When inflation rears its ugly head, how can you think of bills covering daily living expenses? Saving money becomes a pipe dream for many when the cost of living rises.
Luckily, there are ways to save money and create a new budget that will keep up with rising prices and save you money. Let’s take a look at the top 7 ways to save money even when prices are rising due to inflation.
1. Check your subscriptions
Do you know what subscriptions you have and how much they cost per month? Do you need all of them?
Surprisingly, many people cannot answer these questions. These “inexpensive” programs will get away with your money. Who will notice that $10 a month is not being used? Now you will!
These subscriptions accumulate over time and saving money takes thought and effort.
There are apps you can use to find all your subscriptions and help you decide what to keep, but you can also do it manually. First, list all the monthly subscriptions you are currently paying for and how much they cost.
Then add up your subscription costs to see how they fit in with your current budget. (Look at your spending habits to make informed decisions as you make changes. Focus on how much you get in and out each month. Budgeting will help determine how much you can afford based on what you have left after paying your bills. .)
Then go through everything and decide what you need to keep and what not to use.
Do you belong to a gym that you have never visited? Do you pay for live channels on Hulu and don’t use them? There are ways to downgrade your subscription without losing the service.
As you make changes, keep track of how much money you will be saving each month and add that amount to your emergency account. Inflation makes saving very difficult, so it’s crucial to deposit money into your emergency account as often as possible.
2. Make a list before you go shopping
The old saying goes, “Never go grocery shopping hungry.” This is very true, but if you make a list before you go to any store, you are more likely to get what you want. need instead of collecting random items that you see in a store that you not need.
Part of saving money is doing everything you do with a clear plan. The shopping list you create will guide you through the store. This ensures that even with inflated prices, you stay on target and within budget because you’ve already determined what to buy and spend before you step in!
3. Plan ahead and eat at home
Eating out is easy, but often expensive. Food at the grocery store these days is quite expensive. But in addition to the rise in the cost of food, this is due to the rise in the cost of food in restaurants and takeaway restaurants.
When you make a shopping list, plan your meals for the week as well. This way, you won’t be tempted to order a pizza instead of eating a pre-made meal that you have planned and that is within the safety of your budget.
Eating at home is probably healthier, cheaper, and faster than eating out. Being prepared with meal options at home for the week is a win-win situation!
The same goes for your morning coffee. Look at how much you spend on coffee each day and compare that to how much it would cost to buy a bag of coffee and make it at home.
Take the difference you save on eating and drinking at home rather than restaurants and add it to your reserve account. Watch your savings continue to grow!
4. Treat yourself to a day of online shopping on a budget
Shopping online can be a great way to stay on budget because you don’t shop around and find things you like that aren’t on your shopping list.
By limiting yourself to online shopping one day a week or a month, depending on your budget, you will be able to stay on track.
Another benefit of sticking to a specific shopping day is that it will help curb impulse buying. Do you need a third swimsuit or is two enough? By thinking through your purchases before making them, you will save money and stay on budget. There are minimal downsides to sticking to specific online shopping days.
5. Make sure you have the lowest monthly service rates
See how much you pay for monthly services like phone bills and cable TV. You can sign up for promotions at your current company or when you change companies. Also, always look for sales.
Reducing the cost of your services by even a few dollars a month can make a huge difference over time when it comes to how much you save each month. When inflation kicks in, you’ll be in top shape if you keep your monthly service prices reasonable.
Call the companies you have plans with and find out about current promotions you can take part in to cut down on your costs.
6. Try the coupon
You’ll find the best deals and cashback shopping options on apps like Honey and Rakuten. You can also go “old school” and cut out paper coupons from newspapers and flyers. Many stores have coupons and discounts that you can take advantage of.
Inflation drives up costs so much that any discount you can find will save you money.
7. Consolidation
Dealing with debt makes it difficult to stay on budget as interest continues to pile up. Options such as balance transfers and debt consolidation will help you stay out of debt. These options will allow you to lower high interest rates while reducing the minimum amount you have to pay.
Why keep paying high interest rates when lower interest options are waiting for you? Every dollar helps when you’re trying to save money (especially during inflation). Paying less each month through a lower interest rate or debt consolidation is a great way to keep your accounts in good standing while reducing your debt.
Simply call the companies you have debt balances with and discuss your options with them.
Conclusion
Inflation can make it hard to save money, but if you manage your budget in an organized way, you can make informed decisions about what you need to pay for and what you can save. This will surely make your life easier in the long run. Are you ready to save money? Start today!
This post originally appeared on Savoteur.
