With the rising cost of living continually increasing, consumers are using credit now more than ever to help pay for basic living expenses.
Credit card balances have increased by almost 20% in the past year, yet nearly 20% of cardholders are more than three months in arrears as they struggle to keep up with debt accumulated over the past two years. Personal loans are also on the rise. With no relief in sight, it's high time to get your finances in order.
Here are some money saving tips to implement today.
Groceries
Save on food cost by planning meals ahead of time. Make a shopping list and stick to it to stay within your budget. Stock up on staples when using store coupons and store specials. Use what you have in the kitchen before purchasing new items to reduce waste. Sign up for birthday perks at local restaurants that offer discounts and free meals.
Fuel
Despite many still working remotely, fuel increases are hitting our wallets hard. Avoid rapid acceleration and driving at high rates of speed to get the most miles per gallon. Ride a bicycle or walk instead of driving when going short distances.
Rent
If you're struggling to make your monthly payment, try renegotiating the terms of your agreement to temporarily reduce your rent until your finances are back on track. Also offer to barter by assisting with repairs or maintenance. If you're simply overcommitted, consider relocating or downsizing to an area with lower rates.
Education & Clothing
If cannot afford school fees at this time, apply for financial aid from the institution. Save on clothes by shopping at outlets and thrift stores. Avoid using store credit cards unless you pay them off immediately as they are notorious for high interest rates and penalties.
Contact us today and let us help you take control of your finances.
