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May 12

Manage Rising Cost of Living Expenses With These Budgeting Tips and Financial Habits

Reading Time: 3 mins

The cost of living is increasing. Gas prices, food prices, and housing costs all seem to be going up. As costs increase, it’s important to find practical ways to manage the rising cost of living expenses and ride the waves of inflation.

 

Make and Use a Budget

Good budgeting is at the core of every discussion when it comes to managing finances. A budget is simply a plan. If you know how much money to expect coming in each month, you can plan for every dollar so that your money doesn’t disappear without you knowing where it went.

To do this, list all of your expenses including rent or mortgage, utilities, phone bills, subscriptions, internet, etc. Make sure you also create a reasonable budget for food. You need to ensure that you budget enough for everyone to eat. You’ll also need to set aside enough money for gas to get to and from work.

Once you know how much money you have coming in and how much you spend, you can look at the remainder to decide how to allocate those funds. Setting aside the remainder into an emergency fund or other savings can help create a buffer for unforeseen challenges that may arise in the future. 

 

Leverage Online Banking Tools

Many banks offer fantastic tools to help people manage their money more wisely. While the rising costs of living can be daunting, banks like ONE have made it simpler than ever before to allocate your money in a way that works for you. With ONE, you can easily make adjustments and changes to your budget and check balances more easily to ensure that you have the money you need before spending it.

 

Evaluate Your Rates

Paying for things like insurance, internet, and phone services can come with a hefty price tag. It’s always a good practice to ensure that you are getting the best rates possible by getting new quotes every few years from service providers. 

Evaluate your current rates and get new rate quotes from competitors to see if you can make adjustments to save money over time. This will give you more money in your pocket and guard you against unexpected expenses.

 

Unplug Appliances When They are Not in Use

Did you know that some appliances can cost money even when you think you’ve turned them off? They draw energy even when they are not in use. Unplugging things like the television, your toaster oven, and your coffee pot can save you hundreds of dollars per year on your energy bill. It’s an easy fix, and one that can make a big impact over time.

 

Carpool

Carpooling is a viable way to help you manage the rising cost of fuel. If you drive only twice a week instead of 5 times per week, you can cut your gas bill in half. Not to mention you’ll put less wear and tear on your car, ultimately saving you money on maintenance and repairs.

 

Prioritize Paying off Debt

Getting rid of credit card bills can save you a lot of money in the long run and provides a big buffer against the pain of inflation. As housing and food costs rise, you’ll want to have more money in your budget to pay for these necessities.

Disclaimer: MoneyMagpie is not a licensed financial advisor and therefore information found here including opinions, commentary, suggestions or strategies are for informational, entertainment or educational purposes only. This should not be considered as financial advice. Anyone thinking of investing should conduct their own due diligence. 

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