(BPT) - The rising cost of goods and services across the U.S. has many Americans feeling financial stress. While you can't directly influence the inflation rate, you can find ways to reduce your spending on things like insurance, groceries, your phone, gas and streaming services. Check out these five money-saving strategies that can help you beat inflation.
1. Shop around for the best insurance deals
When was the last time you shopped around for car, renters' and home insurance? If it's been a while, carve out time to search for a better deal. Most importantly, don't settle for the first quote you receive. According to a ValuePenguin survey, nearly three-quarters of Americans have shopped around for insurance, and many have saved money as a result.
Also, many companies allow you to bundle car and home or renters' insurance for a discount. In fact, you could save an average of 18% by bundling your home and auto policies.
2. Switch up your phone plan for savings
If you've been with the same phone plan for a while, it might be time to explore other options. Many phone plan providers offer competitive rates and deals to new customers who make the switch.
Keep in mind that you shouldn't just switch to any plan. Pick a carrier that will help you save AND treat you well. For example, Metro by T-Mobile - the leader in prepaid - has debuted its Metro Flex plan. New customers can receive a free 5G phone when they join, and they'll get the same great deals as new customers in as soon as 12 months when they trade in their phones.
Most phone providers only give you a free phone when you join. That's what sets Metro Flex apart; they take care of existing customers. Additionally, Metro Flex customers can get benefits like Google One 100GB, free stuff and deals every week through T-Mobile Tuesdays, unlimited texts to 210+ countries and destinations and Amazon Prime included (a savings of $14.99/month) with the Metro Flex Plus plan.
Metro is the first and only prepaid wireless plan that gives new and existing customers the same fair treatment. To learn more, visit MetroByT-Mobile.com/MetroFlex.
3. Choose generic brands at the grocery store
If you want to cut your grocery bill, opt for generic brands instead of name brands. You'll be surprised at how much you can save without sacrificing quality.
Consumer Reports found that 76% of generic food items tasted as good as their brand-name counterparts. How much can you save by switching to generic? The report found that depending on the food item, the generic brand cost as much as 72% less per serving than name brands.
4. Embrace alternative transportation methods
In April alone, gasoline increased by 2.8%. Fuel costs can add up quickly if you commute to work or school. However, you can save on fuel costs by using alternative forms of transportation. According to the American Public Transportation Association, riders can save more than $13,000 a year by using public transit.
Aside from public transit, you can also consider biking, walking or carpooling with friends or neighbors. You can even use a combination of these transportation methods to save and get to where you want to go.
5. Bundle up your subscriptions
How many streaming subscriptions do you pay for? According to Forbes, the average American spends $46 per month on streaming services. That may not seem like a high number, but it can quickly add up over time.
While you could cancel subscriptions, an easier and more convenient way to save while still enjoying entertainment is to look for bundles. Just like with car and home insurance, bundling streaming subscriptions can give you a discount.
You may even already have access to a subscription service and may be paying double. If you're a Metro Flex Plus customer, you get access to Amazon Prime as part of your plan. That's a savings of $14.99 per month!
Prime members enjoy exceptional value with access to Amazon's fast and free delivery, enormous selection, exclusive deals and shopping events, savings across health care, prescriptions and groceries, as well as movies, books, games, photo storage and more.
Saving money doesn't have to be difficult. Use these five tips and see how much you can save. Remember, every dollar counts!
