The world economy has entered a turbulent period, forcing higher prices on everyday consumers across the globe. Here at home, Americans are dealing with the aftermath of the COVID-19 pandemic, supply-chain issues, rising inflation, and a tense political situation between Russia and Ukraine.
With prices soaring across the board, we wanted to compile a helpful list of ways to save big on the products and services Americans use the most.
CUTTING THE PRICE AT THE PUMP
The most immediate and lasting impact from our troubled world economy is the cost of fuel. We all need gas or diesel to get from point A to point B. Unfortunately, oil experts do not expect the price per gallon to drop anytime soon, so finding ways to cut costs will be paramount in 2022. Here’s a few ways to save the next time you fill up at gas station:
• PLAN YOUR TRIPS CAREFULLY – For most of us, this is a no brainer. But, it’s important to note that several short trips can use as much as twice the amount of gas compared to a single trip. Try planning your routes ahead of time.
• PAY ATTENTION TO HOW YOU’RE DRIVING – You can stretch your dollars by adjusting your driving habits. Rapid acceleration, hard braking, and speeding reduce your gas mileage overall. Aggressive driving does not bode well for your gas tank.
• USE APPS TO FIND CHEAP FUEL – There are several popular price-reporting mobile apps, like GasBuddy. Download an app to determine the cheapest place to fuel up.
• SIGN UP FOR FUEL REWARDS – Most national chains have some sort of fuel rewards program that offers perks for loyalty. Many of these programs allow customers to use their rewards on fuel.
• PAY CASH AT THE REGISTER – It may be a slight inconvenience, but many gas stations drop prices for customers who choose to pay with cash at the register.
DROPPING UTILITY COSTS
A quick way to cut back on monthly expenses is to adjust your use of utilities. Electricity, water, sewer, and internet bills can add up fast. Take some time to review ways to decrease your energy consumption at home. Your bank account will thank you!
Americans have fully embraced subscription services like Netflix, Spotify, and YouTube. Take a quick look at your bank statement to see which subscriptions you can do without. The average American pays for five subscriptions each month! Tightening your budget for subscriptions is an efficient way to save.
NEGOTIATING LOWER PRICES
Contrary to what companies would have you believe, most businesses are willing to negotiate price. Monthly bills like cable, insurance coverage, and phone plans typically renew annually. If you haven’t followed up with these providers recently, they may be able to offer some relief.
Coupons are as old school as it gets, but there’s a reason they’re still around. Thankfully, you won’t need a pair of scissors to save big. There are dozens of coupon apps that actively assist you with everyday purchases like groceries and they can be redeemed on your phone.
We love our name brands! However, it’s almost always less expensive to purchase the generic version of product than the most popular brand. Try substituting a few off-brand items next time you’re pushing the cart through your local grocery store.
STOP EATING OUT
It’s still much cheaper to purchase your own food to prepare compared to frequenting a restaurant. Take note of how many times you eat out each week, then find a way to reduce that number. The average American spends around $3,000 each year at restaurants, so there is definitely room to trim that budget!
Still looking for ways to save? Check out The 10 Cheapest Places To Live!