Need That Money

9 Strategies for Lowering Your Cost of Living and Increasing Financial Power

Everyone wants to lower their cost of living, but figuring out where to start can be daunting. With so many expenses competing for your hard-earned dollars, it can be challenging to know which areas to focus on.

This article will provide you with a range of strategies for lowering your expenses and increasing your financial power. Lowering Cost of Living:


Shopping for Lower Energy Rates:

If you’re tired of paying sky-high utility bills every month, it’s time to take matters into your own hands. Consider switching to alternative energy suppliers in your area some of whom offer fixed terms that can save you a bundle on your utility bills.

A platform like allows you to compare rates from different suppliers, so you can choose the one that provides the best deal for your specific needs. 2.

Renting Out Extra Space in Your Home:

If your home has extra space, why not consider renting it out? This could be a lucrative way to generate income that can offset your mortgage, save for emergencies, or ease financial stress in a tight financial period.

House hacking is an excellent way to generate passive income in your spare time, and platforms like can connect you with potential renters. 3.


To reduce spending and increase your financial independence, it’s important to create a household budget. Focus on monthly expenses and prioritize what you need, and what you can do without.

There are many useful resources available to help you create a budget, such as financial planners like Zachary A. Bachner.

An effective budgeting strategy can help you set realistic financial goals and track your progress towards achieving them. 4.

Contacting Insurance Broker:

Don’t settle for high insurance premiums that eat into your monthly budget. A licensed insurance broker can work with you to negotiate your premium rates and deductibles.

Depending on your situation, you may also be eligible for a variety of discounts. Alissa Krasner Maize at Amplify My Wealth can help connect you with the best brokers and discounts for your insurance needs.

5. Evaluating Grocery Spending:

Groceries make up a significant portion of most household budgets, but there are ways to save money without sacrificing quality or nutrition.

Overbuying is a common problem that leads to wasted food, so focus on planning your meals and sticking to your shopping list. Use resources like to find and clip coupons to lower your grocery bill.

Additionally, cash-back offers from stores like Big Box Stores can help save even more at the checkout. 6.

Buying Generic Products:

In the inflated price market, name brands often come at a premium. But, opting for generic brands can often provide just as high quality or better at a fraction of the cost.

As advised by financial coaches like Seth Connell, exploring generic brands when shopping is an easy solution to reducing expenses and saving money. 7.

Paying Off Debts:

Paying off high-interest debt is an essential step to achieving financial freedom, but it requires sacrifice and commitment. Building wealth through the elimination of debt is an investment in your future, and a variety of financial planners like those from Summit Financial provide guidance on achieving your financial goals.

8. Weatherproofing Your Home:

Weatherproofing your home is an excellent method of safeguarding your money.

In the hotter months, invest in thermal curtains or sealing off gaps to protect against drafty leaks of cool air. In the colder months, be sure to install weather strips and invest in heating solutions to reduce utility costs.

Homegrown Hillary is an excellent resource for tips and advice on weatherproofing your home. 9.

Considering a Side Hustle:

Whether its to get ahead financially or pursue your passions, a side hustle is an incomes generator that can complement your primary source of income. In your search for side hustles, factors like hobbies, interests, or home projects can become gold mines that monetize your work.

Platforms like Lisa Thompson can suggest side hustles that fit your needs and hobbies. 2.

Shopping for Lower Energy Rates:

Energy is paramount to maintaining a comfortable lifestyle and equally important is the cost of energy. Energy suppliers in different areas provide different rates, and being aware of the average local energy rate is essential when shopping for cheaper options.

Consumers can also save money by finding fixed term utilities or alternative energy suppliers. Platforms like have a comprehensive list of suppliers and their rates, making it easier for consumers to select the best provider for their needs.


In conclusion, lowering your cost of living can entail multiple strategies. By investing in these strategies, one can achieve financial independence and security.

Ranging from lowering energy rates to budgeting to considering a side hustle, all are valid options in this endeavour. I hope that this article provides you with valuable insights to start adopting these strategies and improve your financial freedom.

3. Renting Out Extra Space in Your Home:

If you’re looking for an easy and lucrative way to generate income, consider renting out extra space in your home.

This is commonly referred to as house hacking and has been gaining popularity in recent years. Not only can it reduce your budget, but it can also offer a range of psychological benefits.

Here are some aspects worth considering:

Benefits of House Hacking:

1. Budget Reduction:

By renting out a spare room, you can significantly reduce your monthly expenses.

This allows you to allocate more of your income towards savings or other financial goals. The extra cash can also make it easier to pay off debts faster, which can provide long-term benefits.

2. Financial Stress:

Renting out extra space can be an effective way to reduce financial stress.

The extra income can provide a cushion for those who are living paycheck to paycheck, making it easier to cover unforeseen expenses. Having financial security can improve overall wellbeing and reduce stress levels.

3. Psychological Benefits:

House hacking brings a variety of psychological benefits, including increased feelings of security and companionship.

Many house hackers report feeling a greater sense of community and connection to their local area. 4.


Many people have a fear of missing out (FOMO) on the events and activities at night, on weekends or on holidays. By having a housemate or two, house hackers are more likely to enjoy and participate in social activities, and never have to worry about missing out due to financial limitations.


Platforms like offer invaluable resources for those interested in house hacking.

They can help with setting up rental agreements and finding suitable tenants, which saves homeowners a lot of time and effort. 4.


Creating a budget is the first step in taking control of your finances. If you’re looking to make improvements to your household budget, there are several strategies that can help.

Improving Your Household Budget:

1. Saving:

Saving is critical for securing your financial future, but it can be challenging to know where to begin.

Setting a specific goal is the first step, as it provides motivation and direction. Determine how much money you can save each month and consider automating transfers to a separate account.

Apps like Mint can also be useful for tracking your spending and providing suggestions for reducing your expenses. 2.

Analyzing Expenses:

When it comes to budgeting, analyzing expenses is key. Start by assessing your current spending habits and identifying areas where you could cut back.

Common areas to target include subscriptions, eating out, and transportation fees. 3.

Reducing Expenses:

Once you’ve identified areas where you can cut back, take action. Cancel any subscriptions you don’t use and pack your lunch for work instead of eating out.

Carpooling or using public transportation can also reduce transportation costs. 4.

Cutting Subscriptions:

Many households are paying for subscriptions they no longer need or use. Consider reviewing your subscription bills each month and canceling any that aren’t worth the cost.

This could include streaming services, music apps, or video rental services. 5.


Consider carpooling to work, school, or social events. This can help reduce transportation costs and also reduces your carbon footprint.

6. Eating Out Less:

Eating out can be expensive, so try to limit the number of times you eat out each week or month.

Prepare meals at home with ingredients bought in bulk and create a meal plan that reduces wastage. 7.

Zachary A. Bachner, CFP of Summit Financial:

Working with a licensed financial planner like Zachary A.

Bachner can make it easier to achieve your financial goals. Financial planners provide customized advice and can help you create a budget that works for your specific situation.

In conclusion, finding ways to lower expenses and create a budget can help you unlock financial freedom and security. House hacking, reviewing subscription fees, reducing transportation costs, eating out less, and working with a financial planner are just a few strategies that can help.

Remember, creating and sticking to a budget can be challenging, but the rewards can be significant and long-lasting. 5.

Contacting Insurance Broker:

Insurance is essential for protecting your assets and your financial future. However, paying for insurance can be expensive.

If you’re looking for ways to save money on your insurance premiums, consider working with an insurance broker. Saving on Insurance Premiums:


Increase Deductible:

One way to save on insurance premiums is to increase your deductible. A higher deductible means you’ll have to pay more out of pocket if something goes wrong, but it also means you’ll pay less each month in premiums.

2. Discounts:

Insurance companies often offer discounts for various reasons.

These discounts range from bundling policies, good driving record, security systems, and much more. Adding these discounts as part of your coverage can help reduce costs.

3. Less Expensive Options:

Consider lowering your coverage for older vehicles or downsizing your home.

This can help you save money on your monthly payments. 4.

Adequate Coverage:

Ensure that you are paying for insurance that covers only what you need. Many people unknowingly pay for coverage that exceeds their needs or is outdated.

Working with your insurance broker can help you determine which coverage meets your needs and budget. 5.

Alissa Krasner Maize, Amplify My Wealth:

Alissa Krasner Maize and her team at Amplify My Wealth can help connect you with insurance brokers who can help you find affordable coverage that will meet your specific needs. 6.

Evaluating Grocery Spending:

Groceries are a significant expense for most households. Fortunately, there are several strategies for reducing your grocery bill without sacrificing quality or nutrition.

Saving on Grocery Bills:

1. Big Box Stores:

Big box stores like Walmart and Costco typically have lower prices on many grocery items.

Consider shopping at these stores instead of your regular grocery store, but ensure that the items you purchase are necessary. 2.


One of the most common mistakes people make when grocery shopping is overbuying, which can lead to food waste and cost you more money in the long run. Make a grocery list and stick to it to avoid impulse buys.

3. Cash-back Offers:

Many grocery stores and apps offer cash-back options for purchases that you make.

Be sure to read the terms and conditions carefully before you take advantage of these deals. 4. offers free digital coupons for a wide range of grocery items and other household necessities. Clip the coupons you need and save money during your next shopping trip.

5. Lisa Thompson:

Lisa Thompson and other financial coaches can provide helpful advice on reducing your grocery bill and improving financial habits.

In conclusion, saving money on insurance premiums and grocery bills can seem challenging, but with a variety of strategies available to you, it can easily be achieved. Increasing your deductible, utilizing discounts and finding less expensive options can all help you save on insurance premiums.

Shopping for groceries at big box stores, avoiding overbuying, utilizing cash-back offers, and clipping coupons on sites like can all help you save on grocery bills. Don’t be afraid to seek the help of financial planners or coaches like Lisa Thompson to help guide you towards financial success.

7. Buying Generic Products:

Purchasing name-brand products can be expensive.

Luckily, choosing generic brands can provide significant cost savings without sacrificing quality. Here are some advantages of buying generic products:

Saving on Purchases:


Name Brands vs. Generic Brands:

Often, we buy products based on brand loyalty and overlook cheaper options that provide the same or better quality.

Generic products undergo the same rigorous testing and come from the same facilities as name-brand products, making them a cost-effective option. 2.

Cost Savings:

Choosing generic brands can significantly lower your overall spending when grocery shopping, making your budget stretch further. 3.

Same Facilities:

Manufacturers often produce name-brand and generic products in the same facilities, sometimes even under the same production lines, making them identical in composition and often quality. 4.

Seth Connell:

As mentioned by financial coach Seth Connell, choosing generic alternatives is a great way to make significant reductions in your spending and maintain quality standards. 8.

Paying Off Debts:

Being debt-free is crucial to achieving long-term financial security and building wealth. While paying off debt can require some short-term sacrifices, the long-term benefits are significant.

Importance of Being Debt-Free:

1. Debt:

Debt can include anything from credit card bills to loans and mortgages.

The money you owe in payments reduces your overall financial security and can tie up your money long-term. 2.

Financial Security:

By prioritizing debt repayment, you can build a solid foundation of financial stability. This can help you weather unexpected expenses, such as medical bills or a job loss.

Financial security requires discipline when paying off debts, cutting back on expenses, and generating more income. 3.

Building Wealth:

Debt repayment is essential when building wealth. With the money saved, you can invest in other areas such as stocks, bonds, mutual funds, initiating your business, or property investment, which can create passive income.

4. Sacrifices:

Paying off debts requires sacrifices that can be difficult to make.

This includes cutting back on expenses such as entertainment, subscriptions, and vacations. Getting accustomed to a different lifestyle, while sacrifices short term, will lead to a more comfortable long-term.

5. Short-term Gain, Long-Term Benefit:

While paying off debt can be a difficult and often overwhelming task, remember that it will ultimately lead to a debt-free future.

This achievement gives a sense of relief, allows financial freedom and provides a greater opportunity for financial security and growth. In conclusion, buying generic products instead of branded offers significant savings without a decrease in quality.

Similarly, paying off debt may require sacrifices, but it ultimately leads to financial security and wealth growth. Embrace these strategies and take control of your financial future to enjoy a more comfortable life.

9. Weatherproofing Your Home:

Weatherproofing your home is a fantastic strategy for reducing energy costs and saving money on utility bills.

Here are some tips to get you started:

Saving on Energy Costs:

1. Energy Savings:

By weatherproofing your home, you can save on energy costs by reducing heating and cooling expenses.

Start by sealing gaps or drafts in doors, windows and roofs. 2.


Utilize thermal curtains or drapes to keep in warm air during cold months

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