Many households continue to feel the effects of inflation. Everyday products are more expensive, budgets are tighter, and monthly paychecks just don’t stretch as far. The good news is that lawmakers are working to bring down inflation; but in the meantime, check out these ideas on how you can adjust spending to account for inflation.
Eat Dinner for Breakfast
Eggs, cereals, bakery products and butter are seeing some of the highest price increases of any items at the grocery store. So why not lower your weekly shopping bill by forgoing the traditional breakfast? Instead of eggs and toast or cereal with milk, opt for a tofu scramble, breakfast pasta, or leftovers from last night’s dinner.
Share a Car Ride
Slash your gas and parking budget by carpooling with coworkers and friends whenever possible. And, if you really want to reduce spending, chat with your spouse about becoming a one-car household. The cut in monthly insurance and upkeep costs could be well worth the inconvenience of managing with only one vehicle.
Visit Every Floor of the Library
If you’re not a frequent visitor to the library, now is the time to change that. The library is full of free entertainment and resources—from audiobooks and movies, to board games and puzzles, to electronics and power tools. Check what’s available at locations near you, and stop spending money on items and entertainment you could be getting for free.
Split Bulk Buys With Friends
Buying in bulk is an incredible way to reduce your shopping spend—but sometimes you just don’t need twenty jars of pickles. Chat with other families in your neighborhood about teaming up to split the cost of bulk grocery buys. That way, everyone can save money at the cash register, without the pressure of storing and consuming bulk products.
You may be able to get a better deal on insurance by bundling together your auto coverage with home or renter’s insurance. Check in with your provider to see what’s available, and ask about any special offers, discounts or extras. There’s more insurance service information on the HUECU blog, which could offer further support to save on insurance.
Cancel Your Subscriptions
Entertainment subscriptions are a big drain on any budget. Instead of reducing them piecemeal, go bold and cancel all your paid subscriptions for a month—including streaming platforms, music services and news sites. After the month is done, you’ll have a much better idea of which subscriptions you actually use, and which you can cancel.
Organize a Swap
Inflation is hitting everyone—so if you’re struggling to adjust your spending, it’s a good bet that other people in your community are struggling as well. Do a good deed for all by organizing a swap. It could be themed around a particular sport or season, or just a general meet-up where everyone can bring items they’re not using and take home things they need.
Reduce, Reuse, Recycle
The three Rs of waste management are important in financial management, too! Adjusting to high inflation means not only reducing your spending, but also reusing and recycling the items you already have. Old clothing can be repurposed into dishrags and reusable paper towels. Instead of buying Ziplock bags, use empty peanut butter and jam jars for food storage.
Pay Down Debt
If your budget is already tight, it can be tempting to defer debt payments until later. However, ignoring your credit card or loan debt will only increase what you owe. Wherever possible, prioritize paying off your debt. While this might mean your weekly budget is even tighter, every cent of debt you pay off is reducing what you’ll owe the next month in interest.