The “Cost of Living” continues to rise on a regular basis and consumers are experiencing difficulty with meeting their monthly expenses. The new Government will be challenged to reduce the cost of fuel as promised but this reduction will not come without a price. In other words, more changes will be necessary to realistically reduce the cost of living.
The cost of any item is closely related to supply and demand. Greater demand for an item leads to an increase in the price. Less dependence on that item will reduce the cost. Merchants depend upon the sale of their inventory to succeed in business and will adjust their prices accordingly.
In light of the above, we have the ability to reduce the cost of living by closely managing our expense patterns. There are expenses such as insurance or electricity that we have little or no leverage with which to negotiate; however other expenses can be impacted as suggested below.
Here are a few questions you should answer before you purchase or pay for the next item or service:-
a) Is this item / service available at another merchant?
b) Is the cost lower or higher?
c) Do I need this item?
d) Am I getting value for my money?
e) Is this item on sale?
f) What was the original price?
g) Is there a monopoly in the respective Industry?
There is power in your paycheck and you have the ability to control how you spend your wages. The next time you reach for your wallet or purse, consider this question:-
“Can I reduce my cost of Living?”
Many consumers have done it and so will you.
