Inflation has been a hot topic these days. From staff shortages to products and supplies on major backorder, it’s been difficult for companies to keep up with consumer demand, causing prices to rise. Surviving inflation may seem insurmountable. If you feel like you can no longer afford life’s simple pleasures the way you used to, you’re not alone. We have put together this list of strategies in order to help you make smart financial decisions during this difficult and expensive time.
Tips on Surviving Inflation
1. Stay Out of Debt
Now is the time to cut back, but you don’t need to–and probably shouldn’t–cut back everywhere. Take a good, hard look at what you are spending money on and categorize your expenses into areas where you can reduce spending and areas where you can’t. If you can help it, try not to push off any payments or ask for any extensions on things like your mortgage or car payments. There’s no telling when things will get financially better, and the last thing you want is to go into debt or incur penalties. In fact, if you find yourself with some extra money in your budget, it’s wise to use it to pay off any debts or payments you have so you can make extra-sure you stay on top of it.
2. Weed Out Extraneous Spending
Are there subscription services you enjoy but don’t really need? Do you eat out or get fast food frequently? Now is the time to cancel some of those subscriptions and be more conscious of how often you are spending more than necessary on other items. If you’ve never cut coupons before, you may consider it as part of your budgeting strategy. Eating vegetables from your garden is another great way to save on your grocery bill.
3. Continue to Pay Yourself
It’s important to continue saving money as best you can, even when money gets tight. You never know when you’re going to need that rainy day fund, so this is one area where you should try not to cut back. In addition to building up your savings account, you should still be putting money away in whatever retirement account you use, whether it’s a 401(k), IRA, or Roth IRA. The future is never an area you want to stop planning for.
4. Use Coupon and CashBack Apps
Now is the time to make use of rebate and cash back apps like Rakuten and Ibotta, and apps that alert you to coupons like RetailMeNot and Coupon Cabin. These are easy ways to continue buying what you’re used to while saving money. When prices are soaring above their usual, any opportunity to save even small amounts can help!
Surviving Inflation Is Possible
When life gets expensive, it can be easy to panic and feel overwhelmed. That’s why we want you to know that we have your back. No matter what your financial situation may be, the experts at DeSantis, Kiefer, Shall, & Sarcone will work with you to make a plan for surviving inflation with your financial health intact.