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What to do during inflation to save money?

It’s no secret that everything seems to be getting more expensive these days, from groceries to gas to housing. It’s hard to predict how long this inflationary period will last or how much worse it’ll get. But don’t worry, I’ve got your back!

Here are a few practical tips to help fight inflation, stretch your dollars, and navigate these challenging times.

1. Get more for your money

When faced with rising costs, it’s natural to cut back and spend less. However, surviving inflation isn’t about depriving yourself, or thinking you have to eliminate all the things that bring you joy.

There’s a much better (and reasonable) approach.

Instead, focus on getting more value for your money. In other words, use coupons when possible, and don’t be afraid to ask for discounts or free upgrades when appropriate. You’d be surprised how often you can snag a deal just by speaking up and asking. For example, I once saved 25% on a clothing purchase just by mentioning my AAA membership at the checkout counter.

2. Download Upside to save on gas

Gas prices have been skyrocketing, and it’s hitting all of our wallets hard.

While we can’t control the prices at the pump, we can soften the blow by using apps like Upside. This platform allows you to earn cash back on various purchases, including gas. Simply find the cheapest gas stations in your area using the app and save up to $0.65 per gallon.

Plus, if you use my referral code 7CMJD, you’ll get an extra $0.15 per gallon on your first use.

3. Shop strategically

Timing can be everything when it comes to making purchases. While it’s essential to cut back on non-essential items during inflation, there are instances where it makes sense to go ahead with a purchase.

If you’ve had your eye on something for a while and notice a price drop, seize the opportunity. Waiting might result in a higher price down the line, causing you to spend more for the same item.

4. Save money in the kitchen

Food prices have been soaring, making it challenging for many families to stick to their budgets. To save money in the kitchen, try reverse meal planning.

Take stock of the ingredients you already have in your kitchen and use websites like SuperCook to generate recipes based on those ingredients. Also, consider using a cashback app like Ibotta, which allows you to save money on groceries without clipping coupons. Use my code (renmwpo) during registration and Ibotta will give you $5.

5. Join the Nextdoor app and browse the free section

Nextdoor is like social media for your local area, connecting you with neighbors and keeping you informed about community events. But did you know there’s also a section where people can list items for sale or for free?

Take advantage of this feature and browse the free section. You might be surprised by the treasures you find—such as coffee tables, shelves, toys, and home decor. These items might be in good condition or just need a little sprucing up.

6. Borrow what you can

If you need an item for one-time use or only a few uses, consider borrowing it instead of buying. Before making a purchase, ask your circle of friends or family if they have the item, and if they’re willing to lend it to you. This saves money and prevents the item from going unused and collecting dust in your garage.

7. Lock in a fixed rate on your debts

If you have variable interest rates on your debts, such as an adjustable-rate mortgage or credit cards, now is the time to consider locking in a fixed rate.

Variable rates can fluctuate with market changes, potentially leading to higher costs. However, refinancing your mortgage into a fixed-rate loan or transferring credit card balances to a card with a 0% introductory rate can help you save. 

Bottom line: Remember, tough times don’t last forever. By implementing these money-saving strategies, you’re taking proactive steps to navigate the current climate. Stay resilient, be resourceful, and focus on finding joy in the little things. This can help you weather these storms and come out stronger on the other side.