How to Overcome the High Costs of Living Today


Are you always worried about your household average cost of food per month or what is the average cost of groceries per person? What about average monthly cost for health insurance or average annual cost of a car? If you are married with children, are you always worried about the average child care cost, or average cost of day care? In reality, are you always worried about the average cost of living in where you are located?

In this century, will you agree that wealth creation for the average household is getting more and more challenging for the working class these days? Do you realize that our cost of living increase every year? Are you facing this situation in your life today?

Depending on which city you live in, if you are married with children, you might be saying: “It is really not sufficient to live on without any added income from my spouse. After we had our first child, all of our income will go to various expenses such as housing, essentials, food, and car.”

If you are in another city, it might be also very difficult to find even less than $15 per head for a simple meal. Taking a taxi might be also a luxury in one city but not in other cities. Even if you can own a car in a certain city, there might be car tax and road taxes that will add to your expenses.

A lot of middle and lower income groups are being squeezed by rising costs and stagnating salaries. This is greatly due to the fact that a great proportion of our disposable income has to be spent on necessities such as food and housing.

Other expenses that you might be riddled with are:

1) Taking care of retired parents including medical expenses and monthly allowances.

2) Children: Tuition, milk, diapers, education, books, toys, childcare.

3) Housing: loans, rental, property taxes, insurance, utilities, maintenance, repairs.

4) Daily expenses: Food, transportation.

5) Car: Installment, maintenance, repairs, road tax, parking, fuel.

6) Healthcare

7) Personal income tax.

8) Utilities bills.

9) Credit Cards bills.

10) Cigarettes (if you smoke).

Every month, there is less for savings and luxury items. I have often studied my own household balance sheet for many days on how to improve the cash position and I still end up concluded that the only solution I can think up with is to simply increase the household income, after already maximizing actions to cut down on other expenses.

What are the various ways that we can do to beat the high costs of living?

We can:

1) Increase our active income streams. For example: a salary increase, business sales increase, or profits from stocks trading.

2) Create an automated wealth system. In other words, increase your passive income streams such as property rental, dividends, or from royalties.

3) Cut down expenses. Feeling stress out and want to chill out? Save your money by going to the local library, go for a run, or a swim, or take a walk at the park.

> Make your own toys from scraps for your kids.

> Walk instead of using your car if it is a short distance.

> Drink more plain water. Add lemonade if you need to have some taste.

4) Increase your financial literacy quotient through various quality books and courses.

5) Be discipline in your financial practice.

Last but not least,


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