Inflation continues to rise, with no end in sight. At 9.1% over the past 12 months, we are facing the highest rate of inflation since 1981. Here are some tips I have culled from various experts.
1. Review all subscriptions and recurring monthly payments. Are you paying for movie channels that you rarely watch? Is the fee you are paying for Amazon Prime saving you money or costing you money? Do you need all the cell phone data that you are paying for?
2. Set up autopay. Some insurance companies, utility companies, and cell phone service providers offer customers discounts for signing up for autopay. Check with your providers to see if this can save you money.
3. Get discounts for paying annually. Many insurance companies charge a service fee to those who pay bills monthly or quarterly. You may be able to make annual or semi-annual payments and eliminate the service fees. Likewise, if you have a lawn care service, you may be able to get a discount by paying for the summer season upfront.
4. Lower grocery bills by shopping sales, using coupons, and planning meals. Likewise, lower fuel consumption by planning trips, car pooling, riding a bike, walking, or using public transportation.
5. Reduce discretionary spending. Increase the time between hair cuts and manicures. Reduce or eliminate gym memberships. Hang on to your current electronics rather than trading up to ones with new features.
Keep in mind that small reductions in spending can add up to a significant amount of money over several months. These savings may be enough for you to take a much-needed vacation this summer or splurge on a fancy dinner out for your anniversary. Cutting back is much easier if you are saving with a specific reward in mind.
To learn more about how to honor God with your money and build treasure in Heaven, please click the Finances categories tab to find many blogs on money management, budgeting, and stewardship. My book Honoring God with Your Money is a great tool for financial money management.