According to some financial forecasts the U.S. is on the verge of a cost of living crisis as inflation continues to rise. One major indicator of this is food prices which rose 9.4% in the 12-month period to April 2022. This is the largest annual rise the country has seen in 40 years.
As people tighten their belts and watch their pennies, you may also be wondering how to take control of your personal finances in creative and manageable ways. In this article, we’ll explore some great ways to help you save money on everyday expenses.
Sell Your Stuff
You may not know how many of your boxed up or discarded goods are holding value that is ready to be cashed in on. From shoes and handbags to comic books and clothing, many of the items you no longer need, use or wear can be sold to a new owner.
Online sites such as Ebay, Facebook Marketplace and Craigslist are a great place to start advertising your wares and find buyers eager to relieve of your old stuff. If you have family heirlooms such as antiques or furniture that are gathering dust, consider contacting your local auction house or listing them in the classified ads section of relevant newspapers or magazines.
You can also take your old jewelry to your local jewelry store and ask for a valuation, or research how to sell an engagement ring. Take the time to go through your belongings to see what can be sold, making you some extra cash.
Make Your Own Coffee
Your daily cup of joe may only cost you a few dollars, however, this meager figure can amount to between $240 to $1,200 a year compared to someone who brews their coffee at home and only spends around $45 a year.
If you buy coffee regularly, you may also find your purchase accompanied by a snack such as a Danish, pastry or muffin increasing your expenditure even higher. Opting to make your coffee at home can be a great way to cut down your daily costs as well as your calories!
With the rise of shrinkflation, continuing to buy your coffee from outside may also give you diminishing returns as many businesses are passing on costs to consumers by offering less than what they used to.
Whether you’re eating out or ordering in, your expenses can easily skyrocket when you are spending more on your mealtimes than you need to. By buying your weekly groceries and planning your meals in advance you can also save money on food waste which studies show is as much as $1,866 per household in the U.S. Not only will this give you the opportunity to refine your culinary skills, but it can also give you greater control over your diet, ensuring you are eating healthy and nutritious ingredients each day.
Rather than popping out to the nearest eatery during the working week, prepare your lunch at home. This gives you more time for lunch as you eliminate queues or waiting for your bill to arrive, and it will also yield considerable monetary savings.
By implementing the three tips in this article, you will soon begin to see the savings and feel more optimistic about your finances.
Habib-Ur-Rehman is well-known writer for tech, business, food and multiple topic writers with updated info for the audience, believe in the researched based content writing with outstanding writing style.