Eight Ways to Beat the High Cost of Living

It’s no secret that life is becoming more expensive. The Las Vegas cost of living was already higher than the national average, and everyday purchases are becoming more costly in recent months thanks to rampant inflation. Perhaps you’re looking for tips on how to decrease your spending or cut unnecessary costs from your budget. Here are eight of the best ways to beat the increased living expenses if you’re an owner of Las Vegas real estate.

Many people are already using budgets to track their income and expenses. If you don’t have a budget, it’s a good idea to create one. Some people use platforms such as Mint that they can connect directly to their bank account to automatically track expenses. Others prefer the flexibility of a spreadsheet created with Google Sheets or Microsoft Office. Keep tabs on your income and your recurring expenses, and make sure to set aside extra money for unexpected expenses such as medical bills or car maintenance.

Most of us spend money on non-essentials such as meals outside the home and entertainment. It’s great to occasionally enjoy a nice dinner with your significant other or buy tickets to see the latest movie, but it’s something you should limit if you want to reduce your expenses. Consider setting aside a designated amount to spend each week or month on entertainment. Once you have spent all of your allotted funds in this category, you’ll have to wait until your budget resets before you spend more. This takes a high level of diligence and self-management, but it will certainly help you limit your spending.

There are a number of ways to increase your income if you don’t want to change your primary job. Consider taking on a side job that earns extra money on the nights or weekends. Perhaps you have a hobby or a skill that you can monetize. If you enjoy photography, maybe you can generate some extra money by taking family pictures for friends. There are also plenty of opportunities for extra income thanks to the gig economy. These roles allow you to work as much or as little as you want and take on jobs based on your schedule. Owners of multiple properties or anyone with an accessory dwelling unit (ADU) may also consider renting their extra space on a short-term basis through a platform like Airbnb or VRBO.

If you can reduce your debt amount, you’ll cut down on the accrued interest that you have to pay back. You can either pay down your balance faster or look for opportunities to consolidate or refinance your existing loans at a lower interest rate. This will also improve your credit score, which could improve the loan offers that you receive if you’re thinking about shopping for Las Vegas real estate in the near future.

Many retailers have rewards programs that offer you discounts based on how often you shop. You can accrue points after each purchase that add up into free items or cash back. Many restaurants and stores also offer sign-on bonuses for anyone who downloads their app and registers a new account. Sometimes these rewards are small, but they can quickly add up, especially if you shop or dine frequently at the same establishments.

Eating at restaurants can get expensive quickly, especially once you factor in the cost of extras such as drinks and gratuity. Cooking at home takes more time and energy, but it’s a great way to save money. It can also be an effective tool to bring your family together and facilitate opportunities for deeper connection. If you’re a parent, think of ways that your children can help with the process of preparing, serving, and cleaning up after meals.

The cost of gas can add up quickly, especially if you’re commuting a long distance to and from work every day. Car maintenance and repairs are an additional expense on top of what you’ll spend to fill up your tank on an ongoing basis. Perhaps there’s an opportunity for you to carpool with a friend or co-worker. Another option is to see if your employer will allow you to work remotely on a part-time basis.

If you are looking for something fun to do that won’t cost a lot, you’ll have no trouble finding several great free activities in the Las Vegas area. Most people know about the Bellagio Fountain Show. This is one example of a tremendous local free activity that won’t cost you a dime. You can also walk through the strip and take in the unique sights and sounds of the area. Street performers and musicians often set up throughout downtown Las Vegas, and you’ll observe many in action as you make your way through town. A lesser-known free activity in Vegas is the Ethel M Chocolate Factory. Not only is this family-friendly activity free to visit, but you’ll also get to enjoy fresh tastings of their delicious chocolate creations when you stop by. Las Vegas also offers plenty of free outdoor attractions such as community parks and hiking trails.

Greg Clemens understands how expensive life can be, which is why he’s committed to helping each of his clients secure the best deals when shopping for Las Vegas real estate. Greg and his expert team possess superior negotiating skills that give their customers a competitive edge. They take great pride in representing each of their customers throughout the process of buying and selling homes in the area. Contact their office if you’re looking for a trusted advisor who can partner with you through your upcoming sale or purchase.