Relocating to a place with a lower cost of living can be a good way to reduce monthly expenses. Yet not everyone can afford to relocate to a different place just for the sake of saving money.
Fortunately, even if you can’t or don’t want to move to a different place, there are plenty of other ways to reduce your living expenses and save money.
Here are seven tips to help you reduce your living expenses without relocating.
Cook your own meals
Data shows that Americans spend close to $2,500 a year on dining out. It is not only a staggering waste of money, but eating out regularly is also not good for your health.
So, cook your own meals. If you are too busy to cook every day, prepare your meals for the whole week during the weekend and put them in the freezer.
Lower energy bills and insurance rates
Energy is a monopoly but you can control your bills by cutting down on usage. Most power companies are happy to give you for free or heavily subsidize LED light bulbs, efficient power strips, weatherproofing materials and more.
Similarly, find out if you can save money on your auto, life, and health insurance by ditching your current policy for a cheaper one. Generally, you should shop your insurance policy every two or three years.
Buy non-branded items
Whether it is groceries, clothing, footwear, or accessories, non-branded items tend to be considerably cheaper than branded items.
Even if you manage to save a few cents or so on every item you purchase, that can add up quickly and help you save a lot of money in the long term.
Cancel your gym membership
Cancel your gym membership, which can cost anywhere from $50 to $100, depending on where you live.
Instead, work out at home using free weights. You can also stay in shape by walking and biking whenever you can instead of driving everywhere.
Apart from staying fit, you can also save money on gas!
You will be surprised to know how much money you can save on groceries and other items by couponing.
The best part is that couponing has never been easier, as virtually every store has its own couponing app these days. In addition, there are many websites where you can find all the information you need on the best deals and discounts on an extraordinarily wide range of products and services.
Rent out a portion of your home
The next best thing to relocating to a place with a lower cost of living is to rent out a portion of your home.
You can use the rental income to pay some of your bills and meet your day-to-day expenses. Even if you do not have a spare room, you can rent out storage space or parking space and earn money.
Check with your landlord or homeowners association before proceeding. Some neighborhoods and towns regulate or disallow sub-letting.
Rent out your tools and equipment
Did you know that you can make money by renting out your photography equipment? There are camera rental platforms that allow you to rent out your camera and other equipment to those who need it for a short while and make money.
There are several other platforms that allow you to rent out pretty much everything you have – from your car to your bike, RV, tools and equipment, musical instruments, and even baby gear.