The increase in the cost of living has greatly affected consumers in all areas of daily life. Therefore, it is essential to know and apply savings tips that really work, in order to alleviate the costs of various goods and services and manage the family budget.
Explore with us 10 savings tips that will allow you to find more calm and stability during this challenging period.
10 Savings Tips to Face Rising Prices
1. Shop smart at the supermarket
Make a shopping list and define the maximum amount to spend. This will help you buy only what you need.
Use the internet to evaluate the market in advance and find out the prices and conditions in different stores. And take advantage of discounts and coupons, but only if you really need the products on sale.
2. Consider consolidated credit
consolidated credit is a tool that allows you to combine the various loans into one, which almost always leads to more beneficial conditions and a lower monthly payment. If you have several credits (for example, car, housing and personal) , this is one of the most advantageous savings tips to reduce costs.
3. Invest with caution
The current situation is conducive to thinking about how to invest and make the most of money. A diversified portfolio of investments can ensure considerable profits in the medium and long term.
Naturally, it takes advice, research and consideration before deciding where to allocate funds, so as not to lose out.
4. Renegotiate insurance
Reevaluating the coverage and conditions of insurance is one of the tips for savings that can make the most difference to your family budget. Each case is unique, but it may be necessary to remove or add coverage, or even change insurer.
Even if you continue to use the same brand, there is always room to renegotiate prices. Factors such as reduced activation of protections, years as a customer, the lowest possible payment in installments and combination with others insurance can reduce premiums considerably.
5. Take advantage of passive income
You don’t have to exhaust yourself with a second job to make extra money. All families have items at home (clothes, furniture, appliances) that they no longer use. Turn them into profit through online sales or in second-hand stores.
If you have a free property (house, office, warehouse) be sure to rent it and make a profit. Whatever your passive income, make sure you do everything safely and legally.
6. Boost your emergency fund
With the current cost of living, it may seem impossible to put money aside. But this is precisely when it is most important to do so.
Securing an emergency fund is an always valid savings tip. This way, you will be able to prevent and deal with unexpected eventualities. Ideally, the fund should correspond to at least six months of average monthly expenses.
7. Analyze each slice of your budget
At the base of all savings tips is a strategic budget plan Take note of all monthly expenses. Set aside the invariable costs you can’t save on. Among the remaining expenses, understand which are essential and, therefore, those where you need to maintain or increase the budget, and which ones you can reduce or eliminate.
8. Save on everything you use at home
At casa, there are countless services used daily. If you can save on all of them, imagine how much it can ease your wallet.
Adjusting consumption behaviors and choosing the most appropriate tariffs for use are essential steps to save on energy, water and telecommunications.
9. Save on departures
Savings tips also apply outside the home. Save on travel by walking or cycling on short journeys, use monthly passes on public transport and pay attention to fuel prices and discounts.
You can have great evenings with family and friends without going to restaurants often. Just make your home available and visit those of other guests. If everyone helps with the tasks and expenses of the meal, it will be much cheaper and more enjoyable.
As for holidays, you can travel abroad and explore the countless pearls of Portugal. Be sure to pay attention to prices and promotions for travel and accommodation, and avoid high seasons.
10. Be sensible when looking for a house
It’s scary to think about changing house in the current context. But if you plan the budget and financing, choose the correct timing, choose the appropriate size for the family, consider whether to rent or buy and be rational when visiting the real estate, you will make a successful business.
At DECIÕES E SOLUÇÕES, we not only provide you with reliable savings tips, but we also provide you with a personalized and expert service in various areas, including real estate, credit and insurance.
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Decisions and Solutions – Credit Intermediaries, Lda., registered with the Bank of Portugal, as a Linked Credit Intermediary, under no. 926, verifiable at https://www. bportugal.pt/intermediariocreditofar/decisoes-e-solucoes-intermediarios-de-credito-lda is a mediator registered with the ASF, since 29 September 2009, with the category of Insurance Agent, under no. 409311648/3, with authorization to Life and Non-Life Branches, available at www.asf.com.pt. The insurance intermediary does not assume risk coverage. Decisions and Solutions – Mediação Imobiliária, Lda., holder of AMI License No. 9300 issued by IMPIC, I.P.
