Tips and strategies to combat inflation
As the cost of groceries, gas and just about everything else increases, the amount that money can buy decreases. Here are few tips on how to maintain your ability to pay for necessities:
- Take a close look at your spending: Try to cut down on unnecessary spending by 5%. Shop strategically for essentials by using coupons and buying generic brand products rather than name brands.
- Look for savings: Consider renegotiating your cable or cell phone bills with your provider. It's possible they can offer a plan that is cheaper than the one you currently have.
- Bring more money in: Think about opening a savings account with a bank or credit union that pays you more interest than you are earning now to maximize your passive income.
Visit nerdwallet to learn more.
How to save money on the essentials
Inflation is not likely to ease up anytime soon, resulting in a strain on household budgets. Here are some spending strategies that can help you save on everyday expenses.
- Food: Buy frozen fruit, vegetables and fish. You can save between 30% and 50% on the price compared to fresh items.
- Gas: Sign up for fuel savings programs at your favorite gas station. They can save you 5-10 cents off of every gallon, and are typically free.
- Utilities: Negotiate with your providers. Speak with the customer retention team of your cable provider or utility companies and see what they can offer you in terms of discounts.
Visit CNET for more ideas that can help you cope with inflation's toll on your household.
