These days, the cost of living seems to be constantly rising. Having to navigate financial challenges has become a crucial skill for all people, especially for current and former athletes. From housing and healthcare to groceries and education, finding ways to thrive amid escalating expenses is a pressing concern for many. However, there are different ways you can budget and save while living in a high-cost economy. It all starts with a little planning, followed by implementing different strategies to help keep you ahead of the game financially.
While I consider myself pretty stable financially, an inflated economy has affected what I can afford and how I feed my family. For my friends without kids or those who are single, managing rising rents, mortgages, and other expenses has led them to make huge cuts in their budget, including on leisure expenses like gym memberships, subscription services and travel. If you’re looking for different ways to budget and save with the constantly increasing prices, below are over 20 strategies to help.
20+ Ways to Save Money in an Expensive Economy
Housing
Consider Roommates. Splitting rent and utility costs with roommates can significantly alleviate the financial burden of housing. In full transparency, I wasn’t a fan of roommates, but I did always look for the most affordable units possible. This meant picking a studio or the smallest one-bedroom units in a non-luxury apartment complex. I saved a lot of money long term… and collected a few epic stories from interesting neighbors.
Explore Affordable Neighborhoods. Research areas with lower living costs and consider relocating to more budget-friendly neighborhoods. As a recent grad, experienced worker, newly married, etc. I lived within my means in neighborhoods that wouldn’t exceed my budget. This helped me save tremendously on rent, food, and costs associated with transportation.
Downsize Smartly. If feasible, downsizing to a smaller living space can lead to substantial savings in rent or mortgage payments. Every few months, Kurt and I will look at items we have and see if we can downsize. In general, I feel like people like to collect items, just because. The less you own, the less you have to pay for space, upkeep and other costs.
Healthcare
Explore Health Insurance Options. Compare health insurance plans to find one that fits your needs and budget. If you’re not receiving employer- sponsor plans through work, government programs might be viable alternatives.
Utilize Preventive Care. Regular check-ups and a focus on preventive care can reduce the risk of costly medical issues down the road. A lot of people I know are not fans of going to the doctor, but a once-a-year check up can change your quality of life drastically. Take the time to schedule a physical, dentist appointment, and eye exams each year to prevent small issues from ballooning into costly ones later in life.
Generic Medications. Consider purchasing generic versions of prescription medications to save on healthcare expenses.
Groceries
Meal Planning: Plan your meals in advance to reduce food waste and ensure efficient grocery shopping. I’ve saved so much money by purchasing ingredients for home, and creating my own meals and snacks for the week. Bringing my own water, fruit and other snacks from home prevents me from going out during the day to buy food, or from purchasing less healthy options from a vending machine.
Buy in Bulk. Purchasing non-perishable items in bulk can lead to significant savings over time. I’m also a big fan of clipping coupons- both digital and paper- purchasing sale items in bulk, and using my coupons to get even more savings.
Explore Discount Stores. Consider shopping at discount stores or local markets for more affordable grocery options. Many stores like ShopRite offer the same quality produce and amazing weekly sales, which can be a great benefit for hungry athletes or those with families to feed.
Education
Explore Financial Aid. Investigate available scholarships, grants, and financial aid options to offset the costs of education. This also applies to graduates or former athletes looking to attend grad school. There are a few ways students can obtain their degree for free, something Kurt and I did to help us pay for grad school, saving us hundreds of thousands of dollars.
Consider Community College. Starting at a community college before transferring to a four-year institution can be a cost-effective educational path. Nobody should go broke or be in the negative financially because they choose to pursue an education.
Online Course. Explore online courses and certifications as a more affordable alternative to traditional education.
General Finances
Emergency Fund. Establish and maintain an emergency fund to cover unexpected expenses and avoid accumulating debt. Even if you don’t make a lot of money, putting a few dollars aside each week or with every paycheck can help you considerably, especially if you face an emergency expense.
Budgeting. Create a realistic budget to track expenses and identify areas for potential savings. When you realize how much you’re spending, its easier to find areas to cut back on, which can help you save hundreds to thousands of dollars each year.
Negotiate Bills. Contact service providers to negotiate bills or explore cheaper alternatives for utilities and subscriptions. A few years back, Kurt found a way to lower our energy bill by calling our service provider to find a more affordable option.
Transportation
Public Transportation. Utilize public transportation to save on the costs associated with owning a vehicle. Living in NYC, it made more sense to travel via subway versus owning a car. For many people (including myself) using a public transit system that ran 24/7 was much more affordable and time-efficient than having to look for street parking, spending money on auto repairs, or having to rent a parking spot in a lot each month.
Buy Used. If you live in an area where you need a car, consider buying a used car that’s in great shape. With lower monthly payments, you’ll have your own set of wheels and eventually drive a car that is paid off, leaving you only with gas and maintenance expenses. Not having a car payment for a few years was a great way for us to save money.
Carpooling. Carpooling with colleagues or friends can reduce fuel and maintenance expenses. Depending on your distance, you can also save on tolls and other expenses.
Employment
Side Hustles. Explore side hustles or freelance opportunities to supplement your income.
Professional Development. Invest in your skills and education to enhance career prospects and increase earning potential.
Remote Work Opportunities. Consider remote work options to potentially reduce commuting costs and enhance work-life balance.
By adopting a combination of these strategies, individuals can better navigate the challenges posed during a high-cost economy. It’s important to approach financial management strategically, seeking opportunities to save and optimize resources across various aspects of life. Remember, small changes can lead to significant improvements, so it is possible to survive financially when everything costs so much.