discounts.

Discounts can be found on everything from groceries to clothing to travel. And the best part is that you can often find them without looking!

Here are some tips for finding discounts:

• Check the clearance racks at your favorite stores. You can often find great discounts on clothing, shoes, and other items that have been marked down.
• Sign up for e-mail newsletters from your favorite stores. Many stores offer exclusive discounts and coupons to subscribers of their newsletters.
• Follow your favorite stores on social media. Many stores only offer flash sales and limited-time discounts to their social media followers.
• Download the Honey app. This app searches the web for coupons and discounts when you check out at online stores.

Do yourself a favor, stop spending the total price, and cut costs now.

10. Get Free Gift Cards

To counter the effects of the high local expenses, you need to use Swagbucks.

Swagbucks allows you to complete online surveys and watch videos for companies in exchange for gift cards.

So if you’re looking for a way to get free gift cards, Swagbucks is the app for you!

11. Do Money Savings Challenges

One of the best ways to counter permanent or temporary inflation is to do money savings challenges.

There are a lot of different money-saving challenges out there, but the basic idea is to save a certain amount of money each week or month.

For example, you could challenge yourself to save $50 per week for a year. That’s $2,600 saved in one year!

Money challenges are a great way to force yourself to save and have fun doing it.

12. Find Cheaper Car and Home Insurance

In 2022 the average home and car insurance cost were $2200! That’s a lot of money! And the price is only going up. So what can you do to find a cheaper car and home insurance?

Here are some tips:

• Check with your employer. Some employers offer discounts on car and home insurance for their employees.
• Raise your deductible. A higher deductible will lower your monthly payments, but make sure you have the cash on hand to pay the deductible if you need to.
• Get rid of unnecessary coverage. If you have the coverage you don’t need, get rid of it! You don’t want to pay for coverage you’ll never use.

So follow these tips, reduce your cost in insurance, and save thousands a year!

13. No More Phone Upgrades (Maybe Even Get A Cheaper Service)

If you’re struggling to get by, you need to ditch your current cell plan and switch to Tracfone or Mint Mobile for your phone service.

The average phone bill in the U.S. is $127 per month. But with Tracfone, you can get service for as low as $7 per month. And with Mint Mobile, you can get service for just $15 per month.

So eliminate this self-caused lifestyle inflation item and start saving over $500 a year!

14. Cut Cable

Now talking about cable, that can run close to $100 a month.

Ridiculous!

You don’t need all those channels. And you certainly don’t need to be paying that much for TV.

Instead, get a Roku box and sign up for a streaming service like Hulu. Hulu, Disney +, and ESPN + cost only $15 a month.

That’s over $80 in savings each month!

15. Reduce Fuel Costs

Currently, as I type, it’s 2022, and the gas prices are above $5 per gallon. So I’m essentially spending $400 on this monthly expense! And if you’re already living in an expensive city, this only worsens matters.

How could one lower these living costs?

Enter Gasbuddy and Waze.

Gasbuddy is an app that helps you find the cheapest gas stations nearby. And Waze is an app that allows you to find carpoolers in your local area.

So if you’re looking to save more, use Gasbuddy or Waze to lower your fuel expenses!

16. Take Better Care Of Your Health

This may seem like an odd way to save, but if you take better care of your health, you’ll save a lot in the long run.

For instance, the average person pays $1,100 on medications and over $6,000 yearly on health insurance. However, if you do simple things like walk 3 miles a day, aim to drink 3 liters a day, get 8 hours of good rest, and switch to a Health Savings Account, you can eliminate the need for meds and potentially save over $3,000 a year!

17. Move To A Cheaper City

If you live in an expensive city, the cost of living will be high. But if you move to a cheaper city, the cost of living will be lower.

For example, in 2022, the average rent in San Francisco will be $3,500 per month. But the average rent in Detroit is only $650 per month.

That means you could save $2,850 per month!

So if you’re looking to save more, moving to a cheaper city is the best way.

18. House Hack or Get A Roommate

One of the best ways to reduce the cost of living is to house hack or get a roommate.

House hacking means finding ways to save money on your home. For example, if you have a home with an in-law suite, you can rent that portion out and use that to cover your mortgage!

And as for a roommate, you can easily cut your living costs by 50% with one person, but even more if you have two roommates!

(Oh, try Roomster to find rentable rooms across the world.)

19. Start An Online Side Hustle

And last but not least, (and my favorite 😁) start an online side hustle!

With the internet, there are endless opportunities to make extra income. You can start a blog with Bluehost for only $2.95 a month. Find freelance work on Fiverr, launch an e-commerce store, become a social media influencer, or even start a YouTube channel!

And the best part is that you can do all of this from the comfort of your own home.

FAQ

What causes higher costs of living?

Many factors contribute to the higher cost of living. The most common ones include:

• Inflation.
• The rising cost of housing and healthcare.
• The decreasing value of the dollar.

What is the best way to reduce costs?

There are many ways to reduce the cost of living. Some standard solutions include moving to a cheaper city, getting a roommate and house hacking. You can also save by taking better care of your health and reducing fuel costs.

How can a government reduce the cost of living?

Some typical solutions for the government to reduce the cost of living include providing subsidies for housing and healthcare, increasing the minimum wage, and implementing price controls on essential goods and services.

How can I cut my drastic expenses?

There are a few things you can do to reduce your expenses. One is to create a budget and stick to it. Another is to lower your expenses, such as cutting back on dinner or cable TV. You can also look for cheaper housing or transportation options.

What’s the solution to a high cost of living if you’re single?

If you’re struggling with living in an expensive city, one solution is to find a roommate. This can help you split the cost of rent and other bills. Another solution is to get a part-time job or make extra money through side hustles.

Summary

You can do this!

Remember to take things one step at a time and be patient. Rome wasn’t built in a day, and your savings won’t accumulate overnight either. But if you start implementing some of the strategies we talked about, you will see results before you know it.

So go save some money!

What tip will you use?

Will you find a carpooling buddy with Waze?

Or will you start your own blog with Bluehost and make some extra cash!