If you’ve noticed your grocery bill has gone up than last year even though you’re buying the same amount of food, gas prices skyrocket and bigger housing payments. You’re witnessing the result of the country’s latest inflation surge.
Consumers are having a tough time surviving – the last time we felt this bad was in 1973-1974. The question right now is, “how can we combat those soaring expenses and still be able to save money?” Here are some ways financial experts say you can save some extra ringgit from your budget during these tough times:
1. Rethink your housing needs
It’s no doubt the cost of a home contributes a large part to your monthly expenses. It’s common for a lot of couples jump into the homebuying market after comparing the basic cost of a mortgage to rent. However, they are unaware of all the additional and hidden costs that go along with being a homeowner. Experts recommend homebuyers think of the significant cost of repairs and renovations as well as taxes and insurance before making a purchase.
Indeed, there are plenty of pros to owning a house – especially if you have young kids about to enter school. But expert notes that millennials in particular need to analyse all the pros and cons carefully before making a decision.
2. Buy only what you need
Make it a habit to always have a list. No matter what kind of store you walk into, prepare a list. Look over your inventory of things – it could be groceries, clothing or household products and find out where the real holes are. Only buy the items you will use and ditch the rest that is not essential.
3. Plan your meals weekly
This routine can help you keep your grocery bills in check. Create a meal plan for the week. That way, you can control your expenditure and only get what you actually need. In fact, you can potentially bring your bill down even more if you make some of those healthy and balanced meals. Cut on snacks, and sugary drinks and focus on carbs and proteins.
4. It’s okay to buy discounted or used items
Everyone is having tough times – so it’s not a time to compare your shoes or your gadgets. Focus on saving and how to survive during inflation. It’s exciting to get your hands on a brand new gadget, or limited edition shoes. But, there are a lot of other expenditures you need to focus on.
If you can borrow those things that you need to use, go on. Experts suggest shopping in discounted item aisle or used items. If you’re lucky, you can find those things that you need in great condition. In these times, saving is more important than spending.
5. Find ways to reduce your expenses
Take a closer look at your bills and try to cut what you don’t need and try to reduce or negotiate the rest. Common bills that could be cut or reduced include, recurring subscriptions like Netflix, Spotify, youtube premium, internet and also phone. One way to potentially trim your phone bill is with a prepaid service plan. An unlimited wifi data plan may not be necessary as you can get free access to wifi anywhere. So why pay that extra money?
Besides, you can check your insurance coverage and try to negotiate for better coverage but at a lesser price. Try to look for any ways to deduct the insurance coverage.
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