It seems everywhere we turn right now, prices are up. How long this will last is anyone's guess. While it can be a frustrating time financially, this is also a great time to sit down and make some changes. If you've been wondering what you can do to lessen the impact of all these rising prices on your bottom line, here are 10 ideas:
- Drop the "One-Click Ship". While Amazon and other online deliver-to-your-door shopping options became a life line during the pandemic, they've also significantly increased our access to emotional, and often times, un-necessary spending. My suggestion: Don't buy items the same day you put them in our shopping cart. Coming back to make the purchase 2 or 3 days later can help curb impulse spending and save $$.
- Re-evaluate your monthly subscriptions and negotiate bills. These are costs that can quickly get out of hand without us even realizing it. These expenses happen automatically, every month. While I highly recommend checking credit card statements monthly, I know, life happens and we may or may not be so timely and diligent. Before we know it, that free 30 day free subscription has expired and the payment has now hit our account for the last 6 months, or that promotional offer on our cable bill is long gone. Reviewing these items regularly, and calling to re-negotiate can make a meaningful impact on your monthly outflow.
- Take a road trip and remind yourself why you love this beautiful state! Air fares are outrageous right now, and after the last 2 years at home, a stay-cation may be the last thing you want to do. There are so many fun and beautiful things to do that are just a 2-3 hour drive away, this year is a great time to check them out!
- Plan meals. Whether you want to make Sunday a cooking day for the full week, or just put pen to paper to decide what meals you want to have and shop for ahead of time, both options can go far towards reducing that "I'm exhausted, what's for dinner?" last minute trip to the grocery store to buy high priced prepared foods….or to a restaurant that's likely even more expensive. To cut down on your weekly eating bill, plan and shop ahead.
- Consider used. This is one of my favorite new shopping trends! Good for the planet and great for the pocket book. Whether it be consignment clothes stores, Facebook FREE groups, or hitting yard sales in upscale neighborhoods, finds here can be fun and finance friendly!
- Identify when, and cut back on emotional spending. This spending can have a huge impact on your monthly numbers, and increase your stress and fear about money long after that initial sale is wrung. If emotions or fatigue are high: take a walk, do some breathing exercises or find a hobby that can help you move through those emotions without having a longer standing impact on your wallet.
- What are some ways you could boost income? Negotiating better pay, renting out unused space, free lance side work, training to up level your skills…or charging (even a small amount) of rent to living-at-home adult children. All told, we can only cut costs so much, one way to ease the inflation burden can be to sit down and brain storm ways you can also increase income.
- Big ticket items. If they aren't time critical and necessary right now, consider putting them off. I'm still hearing that inflation is likely to subside in 2023. Even just waiting until the next big sale, can help ease that big ticket price burden.
- Evaluate your current insurance coverage with an insurance broker if you've not done so in the last couple years. This can help you identify what discounts you may now be eligible for, if deductibles could be adjusted to save on premium and most of all, if there are other high quality carriers that may be a reduced cost/better fit. (Note: online low cost insurance companies are not always as great as they bill themselves out to be. Think twice and do your research before going with these…and I am always here as a sounding board if you'd like to reach out to talk.)
- And finally, have you been wondering about how your investment portfolio fits into all this? While market volatility can be unsettling, history has showed that investments in stocks are one of the best ways to combat inflation in your investment portfolio. If you're not sure if yours is set up in the best way for you, let's look at it together.
As always, if you run into any challenges, or have any questions as you run through this work, I'm here to be a resource and decision making partner. Don't hesitate to reach out.