So how do we fight inflation?
The easy answer is to cut expenses, earn more money and make smarter short- and long-term investments.
But in a tough economy with mass layoffs and surging housing costs, how can weactuallydo this?
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But just how fast inflated prices will fall is up for debate.
In the meantime, American families are looking for ways to cut expenses and earn more money.
Here are 32 ways you’re able to combat inflation until prices drop:
1.
Make a Budget
The first step to cutting back expenses?
Understand how much youre spending now.
Probably not as good as youd like.
It always seems like an uphill battle to build (and keep) a decent amount in savings.
But what if your car breaks down, or you have a sudden medical bill?
Ask one of these companies to help…
Create a monthly budget that accounts for all your necessary expenses and discretionary expenses.
Not sure where to start?
Check out ourstep-by-step guide to building a budget, or download one of thesetop budgeting apps.
Pay Down Your Debt
The higher inflation gets, the harder it will be to pay off high-interest debts.
If youre struggling with multiple payment dates and interest rates, think about abalance transfer credit cardordebt consolidation loan.
Did you know?
Share Resources with Neighbors
Getting to know your neighbors can be helpful and pleasant.
Become a Vegan
Food prices are up nearly 11%, outpacing most other areas of rising inflation.
Meats actually not the highest increase (about 8%), but dairy products have surpassed 15%.
Embrace the vegan lifestyle.
), we can reduce our grocery bills.
New to vegan cooking?Try these10 cheap vegan mealsat home.
Save Money on Produce
High food prices go beyond meat and dairy.
The average price of fruits and vegetables is currently up more than 9%.
But if the food pyramid taught us anything, its that fruits and vegetables are important.
So how can you buy produce when inflation threatens your buying power?
Cook What You Have in Your Pantry
Another way to beat inflation at grocery stores?
Dont go every week.
Just check that you have these11 pantry essentialsbefore starting.
Set aside an hour every week to prep meals for yourself using inexpensive foods you have around the house.
Dont be intimidated if youre not great in the kitchen.
Buy Generic Brands
Name brands have slick marketing campaigns and fun mascots that tempt us into buying their products.
Often, store brands offer the same quality but at a lower price.
Shopping generic is one of the easiest ways to beat inflation.
Take Pictures of Your Receipt
Download apps like Ibotta or Fetch to earn extra cash when you shop.
Use Coupons
The days of coupon clipping are far from dead.
Instead, find grocery stores with free curbside pickup and drive to restaurants to get your takeout order.
McKinsey estimates US healthcare expenses will be $370 billion higher by 2027, due to inflation.
As it turns out, fighting inflation also means fighting off the common cold.
Shop Around for Car Insurance
Whens the last time youshopped for car insurance?
Chances are, theres a better deal out there or you might be paying for coverage you dont need.
If youneeda vehicle now,buy a used car.
While used car prices spiked in early 2022, theyre already on a downward trend.
The Inflation Reduction Act extended the$7,500 EV tax credit for new electric vehicles.
Sell Your Car
If youre a two-car household, try living with just one car for a month.
Even if you discover youneedtwo cars, cut out driving wherever you might.
Carpool with coworkers, bike to work or use public transportation if you live in the city.
Travel on a Budget
An easy way to fight inflation is to cut out unnecessary expenses like vacations.
But hey, everybody deserves a break now and then.
Instead, plan a cheaper weekend trip just a short drive from home.
Thinking of seeing Americas greatest sites?
Hereshow to visit national parks on a budget.
Limit yourself to just one or twostreaming servicesa month.
Cancel Your Gym Membership
Cutting a gym membership is an easy way to infuse more cash into your budget.
Instead, use your apartments gym, invest in a small weight set or go for a jog outside.
Dont pick just any roommate, however.
Hereshow to screen roommatesto avoid major financial troubles.
Lower Your Utility Bills
Your electric, gas and water bills have probably spiked since this record-breaking inflation began.
Talk to your loved ones aboutskipping gifts in 2023and instead vowing to spend more time together.
Bonus points if you findfreethings to do together, and extra credit if youmakemoney together doing aside hustle!
If youve been dreaming up a renovation project since quarantine, hold out a little longer.
Inflationary prices are likely to go down later in 2023.
But when everything costs more,we need toearnmore to keep up.
If youve got time on your hands, try out anew side hustlefor extra cash.
Open a High-Yield Savings Account
Even thebest high-yield savings accountshavent kept up with inflation.
Use a Cash Back Credit Card
Acash back credit cardearns money every time you swipe.
Invest in I Bonds
Investing in 2022 was extra risky and ultimately led to major losses across the board.
These are the only inflation-protected security offered by the Treasury Department.
Most of us are investing for the long term.
Over time, a diversified investment portfolio tends to pay out and much more than bonds and high-yield savings.
Ask for a raise at work or take on a side hustle to inject extra cash into your budget.
He covers a variety of other topics, including travel, taxes, budgeting, pet care and automotive.
(Can you sense my millennial sarcasm there?)
You know which ones were talking about: rent, utilities, cell phone bill, insurance, groceries…
