GREENSBORO, N.C. — Money is just flying out of your wallet. It's not your imagination, spending and saving this year are different thanks to inflation.
“If you keep your spending the way that it was last year and don’t make any changes to your spending from last year, you’re still going to spend more money just by default because everything is more expensive,” said Nathan Grant, Senior Financial Analyst with Moneytips.com.
So, how do you reign in your spending and expand your savings when everything costs more? Grant has three things for you to try.
BUY IN BULK
The price per unit is cheaper. The key is to only buy in bulk for things you use on a consistent basis.
MANAGE THOSE SUBSCRIPTIONS
From makeup to streaming, to dog toys.
“So many of us have these things that renew automatically and have withdrawals coming out every month. Maybe it's a streaming service that you used a lot before, but your favorite show doesn’t come on again until Summer or Fall. Even if you take off a few months from the subscription, that money can go to boosting your savings, paying off a debt,” said Grant.
The question to ask yourself is do I really want to pay for this?
THE COST OF CONVENIENCE
Many of us got used to ordering food to be delivered, but is it as necessary as before?
“I'm guilty of this too. I'll order take out and by the time you get past the delivery and fees, I’m paying double for something like fast food that I could just hop in the car and get,” said Grant.
Now is the time to see what your credit card can do for you.
Besides cash back on certain purchases, check to see if they offer discounts to retailers and services. If you don't ask, you don't know.