Prices are rising and consumers are feeling the effects. From higher prices at the pump to more expensive grocery bills, consumer wallets are shelling out more and anxiety is high. While coffee break conversations can quickly turn to stress sessions over inflation, there are a few things you can do to combat rising prices and keep more cash in your pocket.
- Cut Costs at the Grocery Store – Make a meal plan and be sure to stick to the list when shopping. Optimize cost-effective foods and swap name-brand products for generic versions.
- Make a Budget – With prices rising and taking an effect on daily living, it’s important to identify and pursue needs versus wants.
- Eliminate or Reduce Subscriptions - Monthly subscription fees can add up fast and take a chunk out of your budget. Many subscriptions are easy to turn off and on, so consider eliminating a few subscriptions for the time being.
- Examine Existing Deb - Review all of your current debt to ensure you’re getting the lowest interest rate you can. With rates rising, now is a good time to examine and ensure you’re paying the lowest to borrow and keeping more money in your pocket.
- Increase your Income - Consider picking up a part-time second job or finding an alternative full-time position that pays more. See if local restaurants in the area are offering part-time help or consider a work-from-home position to save on gas.
While inflation is stressful, you cannot control how it rises and falls. You can, however, take control over your own financial choices by taking steps today that will help you combat inflation costs tomorrow.