Stretching Your Dollar: How To Save Money During Inflation
Inflation can take a toll on your financial wellness, making budgeting for essentials like gas, utilities, and groceries harder than ever. As prices rise, finding creative ways to help your money go further becomes increasingly important. This can look like adjusting your spending habits, changing up your budget, or simply being more mindful of how prices have changed. To help you keep up your financial wellness during these difficult times, here are four tips on how to save money during inflation—
Assess Your Essentials
One of the things that is affected the most during periods of inflation is the price of your everyday essentials like groceries. Your grocery list can start to seem like a fortune, making it feel like just living your daily life is too expensive. A good way to address this and ease some of the stress this can cause is to take a moment and assess what is truly essential. You know you need groceries, but do you need that particular brand of milk? Do you need to eat out or order in as often as you do? Start taking a look at your list of essentials and make some decisions regarding how you can save, whether it be switching the brands for more affordable options or reducing the amount.
Shop Smarter
When you shop at a clothing store or other retail locations, you are always looking for a sale or a deal. Why should shopping for your groceries and other essentials be any different? Next time you are grocery shopping, search the shelves for sales and markdowns. You can also use grocery apps to look for the best options. In this way, you can also start to plan your meals around items that are on sale, reducing your overall essentials and groceries cost. Another way to shop smarter and save money during inflation is to start buying in bulk. Bulk items are often cheaper than the alternatives and still maintain the same quality, allowing you to stretch your dollar to its full potential. There are many ways to shop smarter; start scanning the shelves!
Reduce Energy and Utility Costs
It has been said time and time again, but energy and utility costs are a big contributor to the cost of living, and reducing them in any way you can will help you financially whether it is during a period of inflation or not. Luckily, you can make simple changes around your home to help this. Most of the energy we use at home ends up being phantom energy, where things are plugged in or running when we don’t notice or we don’t need them. In addition, using more water than needed when brushing your teeth or showering can make your utility bills jump. Simple things like unplugging appliances, turning lights off when not in use, not leaving the heating or cooling system on all the time, taking shorter showers, and many others can make a big difference in your cost of living over time. Not only will this help you save money during inflation, it is also better for the environment!
Search for Rewards Programs
Another phenomenal way to maximize your spending during inflation is to find rewards programs with the shops you frequent the most. Many rewards programs are free to sign up, and end up resulting in major discounts along the way. This applies to any store you shop at
frequently, whether it be your local supermarket, clothing essentials store, or pharmacy. This can be especially helpful for grocery shopping, as getting rewards on the things you need to purchase anyway can be a huge help both in the moment and in the long run. However, it is important to remember not to overspend just to earn rewards or points. Use your rewards programs responsibly to help save money during inflation, and it will pay off!
No matter how your financial wellness is affected by inflation, there are always strategies to help you overcome and recover. It may seem difficult now, but with the right advice and the right support behind you, you will not only be able to manage this challenge, but to thrive once more. One of the things we pride ourselves on at 1st Advantage Bank is our ability to advise our customers in their time of need, helping them be the best financial version of themselves they can be. Our experts are ready and eager to assist you with your financial concerns, whether you are looking for the best type of account for your needs, the perfect lending and financing opportunities, or just some informed advice. To get help with your finances now, contact us here. Member FDIC and Equal Housing Lender