Proven Cost Cutting Tips to Fight Inflation

With inflation rates soaring high across most countries, it is paramount that we take measures in our hands and cut back on a lot of expenses that take money out of our wallets. Let’s walk through these effective tips to help you save money during this inflation period.

Reduced Mobile Data Plans

Having post-paid data plans for your family when you have WiFi at home is just a waste of money. WiFi is much cheaper than individual post-paid plans, as such, you want to ensure that when at home, everyone switches from their data to using the WiFi. Having said that, you should encourage your family to reduce their mobile data GB plans to something close to what they consume in a month. They can monitor their monthly data usage on Android and iPhone and with that estimate how much they’d use per month and downgrade to a plan that is close to that. They can always upgrade back to the higher plan later.

Buy In Bulk And Don’t Buy From Convenience Stores

Convenience stores are there to make a profit from your convenience – by being nearby to you. Their prices are often higher than prices from larger supermarkets. One way you can avoid these hefty price tags is to purchase items in bulk at hypermarkets. A study showed that customers who bought groceries in bulk saved up to 25% cash.

We highly recommend you avoid convenience stores and then visit hypermarkets such as Walmart, Costco, and any hypermarkets in your country.

Cut Subscription Plans

With the average person spending close to $219 monthly on subscription services, you will agree that that is a lot of money going down the drain, especially given the fact that you won’t have the whole day to enjoy most of these services. If cutting off these subscription services seems like an arduous task, one way to drastically reduce the amount of money you spend on these subscription services is to share accounts with your friends or family.

Certain apps can help you find and cancel subscriptions you barely use.

Sleep In The Kitchen

Desperate times call for desperate measures. If you’re living in a city where your energy price has soared, sleeping in the kitchen isn’t as bad as you may think.

During the winter, we know how expensive the heating bill gets, and it only gets more expensive. However, you can cut this cost by sleeping in the kitchen; since the heat from various appliances such as the stove, and oven tends to keep the place warm, making it cozy to sleep in during the winter.

Use Stones To Radiate Heat

To further save heating costs, you may consider placing some stones around your gas or wood stove because these rocks help to absorb the heat and slowly radiate it even after the fire has dissipated. Consider using soapstones that have high heat capacity but any stones will do.

Apply For A Low-Interest Credit Card

Opting for a low-interest credit card is a no-brainer since you do not want to add the high-interest rate of most credit cards to your expenses, especially when the prices of goods are skyrocketing as well Getting a low-interest or a zero-interest credit card might help you cut off some cost. However, remember that with these cards, if you make late payments, you will pay a much higher interest of up to 30%.

But here’s a caveat. Bank credit cards follow central banks’ interest rates. This means if this borrowing rate, also known as the prime rate from The Feds, surges your credit card interest would increase in parallel since banks borrow from the central banks to lend to you.

However, cryptocurrency credit card from CryptCard is not pegged to central banks’ rates because crypto is not tied to the traditional financial system. What this means is the interest rates from these crypto cards are lower than those from the banks even when central banks are hiking theirs.

Set Your Priorities

To set your financial priorities, try to analyze your monthly expenses. The idea here is to try and write down all the spending you do monthly to give you insight as to where your money goes. Doing this should help you figure out the expenses you waste your money on and also, help you prioritize certain expenses and budget appropriately. Likewise, some apps can help you track your monthly spending and suggest tips to help you save more.