If you live in one of the most expensive neighborhoods, countries, or cities and have yet to develop a habit of saving then you are officially doomed. If the cost of your lodgings, food, and cloth is too high, you are likely to spend the rest of your life paying for them unless you start saving. It is okay to have a high cost of living as long as you can also save some amount for a secure future.
If you find yourself at an impasse with saving then here are 6 ways that can make money saving easier even with a high cost of living:
1. Find housemates for yourself
If you are a bachelor living alone in a big house then what’s the point of having all those extra rooms if you are not cashing them? This is one great option of saving money and making things easier for oneself. If you are renting, cut the rent cost in half or if you own the house then rent out a room to get a steady flow of income which you can always put to good use. Besides, having a housemate is a great experience as it gives you an opportunity to socialize and have someone in the house with you.
If you use your car to get to and from work, you’re likely to spend a significant portion of your income on gas. The best solution is carpooling. As eager as you are to save your car from scratches, there is definitely someone out there who is eager to find a partner to cut their gas costs. So make your life easier and save a lot of money and stress by carpooling to work.
3. Deducting the credit card rate
If you are a responsible payer and have paid all your bills on time then consider requesting the credit card company to reduce your interest rates. If they do, bingo and if they don’t then refrain from using the credit card until you can afford to.
4. Rent while you are away
You do not live in your house 12 months a year, do you? There is always a time when you go to visit a relative or spend the summer somewhere else. So why leave the house empty when there is someone who can use it and pay you rent? So even while you are away you can earn some money by lending your couch.
5. Learn to cook
Having a high cost of living means you pay high for your house and your food. And if you live in a place which is overflowing with food joints then the temptation gets even worse. Cooking at home is the most economical source of food. So learn to cook, become your own chef, and save some money. Also make sure you go to meet your friends with a full belly.
6. Make your house energy efficient
To cut down on the electricity bills, make your house energy efficient by taking all the measures that can help you save energy, such as:
- Use LED’s and CFL bulbs
- Install automatic thermostat that will turn off itself
- Install energy efficient glasses on windows, etc.
By following these tactics, you’ll be able to save a good amount of money even with a high cost of living and without getting into debt.