Reducing the Cost of Living

by Anza Goodbar
(last updated November 22, 2011)

The current economy has brought about the need for many families to tighten their budgetary belts. It has become common place to evaluate our wants versus our needs. Many of us have determined there are certain things we can give up without feeling like our lifestyles have been yanked from beneath us.

When looking at ways you can reduce your cost of living to meet new reduced salary limitations or to start a savings plan, here are some simple things to consider:

Eating out. Many people eat out for lunch every day. An average person could potentially save $40 a week in dining out costs. Many families also eat out for the evening meal as well, especially if both parents work. Cutting back on the number of times you eat out monthly and cooking at home can save $200 a month or more. As a family, plan your menu; look for new and exciting recipes that are easy and nutritious. Use a crock pot so dinner is ready when you get home from work.

Buy out of season. If you have kids, look for clothes that will fit them in the next seasonal cycle. Purchasing clothing at the end of a seasonal cycle can reap savings of up to 80%. Some second hand stores will also let you trade in gently worn children's clothing in exchange for bigger sizes to accommodate your children's growth.

Take a look at recurring costs. Are there things like coffee, magazine subscriptions or costs related to entertainment that you could downsize? It is not necessary to give everything up, but perhaps by curtailing the number of activities or frequency could save hundreds of dollars a year.

Set a definite budget. Determine the amount of money you can spend on wants and stick to it. Everyone needs to be able to splurge once in a while. Be disciplined but allow yourself an occasional treat, within reason.

Take advantage of generic or store brands. When possible, substitute generic brands for name brands. You can same 20-30% off your total grocery bill. Cutting coupons can also add to the savings on items you regularly purchase.

Cutting back does not have to be drastic. There are a myriad of ways to save money and reduce your cost of living expenses. The most important factor is your attitude, decide what concessions you can make and stick to them!

Author Bio

Anza Goodbar

Anza is a single mother of four who makes her home in Colorado. She enjoys writing, hiking and is an avid football and hockey fan. She is the owner of a virtual business services company; writing is just one of the many services her company offers. ...

MORE FROM ANZA

Does Co-Signing Affect Your Credit?

Co-signing on a loan could be a nice gesture to help someone get on their feet after a bankruptcy or hard luck. It could, ...

Discover More

Tomato Bacon Squares

Appetizers are a handy treat around the holidays. Tomato bacon bites are easy and transport well to covered-dish meals.

Discover More

Jambalaya

Cajun foods are flavor packed and easy to make. If you enjoy spicy food, this recipe will quickly become a favorite.

Discover More
More Money Tips

Reducing Your Utility Bill

Your utility bill is one of those bills that you will always have and always have to pay; you can't go without ...

Discover More

Lowering Utility Bills

Have you ever noticed how utility bills always fluctuate, but at the same time seem to be higher than they really need to ...

Discover More

Become a Mystery Shopper and Earn Extra Cash

Mystery shopping is a flexible and enjoyable way to earn extra money, as well as getting free products and services. ...

Discover More
Comments

If you would like to add an image to your comment (not an avatar, but an image to help in making the point of your comment), include the characters [{fig}] in your comment text. You’ll be prompted to upload your image when you submit the comment. Maximum image size is 6Mpixels. Images larger than 600px wide or 1000px tall will be reduced. Up to three images may be included in a comment. All images are subject to review. Commenting privileges may be curtailed if inappropriate images are posted.

What is nine more than 2?

There are currently no comments for this tip. (Be the first to leave your comment—just use the simple form above!)