Many households are feeling the pinch of the rising cost of living crisis. With salaries being frozen by many companies, and inflation reaching an all-time high, people are turning to seeking out alternative measures in which they can try to save money.
While we cannot control rising gas prices or the prices of essential foods in the supermarket, we are able to control elements of our spending, whilst also maintaining the same quality of life as before making these changes.
This article will list five ways in which you can save money without sacrificing your current lifestyle.
- Switch Up Where You Shop
Instead of cutting down on purchases you make each month altogether, it is worth looking for alternative switches to your current products that you purchase. For instance, choosing the supermarket own brand instead of the named brand, or choosing the mid-range option instead of the higher-range option.
It is unlikely that making these switches will make any difference to your current lifestyle, apart from freeing up extra money from spending less. Usually, the only difference between branded products and supermarket own products is the marketing and branding – not the quality of the product.
As well as switching up what you shop, you should also look at switching up where you shop. This could involve making a trip to a more budget-friendly supermarket instead of your local more expensive outlet chain.
- Pause Your Upgrade Deals
There always seems to be a new upgrade coming out for our electronic devices – whether this be our mobile phones, tablets or TVs for example. One way in which you can save money is by resisting the urge to upgrade your devices immediately.
Unless it is needed, it is strongly advised to consider holding off spending on a new device. Instead, try to stretch out the current life of the technology that you own. It is important to remember that delaying your upgrade purchase does not mean you will never have access to the latest tech, it just slows down the process so that you can save a bit more in the interim, whilst not impacting on your current lifestyle.
- Look Into Borrowing Before You Buy
If there are things that you need, such as new kitchen appliances like a kettle or microwave, then it may make sense to borrow one prior to deciding to purchase it, or even purchasing the product second-hand.
There are a number of free second-hand communities that you can join online, as well as Facebook Marketplace where members may list their items for free.
Borrowing, swapping and buying second-hand are all ways in which you can ensure you are receiving well-made products at a high discount compared to their retail prices that you may have normally spent.
- Automate Your Bills
You should certainly enroll in an automatic payment plan, or set a monthly reminder for your bills so that you do not end up spending more than necessary on interest or late payment fees.
By doing so, this will help to ensure that you do not lose any additional money, in conjunction with the saving strategies listed above.
- Bundle Your Insurance Policies Together
It is worth exploring policy bundling if your current insurance policies for different aspects of your life lie with different providers. This is because a number of insurance company providers will offer their customers discounts if they take out multiple policies – for instance, on their homes as well as their vehicles.
In order to ensure that you maintain your current lifestyle while saving using this method, you must ensure that you are keeping the same coverage or better coverage.