Some Great Ways To Take The Bite Out Of Inflation
Some Great Ways To Take The Bite Out Of Inflation
The Upward Spiral
Prices have been going up and up in recent years. Even though the official inflation rate has eased off recently, international events, commodity price fluctuations, and other factors mean that inflation is never far away. Let’s look at some great strategies to cushion the blow of inflation.
Comparison Shop
Fighting inflation is about keeping costs down. Comparison shopping is a great way to make retailers compete for your money and keep prices reasonable. If you’re used to going to the same stores for products, you’ll be surprised at how much prices can vary between products sold at different stores. There are apps out there that will help you see what grocery stores are offering the best prices that week; you'll really notice the difference in prices.
Jack Sparrow, Pexels
Cut Food Waste
Know what you have in your fridge, freezer, and cupboards. Make a point of eating any foods that are getting close to expiry or freeze them if possible. This is especially true for things like fruits and vegetables. Throwing expired food out is a major waste of money and one of the worst habits to affect our wallet.
Buy In Bulk
Buying in bulk is a great way to save on dry goods as it's much cheaper by weight than buying prepackaged foods. This is especially true if you do a lot of cooking at home, which is something you already should be doing most of the time if you’re serious about saving money.
Andrew Spencer, Unsplash
Get Reusable Items
Try as much as possible to buy items that you can use again and again. A washable reusable coffee filter basket is one obvious example of this principle. Put sandwiches in hard plastic or Tupperware containers instead of wrapping them in cling wrap or wax paper. Since the cost of paper towels has climbed upward in recent years, use cloth dishtowels for washing dishes or wiping up in the kitchen.
Invest Rather Than Stockpile Cash
Money loses value over time if it’s kept in a low-interest savings account during inflationary periods. You’re almost always better off parking money in a stock market index fund, real estate, or other low-risk diversified investments if possible. There are some solid investment principles to follow for long term success. If you’re unsure you can seek out a financial advisor for help.
geralt, Pixabay
Pay Off Your Debts
Debt is one of the areas where inflation can really hammer you if you’re not careful. If you have outstanding credit card debts or a variable rate mortgage, inflation is going to lead to higher interest rates and higher payments. Look at how much you owe, and substitute a repayment for some non-essential purchases. Quickly paying off credit card debt is one of the best ways to fight inflation over the long term and keep you financially sound into the future.
Stay Aware
We can’t afford to live in a bubble, and this expression holds doubly true for our finances. Keep yourself aware of how things are going in the economy, not just nationally but in your own community. Think about starting a budget if you don’t have one already, and take an active role in your own financial affairs. This is only one of the great financial habits you can start today if you want to secure your financial future against inflation.
You May Also Like:
Wasteful Expenses That Are Keeping You Poor, According To Warren Buffet
The Best Money Advice From Top Financial Gurus
Items You Should Always Buy Used
Sources: 1, 2, 3
READ MORE
For years, I watched my brother borrow money from our parents, always assuming those amounts would eventually be repaid. Now that the estate is being settled, I've learned that the money is being classified as a gift instead of a debt. That distinction could affect how much money remains for everyone else to inherit. But can I actually challenge the decision, or does my brother get to keep everything he received?
My parents recently sold their longtime family home to buyers who purchased the property without ever setting foot inside. Everything seemed fine until the buyers discovered that my father had smoked cigarettes indoors for years, and now they're claiming the house is uninhabitable. They're demanding that my parents pay for extensive cleaning and repairs, but are my parents actually responsible for a problem the buyers never bothered to investigate?
When my parents helped one of my siblings buy a house, nobody thought much about the paperwork. Years later, as we began sorting out their estate, that money suddenly became a major source of tension. Was it a generous gift, a loan that should be repaid, or an advance on an inheritance? The answer could affect how much every sibling receives, and it may depend on evidence nobody thought to preserve.
Your dad named you beneficiary of his retirement account, but his will says split everything. Learn whether you must share the inheritance, which rules apply, and potential tax consequences.
Your brother paid himself as executor before sharing the estate accounting. Is that legal? Learn your rights, executor fee rules, and what to do next.
Disclaimer
The information on MoneyMade.com is intended to support financial literacy and should not be considered tax or legal advice. It is not meant to serve as a forecast, research report, or investment recommendation, nor should it be taken as an offer or solicitation to buy or sell any securities or adopt any particular investment strategy. All financial, tax, and legal decisions should be made with the help of a qualified professional. We do not guarantee the accuracy, timeliness, or outcomes associated with the use of this content.
Dear reader,
It’s true what they say: money makes the world go round. In order to succeed in this life, you need to have a good grasp of key financial concepts. That’s where Moneymade comes in. Our mission is to provide you with the best financial advice and information to help you navigate this ever-changing world. Sometimes, generating wealth just requires common sense. Don’t max out your credit card if you can’t afford the interest payments. Don’t overspend on Christmas shopping. When ordering gifts on Amazon, make sure you factor in taxes and shipping costs. If you need a new car, consider a model that’s easy to repair instead of an expensive BMW or Mercedes. Sometimes you dream vacation to Hawaii or the Bahamas just isn’t in the budget, but there may be more affordable all-inclusive hotels if you know where to look.
Looking for a new home? Make sure you get a mortgage rate that works for you. That means understanding the difference between fixed and variable interest rates. Whether you’re looking to learn how to make money, save money, or invest your money, our well-researched and insightful content will set you on the path to financial success. Passionate about mortgage rates, real estate, investing, saving, or anything money-related? Looking to learn how to generate wealth? Improve your life today with Moneymade. If you have any feedback for the MoneyMade team, please reach out to [email protected]. Thanks for your help!
Warmest regards,
The Moneymade team
