It’s no secret that inflation has been on the rise, and no one can beat higher prices. From the price you pay at the grocery store to the pain you feel at the gas pump, the impacts of inflation are all around you.
You might not think you have much control over inflationary pressures, and it is true to some extent. Even so, there are hacks you can make in your everyday life to save money, even when prices are rising in the outside world. Here are some simple changes you can make to save money even when prices are on the rise.
1. Get (or share) a warehouse club membership. Warehouse clubs offer lower prices on staples than traditional grocery stores, and that can make the price of membership well worth it. You can get even more value when you team up with a friend or family member and share a single membership.
2. Embrace generic groceries. Store brands offer greater value than name brands, so do not be afraid to check them out. You will get more food for your dollar, an important consideration in an inflationary environment.
3. Sign up for discount travel alerts. In an era of rising airfares, there is relief in sight, but only if you know where to look. Discounts and last-minute fares offer real bargains, so pack your bags and watch your phone.
4. Get your appliances to multitask. Spending big bucks on major appliances is a bad idea when prices are rising, so look for smaller ones that can multitask. Air fryers are perfect for this purpose — they can fry, dehydrate, reheat, and do lots of other culinary tricks.
5. Buy your next mattress online. If your bed is bumpy, you can save a lot of money by purchasing your next mattress online. Mattresses in a box are inexpensive, and they often come with some very nice guarantees.
6. Audit online courses for free and further your education. Did you know you can go to school at MIT, Princeton, and other costly schools for free? You can, thanks to free online courses and auditing opportunities. Even if you are not earning credit, you are still absorbing the knowledge, and that can be great for your career.
7. Stock up when you find a bargain. Even in an inflationary environment, there are bargains to be had, from 2-for-1 specials at the grocery store to discounts at your favorite online retailer. When you do find those bargains, stocking up is a great way to guard against future inflation.
8. Watch out for shrinkflation. Manufacturers have a sneaky way of raising prices, one that does not include increasing the number on the shelf. Shrinkflation happens when package sizes are reduced but the price remains the same. So always do your calculations based on price per ounce, not what you see on the shelf.
9. Get a driving buddy to beat higher prices at the pump. Even if you have never considered carpooling before, now might be the time. Teaming up with a driving buddy will reduce wear and tear on your car and lessen the pain you feel at the pump.
High inflation can take a real bite out of your wallet, slashing your buying power and nullifying the value of the raise you just earned. You may feel powerless in the face of those rising prices, but you have more control than you realize. The tips listed above can help you weather the inflationary storm and leave you in better financial shape when the clouds finally clear away.