Thread by @TMFScottP

The cost of living is rising and will continue to do so as interest rates rise in the not-too-distant future.

So here are some ways to save, if you're interested (no pun intended).

A 🧵

#personalfinance #saving #money #CostOfLiving

Get a better interest rate.

Seriously, #getabetterrate

Almost by definition, given the hundreds of loan products available, you're paying too much.

Your bank doesn't deserve your loyalty and you could save thousands.

Do your research. Then call them. Today.

Check your phone and internet plans.

Prices keep coming down for a given amount of data.

So you can probably save money by shopping around.

And if you're not using as much data as you thought, you might be able to downsize.

When was the last time you jumped online to check your utility bills?

Electricity and gas companies rely on your laziness, but I reckon maybe >75% of people could save by shopping around.

Jump online and compare - some sites allow you to upload your last bill to make it easier.

Have health insurance?

Do you use all of those extras you're paying for?

Most don't.

It's not a con - insurers (as a rule) aren't hyperprofitable - but if you're not likely to use those extras, don't pay for that cover.

(I'm NOT saying cancel insurance, just check the extras)

How long have you been with your home and contents insurer? Or your car insurer?

Now, I *would* pay more to insure with a trusted brand that might be more likely to pay out, but don't pay too much.

There are lots of options. Shop around.

Do you own your own place or are paying off a mortgage?

If you have access to the cash (and the right aspect and geography) seriously consider solar panels.

The upfront cost is big, but the ongoing savings are *excellent* for many/most people.

(Plus you'll help the planet.)

Check your subscriptions.

Are you using all of those streaming services?

The gym membership?

Reading those magazines?

As long as there's no exit fee (or high upfront fee to rejoin), you can always rejoin later if you miss them!

Cut up the credit card.

Yes, I know you're different.

I know you use it responsibly.

I know you pay it off in full.

And you love the points.

Until you don't.

Use a Visa Debit card instead.

Put the annual fee in a savings account instead and use that to find your flights

Of course, don't do any of these things if you hate money, or you have too much of it.

Or, you know, do it anyway and donate the savings to charity.

Don't just gloss over this thread.

You need to actually grasp the nettle and make some changes!

Other ideas?

Let's hear 'em!