Although President Donald Trump campaigned on the promise that he would put an end to inflation and bring costs down, millennials are skeptical that he will actually be able to deliver on these promises. According to a new Piere study, 83% of millennials do not expect the Trump administration to reduce the cost of living in the U.S.
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The study also found that many millennials are currently struggling with high living costs and are taking extreme measures to cope. Nearly 40% of millennials report that they have increased their credit card usage in the last year to manage daily expenses, with 20% increasing their credit card usage by more than $500 in the last year.
In addition, 59% of millennials have considered postponing major life events, such as weddings, home purchases or starting families due to financial challenges.
Taking on debt or putting off life events may not be the best ways for millennials to cope with high living expenses. Here are some better methods for people to consider.
Look For Ways To Lower Monthly Bills
You don’t always need to sacrifice the services you want to lower your monthly bills.
“Spend just a few minutes reviewing each account and look for savings to free up room in your budget,” said Andrea Woroch, a consumer and money-saving expert.
Woroch said to make a list of each recurring expense you’re currently paying and look for ways to save on each one.
“Cancel unused or forgotten subscriptions, whittle video streaming [services] from four to one or two, and supplement content for free by streaming movies and documentaries from your local library digital platform,” she said. “Bundle insurance plans and increase your deductible for up to 20% savings, and negotiate rates with cable and internet providers by leveraging competitor deals.”
You may also be able to save money by simply changing how you pay your bills.
“Use a credit card that offers cash back, as you can earn something back to help offset future monthly expenses,” Woroch said. “This means you could rake in some free money each month to apply towards other purchases and better cope with higher living costs.”
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Shop Savvier
You can’t control inflated prices, but you can control how you shop.
“More consumers are turning to secondhand shopping in order to save on essentials, especially as tariffs threaten to increase prices further,” Woroch said. “Adopting this practice is a savvy way to save on essential purchases, as well as specialty items.
“Use local listing sites like Facebook Marketplace or OfferUp to shop for gently used furniture and home goods,” she continued. “SidelineSwap is a great place to find secondhand sporting gear, while Poshmark offers secondhand fashion direct from other consumers for serious savings on popular brands.”
Another savvy way to save is to make purchases using discounted gift cards, which you can find at warehouse clubs and several online retailers.
Increase Your Income
While it’s always smart to look for ways to cut costs, you should also be looking for ways to increase your income.
“If you don’t have a lot of room to cut expenses, explore learning new skills to increase your income, or start a side hustle,” said Erika Kullberg, personal finance expert and founder of Erika.com.
Look For Affordable Ways To Achieve Life Milestones
You don’t necessarily have to put off life milestones like getting married or buying a house, but you should look into ways to make achieving these milestones more affordable. This could mean having a smaller wedding or relocating to a more affordable area. However, postponing these milestones may be the best option in some cases.
“Delaying milestones may make sense if it protects your financial stability,” Kullberg said. “Consider how a large amount of wedding debt could stress you out on your special day or put a strain on your new marriage. Postponing something important can also help fuel your drive and your imagination, so that you ramp up savings and find ways to make it happen sooner.”
Editor’s note on political coverage: GOBankingRates is nonpartisan and strives to cover all aspects of the economy objectively and present balanced reports on politically focused finance stories. You can find more coverage of this topic on GOBankingRates.com.
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This article originally appeared on GOBankingRates.com: Millennials Don’t Think Trump Will Lower Cost of Living: 4 Ways To Cope With High Expenses
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