I-TEAM: Rising costs have your wallet looking empty; 7 Ways to help you save money

DAYTON — The cost of food, utilities, and rent are going up, and we know your dollar is not stretching as far. According to a Lending Club report, 62 percent of adults said they are living paycheck to paycheck.

News Center 7′s Consumer Reporter Xavier Hershovitz set out to find seven ways you can save right now.

Rob Burnette is the CEO of Outlook Financial Center in Troy. He said, “The cash flow is what we’re really looking at. And, so spending trends are a big part of that.”

Hershovitz asked Burnette to help News Center 7 find seven ways that consumers can save, right now.

“Budget sounds like a negative thing. It’s going to be restrictive,” he said.

>> RELATED: I-TEAM: Beating Rising Costs With Just Your Phone?

The No. 1 thing consumers need is a spending plan, Hershovitz said. That is simply taking inventory of what’s coming in and what’s going out. Burnette said he likes this because it sounds less restrictive than a budget.

“It’s okay to have fun. So, the spending plan gives you permission to spend money on things you want to do but provides boundaries for you,” Burnette said.

Hershovitz said the No. 2 thing to do is cut out all that spending, out of convenience. Instead of buying things at the grocery store, bring them from home.

“Without making it a change to your lifestyle because nobody wants to do that. You can have the same things and have more money at the end of the day.

That leads to No. 3, pack your lunch, Hershovitz said. “They typically cost less, and they’re typically healthier,” Burnette said. One way that may be easier is to buy in bulk.

No. 4 is using a grocery membership. If there’s something you like to use, Burnette said to buy it in bulk and bring it with you.

“You’re now making that club membership pay for itself and you’re reducing your body’s daily consumption budget because, at the end of the day, it’s all about cash flow,” Burnette said.

No. 5 is don’t grab that special coffee every day. Instead, make coffee at home and use your drive-through run as a weekly treat.

“Reward yourself, your spending plan should accommodate that,” Burnette said.

The sixth thing consumers should do is go through your subscriptions. “I’ve had people come in. We do this kind of work for them. And, they’ll say they haven’t used that in two years. Well, you’ve been paying $19,99 a month for the last two years for something you’re not using,” Burnette said.

And the last thing consumers should do is use coupons. Hershovitz said the app for your favorite store is often full of manufacturer coupons that are as simple as scanning an item you’re already buying.

“All these ideas are not to change your lifestyle. We’re here to change your cash flow in a positive way. So, at the end of the month, you have more money to do things you want to do. And things you should be doing like saving for retirement,” Burnette said.

Comments on this article