How can you balance high costs with rising inflation? Let’s take a look at ways to reduce spending. While we dive into reducing unnecessary spending, keep in mind, this does not mean sacrificing coverage.
Earlier this year, food costs rose nearly 8%, the largest increase we have seen since the 1980’s. We are seeing the rise in costs at the gas pump, our utilities are costing more and the rise in supply & demand is definitely taking a toll. How can we protect our investments and our future?
Try couponing. Most grocers have an app that you can download and cut digital coupons before walking into the store. Most of them offer rewards for using these services, such as discounted gas and other goodies. Although that may not be feasible for all, maybe try shopping at a discount store. While we’re on the subject, make a grocery list before entering the store. This will help cut down on unnecessary spending and if you’re like us, walking into a grocery store on an empty stomach, can also lead to unnecessary spending.
Cut your utility costs. Run your utilites at night, when rates are usually lower. Meaning, wash your clothes and run your dishwasher once the sun has gone down. Use ceiling fans when you can. In the summer, operate them counterclockwise. You may even be able to bump your thermostat up a degree or two and not experience any discomfort. But, in the winter, switch the direction of your ceiling fan to help with heating bills.
Focus on savings. Put a little bit of each paycheck into building an emergency fund that can cover three to six months’ worth of expenses. You’ll never know when you find yourself in a situation where you need extra cash fast. Do you have direct deposit? See if your employer or HR dept can help you with adding another bank account to your direct deposit and have them drop a set amount in each pay period. You’ll find those extra pennies will add up fast.
The bottom line, inflation is here and it’s not going away anytime soon. Be smart with your money and your expenses.
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