Inflation is at a 40-year high, and you are likely experiencing its effects on many of your expenses. Whether you’re at the gas pump, shopping online or the grocery store, everything costs more now — so how can you cut back on spending during high inflation periods?
It’s difficult to determine when inflation will hit its peak; or how long before prices start dropping again. For now, it’s important to save where you can. Start by creating a budget and stick to your plan. Here are some tips on how to save money and make your dollar go further:
- Skip the specialty coffee drinks. You’ll save money by brewing at home.
- Don’t buy napkins – use washable and more sustainable options. Cloth towels or reusable bamboo paper towels work great.
- Cook at home more often. Be selective when choosing to eat out.
- Buy in bulk or whole versions. Prepackaged foods cost as much as three times more.
- Ask to work from home if possible. Even a day or two a week could help you save on gas.
- Cancel unused subscriptions. Maybe you signed up during a trial period and no longer find value in the service. Don’t forget to cancel!
- Consider buying gently used items, especially for kids. Local garage sales and online marketplaces are a great way to buy items second-hand. Jackets, clothing and sporting equipment are just some ideas.
- Likewise, consider selling your items to earn some cash.
- Reduce your utility use. Adjust your thermostat a couple degrees and you’ll save on your energy bills.
- Increase your insurance deductibles. You will have a lower premium when your deductibles are higher.
Many Americans are experiencing financial stress due to high inflation. If you are facing overwhelming debt, reach out to one of our loan officers at First Centennial Mortgage. We can review your unique financial situation and may be to help with a debt consolidation mortgage refinance. Contact us today!