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Inflation is officially the highest it has been in 40 years. According to the Economic Research Service of the U.S. Department of Agriculture, the all-items Consumer Price Index, which shows inflation across all sectors of the economy, inflation is up over nine percent just over the past year. Consumer goods have taken some of the brunts of inflation because when manufacturers’ costs rise, they pass those costs onto their customers. Translation: Americans are feeling the financial pinch and for some, checking that account balance becomes increasingly painful every day.
People are looking to cut costs. But there are some expenses you simply can’t avoid, like housing and food. Eliminating these items from one’s life is out of the question. However, you might not need to pay for everything by yourself. Here are ways to save money by splitting costs.
Streaming and Subscription Services
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With many streaming services allowing several devices to log in at once, this is one of the easiest expenses to split with someone. In many cases, adding an additional user costs less than creating a separate account, so consider collaborating with a neighbor or friend to split the cost of these services. You can also share the cost of an Amazon Prime account, since adding multiple delivery addresses and payment sources is easy and there are no limitations on how many people can access the account.
Phone Plans
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A variety of service providers offer a discount for each new line added to a plan. So even though your parents might have kicked you off the family plan years ago, you can start your own “family plan” with friends or neighbors who are trying to save money. The more lines you add, the deeper the discount you can see on each one, and the more people you have to split the monthly bill with.
Wholesale Memberships
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Wholesale memberships like those to Costco and Sam’s Club can be a great way to save money on everyday items from groceries to cleaning supplies. However, the yearly membership can get pricey. Luckily, most stores let you bring a friend to shop at no extra cost. So find someone to split the cost of the yearly membership with, and you can both enjoy wholesale discounts.
An Office Space
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If you rent an office space, ask yourself if you need the whole area to yourself. You might be able to find another professional who wants to work out of the house, but doesn’t want to spend too much on office rent. You can even then split the cost of the other expenses like the Internet, printer ink, landlines and utilities.
Childcare
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If you hire a babysitter to come to your home, and you have close friends who also need childcare, you can negotiate a deal with your babysitter might appreciate the opportunity for extra income, without making an extra trip. Ask if they’d be willing to take on an additional child (or two), for a discounted rate. Then split the total rate with the other kids’ parents. Your babysitter can make some extra cash during the same visit, and the parents can enjoy some savings.
Personal Trainer
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If you’re looking for ways to save money without cutting out certain luxuries, here’s one: share a personal trainer. Ask your trainer if you can bring a friend along to sessions. Some trainers will offer each student a discounted rate, and you get to enjoy working out with a friend.
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