12 Ways To Deal With Increasing Inflation
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By Jennifer Abrahams | Reading time: 2 minutes, 19 sec | 466 words
Listening to the radio this morning, an economist was talking about the consumer price index and the inflation rate and energy prices and all sorts of scary things. What does a “surging inflation rate” really mean, and do I need to do anything about it?
Inflation is when prices increase. It can be as obvious as the big letters on gas station signs, and as subtle as smaller packages for the same price at the grocery store. It is here now and making things like our regular trips to the grocery store more expensive. While we do not know how long prices will be this high, it is a good time to build money-saving habits that can outlast inflation.
Here are some tips to get us through:
Tip #1: Take the time to comparison shop. From laundry detergent to clothes to appliances, it pays to know all your options before making a choice.
Tip #2: Don’t pay for excess packaging. Many of the products we use most often come in a variety of sizes. By buying larger sizes, you can pay less for each serving or use. Buying in bulk is the ultimate way to avoid paying for packages!
Tip #3: Name brands are not the only option. Many retailers have their own brand of products, often with the same ingredients as the name brand and at a much better price.
Tip #4: Shop with a list and a plan. Those unplanned purchases can really add up.
Tip #5: Check product price. When you are specially in a grocery store, check out the products on the higher and lower shelves. Manufacturers pay to have their products at shoulder height, and that cost generally gets passed along to consumers.
Tip #6: If you’re collecting points, check out any of those promotions. And use the points you have – they can make a big difference to your final bill!
Tip #7: Leave the kids at home when you shop. They are awfully persuasive when they want something, and it is not always on the list!
Tip #8: Update your monthly budget to reflect these increased costs. Prices might stay this high for a while, so it is best to be prepared.
Tip #9: Live below your means. Income does not usually grow at the same rate as inflation, so by removing unnecessary expenses, you can build a buffer to handle these higher prices.
Tip #10: Emergency Fund. Keep some extra money readily available should you need it in case of emergency. Living below your means will allow you to keep building this fund.
Tip #11: Make room for saving. Your future self will thank you for being ready with a retirement plan!
Tip #12: Invest in yourself. lifelong learning, sharpen your skills, learn new skills, and keep learning financial literacy
Our suggested tips can help to combat inflation and deal with a rising cost of living however if you are currently facing overwhelming debt, remember that you are not alone. Don’t be afraid to seek help. It is important to know that there are solutions to support you with managing your finances and getting out of debt. Our Debt Relief Specialists are available by phone at 1.855.884.9243, or you can request a call back via our contact us page. There is no need to travel to a local office. Licensed Insolvency Trustee, Bromwich+Smith, is now offering video appointments, with all services available from the comfort of your home.
Jennifer is COO of a family of 4 that includes two very hungry teenagers with expensive taste in electronics and hoodies. When not scouring the world for the greatest deals, she can be found cheering on amateur hockey, swim club races and marching bands, and she is the Marketing Manager at Bromwich+Smith.