Saving Money Cost of Living Crisis: 15 Ways to Cope

[Yusra3]

With inflation at a 40-year high, the cost of daily necessities like food, housing, gas and heating has skyrocketed. This cost of living crisis has left many struggling to make ends meet. If you're feeling the squeeze, try these 15 coping strategies:

1. Review your budget - Identify waste and discretionary spending to cut back on. Look for room to save on groceries, subscriptions, dining out and entertainment.

2. Lower utility bills - Reduce energy use, take shorter showers, lower the thermostat and insulate your home. Unplug devices when not in use.

3. Drive less - Consolidate trips, use public transit, carpool and walk/bike when possible to save gas.

4. Consider cheaper housing - Downsize, get a roommate or move somewhere with a lower cost of living.

5. Earn extra income - Sell unused items, freelance, drive for a rideshare service or pick up a part-time job.

6. Renegotiate bills - Call providers to ask about cheaper service tiers, discounts and payment plans.

7. Use coupons and rebates - Sign up for daily deal emails and maximize rewards programs. Shop sales and generic brands.

8. Cook at home - Eat out less and prep economical meals like beans, eggs, pasta and chicken. Meal plan to prevent food waste.

9. Limit new purchases - Instead utilize libraries, free activities, buying used, sharing, repairing and DIY.

10. Pay down high interest debts - Focus on credit cards first, then personal loans. Consolidate debt at a lower rate.

11. Build emergency savings - Even small automatic transfers give a buffer for surprise expenses.

12. Communicate with lenders - Request reduced fees, lower rates or alternate payment options if struggling.

13. Seek government and community assistance - Apply if eligible for subsidies, grants and local aid programs.

14. Find free entertainment - Explore parks, museums with free admission days, festivals, lectures and hiking trails.

15. Stay healthy - Prioritize self-care, exercise and home cooking to avoid pricey medical and takeout bills.

With some adjustments, resourcefulness and budget discipline, you can take back control and ride out this inflation storm. The cost crisis won't last forever.

 

[Augusta]

It is not easy again in Nigeria things are gradually moving from worse to worst the prices of things are just doubling. I'm really cutting down on spending to save money

I try to reduce my bills like the energy usage, i Unplug all equipment and devices when not in use. Even when I'm around I don't leave all lights on. Energy bills here are just so high. life is really tough for low earners.

it is good to move somewhere with a lower cost of living.if possible.

 

[moonchild]

High cost of living is mostly caused by inflation, currency devaluation or if a country or region are spending more than they're producing, there are different ways you can manage this type of crisis, you can pay attention to your expenses and figure out where exactly is your money going to and try to cut it out.

You have to cut luxuries like eating out, buying an expensive wear, changing your car or taking kids to expensive schools, that's all have to stop, you should also explore and see if there are ways you can start making more money for yourself.