Cost of living got you down? Here are 4 ways to cut costs

For the ninth time in the past 11 years, Singapore topped the charts as the world's most expensive city in 2023, sharing the position with Zurich, which rose from sixth place in 2022.

Rent has consistently been going up year after year , as are the prices of goods and services, and utilities are also becoming more expensive . And yet, despite all of this, salaries remain stagnant.

It's no wonder that so many people are feeling the pinch. With our salaries unable to catch up with the cost of living, it's becoming harder for people to make ends meet. While you're aiming for that pay raise, here are a few ways you can cut cost in your life.

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

Dining out 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. 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, try whipping up something 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.

To minimise effort, invest in a slow cooker. 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. 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 petrol and car maintenance.

There are plenty of ways to get around town without taking a cab. 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 turn to your Grab app. 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, your bill arrives to let you know that you're actually spending way more than you realised on electricity.

But there are 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.

Estimates suggest that nine per cent and 16 per cent 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.

ALSO READ: What I learned about saving money without investing in stocks and shares

This article was first published in ValueChampion.