Cost of living got you down? Here are 5 ways to cut costs

Expat life
09 Jan 2023
6 mins read
Written by Team Instarem

It seems like every day, there’s another news story about the rising cost of living. Rent is going up, food prices are skyrocketing, and utilities are becoming more and more expensive. And yet, despite all of this, salaries remain stagnant.

It’s no wonder that so many people are feeling the pinch. With the cost of everything increasing but not their incomes, it’s becoming harder and harder for people to make ends meet. And yet, somehow, we’re expected to just keep on going. To keep working hard and hope that someday, our salaries will catch up to the cost of living.

While you’re waiting for your salary to get back on its feet, here are a few ways you can cut costs in your life. Let’s get started! 

Cut out unused subscriptions

One of the most important financial tips anyone can give you is to review your bank statements periodically. It’s especially important to check for direct debits for bills and subscriptions. Make sure to cut out anything that’s no longer relevant.

After all, there’s nothing worse than being charged for a service you’re not even using. Reviewing your bank statements is also a great way to keep track of your spending.

Not using Netflix anymore? Cut it out. Unused gym subscription? Goodbye!

You might be surprised at how much money you’re wasting on unnecessary things.

So make sure to review your bank statements periodically and cut out anything that’s not essential. It could save you a lot of money in the long run.

Stick to home-cooked meals

Restaurants are great places to eat, but they can be pretty expensive. If you’re looking to save some money, eating at home is a great option.

Not only will you save money on your meal, but you’ll also get to control what goes into it. Want extra veggies? No problem. Prefer less salt? Easy peasy. Cooking at home also gives you the opportunity to try new recipes and learn about different cuisines.

So the next time you’re thinking of eating out, why not try cooking at home instead? You’ll save money and impress your dinner guests with a delicious meal.

Want to save cost for your lunches too?  Meal prepping is the way to go.

By cooking big batches of food at the beginning of the week, you can portion out your meals and pack them up for work. Not only will this save you money, but it will also help you to avoid the temptation of ordering takeout.

Want to minimize effort? Invest in a slow cooker. With a slow cooker, you can prepare a delicious meal with minimal effort. Simply add your ingredients to the pot, set the timer, and let the cooker do its magic.

Be disciplined while you’re heading to the supermarket to get your groceries.

Make a grocery list and stick to it. This will help you avoid buying unnecessary items that will just end up going to waste.

And if you want to take penny-pinching to a whole new level, you can try snooping around the supermarkets and cafes at the end of each day.

Supermarkets and cafes are left with unsold food and other items. Rather than throwing these items away, many businesses now offer them for free to anyone who wants them. This is a great way to reduce waste and save money on groceries.

Public transport is the way to go

If you live in a big city, you know that finding a parking spot can be a nightmare. Between the meter maids and the parking garages, your wallet can take a serious hit. And let’s not even get started on car insurance.

The good news is that there’s an easy way to save money on transportation costs: take public transit. Not only will you avoid the headache of trying to find a place to park, but you’ll also save money on gas and car maintenance.

Public transport doesn’t have to be boring, and it certainly doesn’t have to be expensive. There are plenty of ways to get around town without taking a cab, and many of them are actually quite fun.

For instance, you could try taking the bus. It’s a great way to meet new people and see the sights.

You could also try cycling. It’s a great way to get some exercise and fresh air. And if you’re feeling really adventurous, you could even try walking. It might take longer, but it’s a great way to explore your surroundings.

So next time you’re looking for a way to get around town, don’t automatically reach for your wallet. There are plenty of other options out there.

Switch off unused electrical appliances

Anyone who has ever received an electricity bill knows that it can be a real shock to the system – pun intended. Just when you thought you had your finances under control, that little piece of paper arrives to let you know that you’re actually spending way more than you realized on power.

But there are plenty of ways to keep your electricity bill under control.

Always switch off your appliances after use. If you’re forgetful, invest in a smart plug. That way, you can control all your appliances from your phone and make sure they’re turned off when you leave the house.

If you want to take it a step further, unplug your electronics when they’re not in use, you can save a significant amount of money on your electricity bill. And it’s not just TVs and computers – any electronic device that draws power can add to your bill.

PS: Estimates suggest that 9% and 16% of electricity consumed in homes is used to power appliances when they are in standby mode.

And if you have a bit of spare cash, give old appliances an upgrade. Newer models tend to come with energy-saving features.

Choose a low cost remittance service

Sending money overseas can be expensive, especially if you’re using a traditional remittance service like a bank.

Fortunately, there are now plenty of low-cost remittance services out there that can save you money when sending funds abroad.

That’s why you should consider using Instarem to facilitate fast and easy international money transfers with low fees and competitive FX rates.

Instarem helps you send money abroad to over 50 countries. If you’re looking for an easy and affordable way to send money abroad, Instarem is the perfect solution.

With our simple platform, you can make a transfer in just a few clicks.

Download the app or sign up on the web and see how easy it is to send money with Instarem.

Saving money doesn’t have to be complicated or time-consuming

There are plenty of simple ways to cut costs in your everyday life. From cooking at home and taking public transport to switching off unused electrical appliances and choosing a low-cost remittance service, the possibilities are endless. So start taking action today and watch your savings grow!

Happy saving! 🙂

Disclaimer: This article is intended for informational purposes only. All details are accurate at the time of publishing. Instarem has no affiliation or relationship with products or vendors mentioned.

About Instarem

Instarem stands at the forefront of international money transfer services, facilitating fast and secure transactions for both individuals and businesses. Our platform offers competitive exchange rates for popular currency pairs like USD to INR, SGD to INR, and AUD to INR. If you're looking to send money to India or transfer funds to any of 60+ global destinations, Instarem makes it easy for you. We are dedicated to simplifying cross-border payments, providing cutting-edge technology that support individuals and businesses alike in overcoming traditional fiscal barriers normally associated with banks. As a trusted and regulated brand under the umbrella of the Fintech Unicorn Nium Pte. Ltd., and its international subsidiaries, Instarem is your go-to for reliable global financial exchanges. Learn more about Instarem.