You Vs. The Cost Of Living | Miki's Hope

You Vs. The Cost Of Living

Friday, December 28, 2012

"Cost of Living" is a phrase that most people would prefer to never have to hear again, yet it happens to be a huge part of life. Most people know that they'll only be hurting themselves by ignoring their cost of living and allowing themselves to overspend, but it is perhaps a part of human nature to let this happen regardless. Whether you are single or have a family, however, doing so can be extremely problematic.


Instead of ignoring the cost of living, however, it can be beneficial to start battling against it. A fight between you and the cost of living isn't going to be easily won, but if you take the right steps, you can emerge victorious.

Formulate a Budget

The first thing you'll want to do is formulate a baseline budget to help you determine exactly how much it costs for you to live your preferred lifestyle. Granted, this should not include splurging on expensive wines on a daily basis, but it's okay to leave yourself a little bit of leeway so that you can enjoy the finer things on occasion. While you can formulate a budget at home, there's no better way to do so than to work with a financial adviser. A financial adviser who is experienced in budget planning can make all the difference in the world in terms of how you go about spending your money, and it doesn't have to be as expensive to work with one as you might think. In the end, you'll save money if you have a professional on your side.

Get the Right Credit Card

A lot of people who have had financial difficulty in the past find themselves being rather terrified of credit cards, and for good reason. After all, no one wants to end up in serious debt, and being irresponsible with a credit card can often cause this to occur. Rewards credit cards, on the other hand, can be help you to save money on everyday purchases and thus win the battle with cost of living.

Combined with the right savings account (be sure to look for the best interest rate on savings accounts), a rewards-based card can help to get you ahead if it is utilized correctly. Just be sure to avoid overspending whenever possible, as this can be the downfall of this concept.

Take Steps Towards Living Frugally

No one wants to eat packaged ramen for dinner every night, and nor should anyone have to. In order to save money and beat the cost of living, though, you might want to consider living a more frugal lifestyle than you're used to. Buying things in bulk, skipping high-end items and cooking at home are just three ways to ensure that you aren't spending a great deal of money unnecessarily, and living frugally doesn't have to mean living an uncomfortable lifestyle.

The cost of living may seem like an epic opponent, but it can be defeated rather quickly if the right steps are taken.







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22 comments :

Cheap Is The *New* Classy said...

I like having debit cards, too, as opposed to credit cards. You sort of "feel" like you have a credit card, but you don't have to worry about the bill later. :)

Dawn

Mama to 4 said...

yes on the and on the news this morning they said milk will go up double because of the drought so the grains a few which will double therefore dairy products will go up because these animals eat the grains. They said expect everything to go up in 2013. I am going to evaluate somethings like making my own bread, etc.

Kelly R. said...

Very helpful tips. I am doing my best to be debt-free by the end of 2013, it will be difficult but, I think at this point it is necessary.

Jaime Nicole said...

I have been through a year of financial recovery after divorcing a financially irresponsible man - I have years of work to fully recover ahead of me, but I know it can be done. I have a budget and I stick to it - bottom line! Great post!

AMBER EDWARDS said...

Great tips. So many people don't want to give up living the "good life" and don't know how to cut back. We looked at our living expenses a few years back because we knew the husband was going to be losing his job and thought "what isn't needed?" We don't have cable, or a landline phone. That alone cut down about $200 from our monthly living costs. Then we got a different cell phone plan that is more tailored to our needs; which is saving us another $40/month. There are ways to cut down the cost of living without giving up a LOT. We still watch TV shows, just one day later on the internet. We use a VoIP device without monthly costs for a home phone line for the kids to use. no taxes, no long distance fees. No time limits. And we still have cell phones. So we still get to have all the enjoyment, but through a little creative planning we are saving a lot of money.

Kim Croisant said...

Paying off and making goals now for 2013. Love to start a new year!!

LOVE MELISSA:) said...

We use a lot of payments with credit cards but we are very good at paying off the debts. These are some great tips!

Amanda @ Survival Guide by The Working Mom said...

I am debt free and LOVE IT! Even my house is paid off due to an inheritance from my husbands grandparents. I never ever want to acquire a debt again... its such a relief not having it. These are great tips!

Tesa @ 2 Wired 2 Tired said...

We don't have any rewards credit cards right now, but the next time we get a new card we'll be sure it has rewards. These are great tips and we like to buy in bulk when we can, it really is a money saver.

jheylo said...

great info :) living these days are very hard. Majority of people are living paycheck to paycheck and yes CC's are helpful somehow but if not controlled it can damage the entire family too.

Kelly R said...

This is a wonderful post. Thank you

Mom Blog said...

Credit cards....yes I have them:) I don't like to carry cash, so I carry plastic and love to use the best cards for the best cash back deals:)

Bobbie Anne

jenny at dapperhouse said...

Great advice and definitely worth trying any one of the suggestions to make progress little by little toward a better financial future.

Kimberly C. said...

I have seen a lot of people thrive with the Dave Ramsey financial plan. I have not fully dived into it and have no connection to them beyond observation but I think it has it right about ditching credit cards.

FollowMyInvestments said...

Getting a handle on your credit is very important. Very nice post.

Michael

BlogWithDad said...

This time is of year is hard for most families. If you are anything like us, it takes a couple months to dig ourself out of the Christmas Debt. This post was very helpful

Travis Micheals said...

I know you might not like having to pay high prices for things, but like my dad says "If you want nice things then that's just something that you have to do."

Mudpiesandtiaras said...

We need to work on a budget. Thanks for the tips and reminders

Danielle Royalegacy said...

We find that we are going to have to live more frugal than ever. I have noticed that food prices have been going up, and that it is straining our food budget. I plan my menus out for the week beginning on Wednesday and correspond them to what is on sale at the grocery store.

TerinAleah said...

Those are great tips! Thanks for sharing!

Melinda Dunne said...

I think these are very important points. If my husband gets a raise that usually means we just move up a tax bracket and pay more so we don't ever see it. Prices are rising so I have to budget very carefully.

Corinne Schmitt said...

Great tips! Also it's wise to hold onto a credit card no matter how wary you are of them to improve your credit score. As long as you use them responsibly, credit cards can be a great asset to your financial stability.

 
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