The Cost of Living Is Rising. Here’s How to Take Back Control of Your Money.

Practical ways to reduce everyday expenses, protect your financial future, and put more money back in your pocket.

By Preston Duppins Jr., Founder and Managing Partner/Advisor, Avenia Wealth Advisors.

A Lesson From More Than 35 Years in Financial Services

I've spent more than 35 years in the financial services industry. Throughout my career, I've provided financial education on budgeting, credit, saving, and the fundamentals of managing money. I've also helped thousands of individuals work their way out of debt, rebuild their finances, and get a fresh start.

Over time, my work has evolved. Today, I work with individuals, families, business owners, and professional athletes to help them invest, address their insurance needs, plan for retirement, and protect their wealth for future generations.

So, after all these years, what have I learned? What wisdom would I share with someone trying to navigate today's financial environment?

First, understand that managing your money is not just about building wealth. Sometimes, it's about protecting what you already have.

And right now, that lesson matters more than ever.

1. Take Control of What You Can Control

From groceries and gasoline to prescription medications, healthcare, insurance, and housing, the cost of everyday living continues to put pressure on household budgets. Even the things we once considered manageable expenses—cell phones, internet service, automobiles, and homeownership—can consume a significant portion of our income.

When prices rise, many people feel as though they have little control over their financial situation. We can't individually determine the price of groceries, change the cost of healthcare, or dictate interest rates. But we can take a closer look at how we're spending our money.

The first step is to know exactly where your money is going.

I often encourage people to think about their household the way a business owner thinks about a business. A business must understand its revenue, operating expenses, and cash flow to remain financially healthy. Your household deserves the same attention.

Start by identifying everything you pay for on a monthly, quarterly, or annual basis. Include the obvious expenses, such as your mortgage or rent, utilities, car payments, and groceries. Don't overlook annual insurance premiums, membership fees, streaming subscriptions, and other recurring charges.

Then ask yourself two simple questions:

• Is my income sufficient to cover my expenses?

• After paying my bills, am I saving enough to prepare for unexpected expenses and future goals?

If the answer to the first question is yes, that's a good start. But if you're barely breaking even, or if your expenses exceed your income, it's time to make some adjustments.

You may need to reduce expenses, increase your income, or do both. Increasing your income might mean pursuing a better-paying position, developing an additional source of income, or taking on part-time work if your circumstances allow.

For this article, however, let's focus on an opportunity many households overlook: reducing the cost of the things you're already paying for.

2. Review Your Insurance Before Accepting Another Price Increase

Insurance is one of the most important areas to review because premiums can change significantly over time.

I know that nobody looks forward to shopping for insurance. Comparing policies, requesting quotes, and reviewing coverage can feel like a chore. But a little effort can produce meaningful savings.

I learned this firsthand when an increase in my homeowners insurance threatened to push my annual cost close to $15,000. That increase forced me to explore other options. In doing so, I found coverage at a lower cost with a company and policy that better suited my needs.

The experience reminded me of something I've seen repeatedly throughout my career: an increase in cost can become an opportunity to find a better solution.

As a licensed insurance professional, I've reviewed clients' policies and found opportunities to improve their coverage while reducing their premiums. Of course, every policy is different, and lower premiums don't automatically mean better coverage. But you won't know whether better options exist until you look.

Consider reviewing:

• Homeowners insurance: Compare premiums, deductibles, exclusions, and coverage limits.

• Auto insurance: Request quotes and ask about available discounts, without sacrificing appropriate liability protection.

• Life insurance: Review whether your existing coverage still meets your family's needs and whether the premiums remain competitive.

• Other insurance policies: Examine your coverage for gaps, unnecessary duplication, or opportunities to improve value.

Don't automatically cancel a policy or reduce essential coverage just to save money. The objective is to get the protection you need at a competitive price.

And don't assume that the company you've used for years is still offering your best option.

3. Negotiate the Bills You Pay Every Month

Insurance isn't the only expense worth reviewing. Some of the services we use every day may offer opportunities for savings.

Take your cell phone, internet, and television services, for example. Many households continue paying the same rates for years without checking whether better plans are available.

Call your providers and ask a few questions:

• Am I paying for services or features I don't use?

• Are there less expensive plans that meet my needs?

• Are there discounts, promotions, or bundles available to existing customers?

• Could I save money by changing my plan or provider?

You might be surprised by what you discover.

The same principle applies to utility expenses. Contact your electric or water provider and ask whether it offers a home energy assessment, conservation program, or other resources to help reduce consumption.

These programs may help identify inefficient appliances, water leaks, running toilets, or other issues that increase your bills. Simple changes, such as adjusting your thermostat, fixing leaks, or replacing inefficient light bulbs, may also help reduce costs.

You don't need to make every change at once. Start with the expenses that offer the greatest potential savings and work your way down the list.

4. Look for Smarter Ways to Manage Healthcare Costs

Healthcare is another major expense for many families, and it's an area where comparing options can make a difference.

For routine care, some membership-based primary care services offer access to physicians for a fixed fee. Amazon One Medical, for example, has offered annual memberships, although current pricing and included services should be verified before enrolling.

These arrangements may be worth exploring if you're looking for more convenient access to primary care. However, a membership is not a substitute for comprehensive health insurance and generally does not cover major medical expenses, hospitalizations, or all specialist services.

Before enrolling, compare the membership fee, included services, and out-of-pocket costs with your existing healthcare arrangements.

Prescription medications are another area worth reviewing.

Tools such as GoodRx allow consumers to compare certain prescription prices and access discounts at participating pharmacies. Depending on the medication and your insurance plan, a discount price may sometimes be lower than your insurance copay.

However, discount programs don't work the same way for every prescription or insurance plan. Compare your actual costs before deciding which option to use, and ask your pharmacist or prescriber about generic alternatives and manufacturer assistance programs when appropriate.

The lesson is simple: Don't assume the first price you receive is the only price available.

5. Reconsider How Much You Spend on Food

One of the decisions I made years ago was to eat more meals at home. My original motivation was to eat healthier, but I also discovered an important financial benefit.

Eating out regularly can become expensive, especially when you factor in taxes, tips, delivery fees, and service charges.

Convenience has a price, and those small purchases can add up quickly when they become part of your routine.

That doesn't mean you should never eat at a restaurant. It means you should understand how much you're spending and decide whether that spending aligns with your priorities.

Here are a few practical ideas:

• Plan meals before going grocery shopping.

• Prepare meals at home more often.

• Compare unit prices and consider store brands.

• Buy items you regularly use when they're on sale.

• Reduce food waste by using what you already have.

• Take advantage of grocery-store rewards programs and digital coupons.

My wife has been particularly helpful in taking advantage of rewards programs at stores such as Publix, Target, Walmart, and others. Digital coupons and store promotions can generate savings on items we already purchase.

The key is to use these programs strategically. A discount on something you need can save money. Buying something you don't need simply because it's on sale does the opposite.

6. Audit Your Subscriptions and Recurring Payments

A few dollars here and there might not seem significant, but recurring expenses deserve attention because they continue month after month.

I stopped paying for traditional cable television years ago and moved to streaming services. While that change gave me more flexibility, it also introduced a different set of expenses.

Between services such as Netflix, HBO Max, Disney+, and others, streaming costs can gradually add up.

Take the time to review every subscription you're paying for. Look at entertainment services, music platforms, cloud storage, memberships, apps, and other automatic payments.

Ask yourself:

• Do I still use this service?

• Am I paying for multiple services that offer similar content?

• Is there a less expensive plan?

• Can I pause or cancel a subscription I rarely use?

• Are there legitimate bundles that would cost less than my current arrangements?

Some streaming providers offer bundles or promotional pricing, but availability and terms vary. Compare the total cost and make sure the bundle includes services you actually want.

Also, check your bank and credit card statements for recurring charges you may have forgotten about.

The goal isn't to eliminate every convenience. It's to stop paying for things that no longer provide enough value.

7. If You're Struggling With Debt, Get Help Early

For many households, the problem isn't simply that expenses have increased. It's that rising costs have made existing debt harder to manage.

Credit card balances, high interest rates, and minimum payments can create a cycle that becomes increasingly difficult to escape.

If you're struggling with credit card debt, don't ignore the problem or assume you have to solve it alone. Consider contacting a reputable nonprofit credit counseling organization, such as Navicore Solutions, to discuss your situation and understand your options.

A qualified counselor may help you review your budget, develop a debt repayment plan, and determine whether a debt management program is appropriate for your circumstances.

Be sure to understand the fees, terms, and potential effects on your credit before enrolling in any program. Be cautious of companies that promise to eliminate your debt quickly or guarantee results.

Most importantly, take an honest look at how the debt accumulated. Reducing your interest costs can help, but developing a sustainable spending plan is equally important if you want to avoid returning to the same situation.

There is no shame in asking for help. The important thing is to take action before the problem becomes more difficult to manage.

8. Protect Your Retirement Savings

When money gets tight, it can be tempting to turn to retirement accounts to cover everyday bills.

As a financial advisor, I encourage people to examine other options before withdrawing money from retirement savings.

Depending on the account, your age, and the circumstances, an early withdrawal may trigger income taxes, additional tax penalties, or the loss of future investment growth. Those consequences can make an already difficult financial situation even harder.

That doesn't mean every withdrawal is inappropriate. Financial circumstances differ, and there may be situations where accessing retirement funds is necessary. But the decision should be made carefully, with a clear understanding of the financial and tax implications.

Before taking money out of a retirement account, consider whether you can reduce expenses, negotiate payment arrangements, restructure debt, or use other available resources.

If a withdrawal remains necessary, consult a qualified financial or tax professional to understand your options.

Your retirement savings represent more than money in an account. They represent future financial security. Protecting them should remain a priority whenever possible.

Small Changes Can Make a Meaningful Difference

One of the most important lessons I've learned throughout my career is that financial progress doesn't always begin with earning more money or making a great investment.

Sometimes, it begins with a phone call to your insurance company. Sometimes, it's canceling subscriptions you no longer use. Other times, it's preparing more meals at home, comparing prescription prices, or simply taking the time to understand where your money is going.

Individually, these changes may seem small. But when you identify several opportunities and make them part of your routine, the savings can become meaningful.

Consider what would happen if you found just $100 in monthly savings. That's $1,200 over a year. Find $250 a month, and you're looking at $3,000 annually.

That money could help you build an emergency fund, pay down high-interest debt, cover unexpected expenses, or contribute toward your long-term financial goals.

The benefit isn't just the money you save. It's the peace of mind that comes from knowing you're taking deliberate steps to improve your financial position.

My Final Thought

After more than 35 years in financial services, I believe one of the most valuable things you can do for yourself and your family is to become more intentional about managing your money.

You don't have to change everything overnight. Start by reviewing your expenses. Identify where you're paying more than necessary. Make a few phone calls. Compare your options. Then put the money you save toward something that strengthens your financial future.

The economic environment may be beyond your control, but your response to it doesn't have to be.

Take control of what you can control. Protect what you've worked hard to build. And remember that every dollar you save is another dollar you can put to work for yourself and your family.

At Avenia Wealth Advisors, we believe financial planning is about more than investments. It's about helping individuals and families make informed decisions, protect their financial well-being, and prepare for what lies ahead.

Because the path ahead is best prepared when you take action today.

The Path Ahead Prepared!