Tips on how to save when money is tight

While the stock market continues to struggle, inflation reaches a 40-year high and gas prices hover near $5 a gallon, life feels expensive.

Locals in Jacksonville, like Ryan Eisenhower, tell us they are already trying to cut back on costs to save some money.

>>> STREAM ACTION NEWS JAX LIVE <<<

[DOWNLOAD: Free Action News Jax app for alerts as news breaks]

“Just trying to cut corners. Save money on gas, just not buy as much stuff. Any and everything we can do to save money.”

Action News Jax asked economist Don Wiggins, “What can people do to control their checkbook?”

“Treat your savings like your first expense,” Wiggins responded.

Wiggins says you should always take out money for retirement first — and live off the rest.

“The single best advice I would give is, ‘put your money aside that you were going to retire on first, and then adjust your lifestyle accordingly,’” Wiggins said.

Looking to the future is key, but in the meantime, money can be tight. He says controlling utilities is a powerful tool.

Energy.gov suggests a few tips on saving on energy:

  • Control the thermostat and keep it high during the summer months.

  • Clean vents.

  • Keep fans off.

“Everybody’s facing the same situation here and you definitely do not want to dip into savings,” Wiggins says.

He says you should also cut back on driving, if possible. Drivers like Forrest Andrews say they have already tried to stop driving as much.

“Not that far, but I’ve had to cut out a lot of activities that I have. Like, if it involves going to the beach, it’s just out.”

Other ways you can instantly save:

  • Eat at home or bring food from home to work.

  • Cut expensive, bad habits like smoking or casual drinking.

  • Stay close to home instead of taking a full vacation.

  • Take another look at all of your subscriptions — do you need every streaming service?

“Huge difference at the end of the week. Saves a lot of money. Keeps more money in the checkbook.”

Another great way to track your personal spending is to annualize your costs. If you get a coffee on the way to work, you could be spending $1,500 or more every year. Compare that to a cup of coffee at home, where you would spend about $150 a year.

[SIGN UP: Action News Jax Daily Headlines Newsletter]

Click here to download the free Action News Jax news and weather apps, click here to download the Action News Jax Now app for your smart TV and click here to stream Action News Jax live.