Spend Less with These 5 Money Tips

Data shows that record inflation has finally started to slow down. However, a lot of damage has already occurred. Each bill we pay and purchases that we make have increased costs. Today we are sharing some great ideas for spending less to help lessen the pain of these higher prices.

Pay down high-interest debt. You can start spending less money today by paying down high-interest debt. Data shows that individuals and businesses who don't pay off their credit card balance each month pay an average interest rate of 22.16% Ouch! That’s a lot!
Revisit your subscriptions. Identify your monthly subscriptions. Ask yourself these questions: Can you eliminate some of your subscriptions? How about reducing the cost of your subscriptions? Do some subscriptions have overlapping benefits? It’s possible you have a subscription you totally forgot about. Even canceling a few can help you spend less each month.
Shop around for insurance. It is always wise to shop for insurance and compare rates for homeowners and auto insurance, as well as any other coverage you have.
Eat at home. Learn to cook and have fun with it! If you eat out or stop for take-out less, your wallet will thank you! According to data from the Bureau of Labor Statistics, food spending was up 12.7% in 2022, partly because of a 20% increase in food spending away from home.
Start using a budget. As painful as it may seem, a written budget you can and will stick with, can help you reduce your spending dramatically. There are many budgeting apps available and a pen and paper work well too.

The cost of everything may have skyrocketed, but you still have at least some control over where your money goes each month. Consider these steps to cut your spending; you may be surprised at how much you save.

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