Consider these simple strategies to conserve your cash when prices go up
As you’ve probably felt personally, prices are on the rise. Your groceries, your utilities, your gas–all of them cost more these days due to inflation. But there are ways to save during inflationary times. It just takes a little planning.
First things first: make a budget. When you plan for expected expenses, you have a clearer picture of your financial situation. You know when you’ll have to pay your phone bill, and when you’ll have to pay your cable and Internet, and how much you have left.
Once you’ve factored in your monthly bills, you can shop for staples such as food, fuel and clothing with a closer eye on your budget.
There are ways to save during inflationary times. It just takes a little planning.
Here are five more easy ways to save money during inflationary periods:
1. Clip coupons. Coupons are a great way to save on staples that you buy regularly—even if you’re shopping online. Search for coupons and discount codes before you buy. Many companies accept their competitors’ coupons as well.
2. Use your rewards card. Use membership or rewards cards when you go shopping to receive discounted prices on many items.
3. Look for online sales and deals. Online sales are happening all the time–even on items you usually buy in stores. Take advantage and make needed purchases at a discount.
4. Compare. Compare prices for the same items in different stores. There’s a good chance one store will have a lower price on selected items.
5. Make a list. When it comes to shopping during periods of inflation, half the battle is knowing what you NEED to purchase. Make a list and stick to it when you shop.
These steps may not help you save on everything on your wish list, but you may be able to lower the cost of some staples and essentials for you and your family.
For more help in budgeting, retirement planning and keeping your financial goals on track during challenging times, talk to a financial professional.