You feel it every time you shop for groceries, fill your gas tank, or read a restaurant menu. Life is expensive, and getting more so all the time. While the rate of inflation has slowed somewhat in recent months, prices are still only going in one direction – up.
Here are some simple things you can do to fight back. These kinds of small changes can quickly add up to meaningful savings. For example, if you can save just $50 per week with some combination of the steps below – a very reasonable goal – you’ll put an extra $2,600 in your pocket per year.
Day-to-Day Savings
- Limit your takeout food expenses. Make your own coffee instead of buying it every morning. Bring your lunch to work. And make more dinners at home instead of dining or ordering out.
- Bring a grocery list to the store, stick to it, and avoid impulse purchases. Look for sales, coupons and promo codes to find bargains, especially for items you can store in your freezer or pantry.
- Shop at discount and bulk stores that offer lower prices, and try private-label and generic brands for certain items.
- Keep your car well-maintained so it runs as efficiently as possible. Drive at a smooth even pace to reduce gas consumption and vehicle wear. And use gas price comparison apps to find the lowest prices in your area.
Monthly Savings
- Pay off your entire credit card balance each month to avoid interest charges.
- Use a cash-back credit card to save on things you’d buy anyway, such as groceries and gas. And join loyalty programs to take advantage of the discounts they offer.
- Cancel any subscriptions you don’t use, such as food delivery services, apps, and memberships.
- Instead of paying for multiple streaming subscriptions, join one service at a time, binge the shows you want, cancel, and move on to the next.
- Contact your cable or internet provider to negotiate a lower monthly payment. You might be pleasantly surprised. If not, check out some lower-cost TV plans or free services.
- Consider switching to a less costly cell phone plan. Ask your cable/internet provider if it offers a phone plan with bundling discounts. And if you’re still paying for a landline … why?
- To cut your utility bills, seal and insulate your home to optimize heating and cooling systems. Use efficient LED light bulbs that require less energy. Unplug electronics when you’re not using them to keep them from drawing power. And run your laundry machines, dishwasher and other appliances during off-peak hours, when rates may be lower.
- If you’ve had the same insurance providers for a while, take a few minutes to do some comparison shopping. You may find other carriers in your area that offer much lower rates, especially if you bundle your coverages.
This is just a small sampling of the ways you can fight back against rising prices. So if you’re feeling the pinch of inflation, pick a few action items, get going on those, and start taking greater control over your expenses.