Coping with Cost of Living Increases

Practical Tips on Thrifty Living

As the cost of living continues to increase, many people find it difficult to manage their finances. Many people are struggling to keep their finances afloat due to the rising cost of living and rising grocery prices. You can manage your finances with a few key techniques.

In the article below, we explore 10 practical tips on how to manage the rising costs of living. From budgeting basics to online marketplaces, like GarageSaleIt, this article will help you navigate through the rising costs of living.

Tip 1:  Understanding your Expenses

Budgeting should be your first step. It's important to know how much money you spend before making any changes. You can track your spending with spreadsheets or budgeting software. This will help you identify any areas that you may be spending too much.

Tip 2:  Save on Housing

Housing costs are often the biggest monthly expenses. Consider the following options:

• Move to a smaller space if you are living in an area that is bigger than you require.
• House Hack - Rent out an unoccupied room or think about a roommate.
• Refinance. If you already own your home, refinancing may offer lower payments each month.

Tip 3: Smart Grocery Buying

The cost of food can quickly drain your budget. How to save:

• Buy Bulk: In many cases, purchasing in large quantities can lead to significant savings.
• Meal plan: By planning meals, you will be able to avoid impulse buying and reduce waste.
• Use Coupons.

Tip 4:  Transportation Savings 

• Public Transit. If public transport is an option, owning a vehicle can be less expensive.
• Car Sharing Programs: Consider joining a program if you don't use a vehicle daily.
• Regular Maintenance. If you own a vehicle, regular maintenance could prevent expensive repairs down the line.

Tip 5: Cut/Reduce Unnecessary Subscriptions 

Reevaluate your subscriptions to everything from magazines to streaming services. It may be time to cancel subscriptions if you are not using them regularly.

Tip 6:  Improve Energy Efficiency

Reduce your utility bill with these tips:

• Use LED bulbs: They consume less energy and have a longer lifespan.
• Smart Thermostats - These thermostats can help you regulate the temperature of your home and save on heating costs.
• Unplug devices: Even when they are off, they continue to consume energy. Unplug the devices when they are not being used.

Tip 7:  Shop Second-hand / Buy Second-Hand

You can find gently used clothing and furniture at a fractional cost. GarageSaleIt and thrift shops, as well as local online marketplaces, can be goldmines. Here's where you can find local bargains.

Tip 8: Turn Clutter into Cash 

In an age of online marketplaces those items collecting dust may be the prized find for someone.

GarageSaleIt, for example, is a good platform for newbies. It offers:

• User-Friendly interface: Easy setup ensures your items will be listed quickly.
• Local audience: Reduce shipping costs by selling to local buyers.
• A wide range of categories: You can find everything from antique collectibles and modern gadgets here.

To give you a little extra, here are 3 effective tips on selling online.

• Quality Photos - A picture is worth 1,000 words - and potentially thousands of dollars. Make them great!
• Transparent description: Be honest with the condition of your item.
• Competitive Pricing - Make sure that your prices are comparable to similar items offered on the platform.

Tip 9:  Learn and Earn

Consider upskilling. You can learn new skills online for free. This could lead to better-paying jobs.

Tip 10:  Save on Entertainment

Replace expensive nights out with potlucks, community events or movie nights at your home.

It is important to be proactive, knowledgeable, and flexible in order to survive the rising costs of living. The right strategies will help you not only live, but maintain a high-quality life. You don't have to deny yourself everything. Just make smarter decisions with what you already own.