Episode #406 - "Inflation Busting - Strategies For Living When Our Money Buys Less"
A Moody's Analytics study reports that the average household spent $709 more in July 2023 than in July 2021. That's inflation.
These inflation busting strategies will help you navigate these hard times. We can't affect the inflation rate, but we will help you save money and make your money go farther.
we'll talk about that on today's episode.
Here are some strategies we can use to cope with rising inflation.
Prioritize essential expenses:
Focus on covering basic needs such as food, housing, and healthcare.
Cut back on non-essential spending:
Reduce discretionary expenses like entertainment, dining out, or luxury items.
Cut out impulse buying.
Wait a set period of time between decision and purchase
Reduce Debt
Pay off as much debt as possible
Look for discounts and deals:
Seek out sales, coupons, or loyalty programs to save money on necessary purchases.
Buy in bulk:
Purchase non-perishable items in bulk to take advantage of lower unit prices.
Repurpose:
Saving leftovers to make soup, and other items to repourpose.
Explore affordable alternatives:
Consider cheaper brands or generic products that offer similar quality.
Save on utilities:
Conserve energy by using energy-efficient appliances, turning off lights when not in use, and adjusting thermostat settings.
Water usage
Utilize community resources:
Take advantage of local food banks, community programs, or assistance programs that can help with essential needs.
Take advantage of local programs or organizations that offer assistance with food, housing, or other essential needs.
Explore free or low-cost alternatives
Entertainment:
Look for free community events, borrow books from the library, or enjoy outdoor activities that don't require spending.
Use the church gym (if yours has one) rather paying that gym membership
Many churches off excellent gym facilities - free
Car pooling is another option to save on fuel costs.
Increase income
Explore opportunities to earn additional income
Part-time or freelance work
Uber or Lyft
School bus drivers
Nationwide shortage
Most come with benefits
Grass cutting
Craft sales
Yard sales
Consignment shops
Tutoring
Cash back apps – Ibotta https://www.ibotta.com
Discount apps – Rakuten https://www.rakuten.com
Seek financial assistance or advice:
Reach out to local organizations or financial counselors who can provide guidance and support for managing limited income during inflationary periods.
Pay attention to car care
Regular maintenance helps slightly with fuel mileage, but it can save tons on repair bills
Driving habits
Combining trips
Reducing speed saves fuel
Avoid Jack rabbit starts
Slowing earlier when stopping reduces break wear, saving you money.
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