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
You check your account after an argument and suddenly the balance is gone. Your parent pulled everything out, even though most of that money came from you. You go to the bank expecting help, but they basically shrug and say they had access, so there’s nothing they can do. Now you’re stuck wondering if that’s really the end of the story. Good news is, it’s not.
Your tenant disappeared and left behind a stack of personal items. What's a reasonable span of time to wait to remove the items?
Your friend paid back the money he owed, but it's all in coin rolls and jars of pennies. Now what?
You set up a power of attorney because you trusted your relative and wanted a little help managing bills or handling finances. At the time, it felt like the smart move, but now something doesn’t feel right. Money is moving in ways you don’t recognize and some transactions just don’t add up. It’s an uncomfortable place to be, especially when it involves family. Still, if something is off, you’re not powerless here. Here's how to figure out what’s happening and protect yourself.
You found some old savings bonds tucked away in a drawer or a box, and head to your bank thinking it’ll be a quick and easy process to cash them in. Instead, they tell you they don’t handle savings bonds anymore. Now you’re stuck wondering what changed and what you’re supposed to do next. The good news is your bonds are still valid and redeemable, you just have to go about it a different way.
You’re settling into your new home, maybe doing a bit of exploring, and you stumble across something unexpected in the attic: valuable jewelry. At first, it feels like you just got incredibly lucky. Then the previous owner reaches out and says it was left behind by accident and wants it back. Now what felt like a great surprise suddenly turns into a stressful situation. Do you actually have to give it back, or is it yours now?
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
