How to Fight Inflation
Have you noticed your dollar doesn’t go as far as it used to? Inflation is when there is a general increase in prices and a fall in the purchasing value of money. From March 2021 to March 2022, consumers have seen an 8.5% increase in their costs of goods. Inflation can be scary and cause financial stress. Combat inflation with these tips.
Groceries
We need food to survive. That’s a fact. Yet, with milk, bread, and eggs rising in price, it’s hard to just get the necessities on the dinner plate. So, to cut costs at the grocery stores try one, if not all of these:
- Coupon clipping! – Most stores let you coupon clip online, making it easier and more convenient to remember to type in a number at the checkout lane or scan a rewards card versus cutting out dozens of slips of paper from newspapers and magazines.
- Cost-effective food – Swap out reasonable substitutes in your recipes, for example, using canned veggies instead of fresh veggies. Or, try to eat less meat. Meat is expensive, so if you can find meatless recipes, you’re cutting down costs. Cheap ingredients include pasta, rice, potatoes, and eggs. It also isn’t a bad idea to buy cheaper brands. Finding recipes with these ingredients will make your bill go down.
- Meal plan – Plan out each meal for every day until the next time you plan to grocery shop. To save more, choose meals that have overlapping ingredients. For example, if you have spaghetti with red sauce on Monday, try to pick another recipe that can use the red sauce for later in the week.
In addition, it’s always a good idea to avoid grocery shopping on an empty stomach. This will help you stick to your list and refrain from impulse purchases.
Gas
Unless you live in a big city where you can walk, bike, or bus to work, you’re probably gassing up your vehicle at least a couple of times a month. With gas prices constantly fluctuating, it’s difficult to maintain a regular budget. Plus, you may need to run more errands in a given month than others, so keep this in mind before you head out: Plan your trips. If you need to run to the bank, grocery store, and ship a package, try to pick locations all within a few miles of each other. Then you can get all the errands knocked out in one day, instead of spreading it out over several days.
Also, check to see if your grocery store offers fuel points/rewards. Groceries are necessary, so might as well get the bonus of fuel rewards at the same time. Every time you shop, you can be saving money on gas.
Re-evaluate Your Budget
Struggling to make ends meet? It may be time to look at your budget. If you don’t have a budget, learn how here. Budgeting is a crucial step in understanding your expenses. When you line item expenses out, you’ll be able to see where you can cut back. Consider cutting back in expense categories, such as eating out, entertainment, and clothing. Also, make sure you track small expenses like daily coffees or snacks from your work’s vending machine. Those small $2-5 purchases can add up, and are a great place to cut back.
Staycation
First, let’s make it clear: even with inflation, you should still try to go on vacation. With plane flights and gas higher than it was before the pandemic, it might be in your best interest to enjoy a staycation this year instead. You’ll save on hotel costs by staying in the comfort of your home. You’ll save money on gas since you’ll only be traveling to local sights. Plus, you’ll explore the city you live in, checking out the local shops and restaurants. Saving money on your vacation this year will help plan your dream vacation next year. Everyone needs time to relax and unwind, don’t let this year be any different.
High-yield Savings
Saving money is hard enough, let alone when there’s inflation. Higher-yield savings accounts earn more than regular savings accounts. So, choose a savings account with a higher interest rate to get the best yields. That’s more money in your pocket without even trying.
These aren’t the golden ticket answers to fight inflation. You might find other methods that work better. The goal is to give your finances enough wiggle room that alleviates the weight on your shoulders.