Inflation is nothing new. It’s been around for centuries, and it’s likely to stick around for many more. While the average inflation rate over the past 60 years was 3.8%, for April 2022, prices had increased 8.3% compared to the same month the year before. And while there’s not much we can do about inflation, there are ways to minimize its effects on our budget. Here are five often overlooked ways to cut costs during inflation.
Fight inflation by pausing services you aren’t using
If you have a gym membership you rarely use, or a subscription to a streaming service that you only occasionally watch, now is the time to hit the pause button. Many businesses offer vacation or service holds that allow you to pause your services if you’re going to be away for an extended period of time. With a temporary hold, you may pay a reduced fee or nothing while the service is not being used. Every little bit helps, and those monthly fees for unused services can add up quickly.
Buy shelf-steady groceries in bulk to maximize volume buying
When inflation hits, often the first place we feel it is at the grocery store. But there are ways to combat rising food prices. Stocking up on non-perishable items when prices are low can help offset higher prices down the road. While this may seem counterintuitive, buying in bulk can save you money in the long run. Cut costs by cutting down on eating out. While food prepared at home now costs 10% more than it did a year ago, eating at home is still a more affordable option than eating out.
Fight inflation by canceling unused or unwanted subscriptions
We all have those subscriptions that we signed up for and then forgot about. If you’re not using them, cancel them! And of course, there’s an app to help you do just that! TrueBill is a service that helps you manage all your subscriptions in one place. From viewing upcoming bills, to canceling unwanted subscriptions, TrueBill can help you stay on top of your budget and spending each month. While there are fees involved, if unwanted subscriptions and monthly recurring fees are taking a bite out of your budget, this app could be a perfect fit.
Find financial assistance programs
Many companies offer help to those who may need a little extra support. For example, CenturyLink participates in the FCC’s Affordable Connectivity Program, which provides qualifying customers with a reduced monthly internet bill. If you think you might qualify, it’s worth looking into. You could save a lot of money each month on your bills.
Maximize credit card points to take advantage of free products, services and upgrades
If you use a rewards credit card wisely, you can get a lot of free stuff. From free travel to cash back on your purchases, there are plenty of ways to make your credit card work for you. With a bit of research and strategic planning, your credit card use could end up netting you some pretty great freebies.
Inflation can be a pain, but there are ways to minimize its impact on your budget. By following these tips, you can save money and help keep your finances healthy.
What other tips do you have to help fight inflation? Drop them in the comments below. We’d love to hear from you.
