Inflation is hitting Americans' wallets.💸 Try doing these 5 things as prices rise. investinyou (In partnership with acorns.)
One way to lower your costs is to cut out things you don't need, such as subscription services. You can also try negotiating to lower bills like your cable bill or car insurance, suggests Misty Lynch, a certified financial planner with Walpole, Massachusetts-based Sound View Financial Advisors.
Save on energy by unplugging appliances when they are not in use or using power strips with switches that allow you to completely turn off the products plugged into it. By doing so you could save 5% to 10% of your residential energy use, according to theTo save on gas, be strategic about the use of your car. If you have to run errands, do them in one trip and at a time when there is not a lot of traffic, Lynch suggests.
Pierce likes apps such as Flipp to look up grocery store ads. She creates a meal plan for the week that incorporates items that are on sale and prepares three of those meals on Sunday. Having a plan in place for the remaining days of the week helps her avoid picking up takeout or fast food. "This strategy has helped my family save hundreds of dollars during our debt-free journey, the pandemic and now during times of high inflation," Pierce said.If you don't need a specific brand item, you may save money at a discount grocery store. Buying items in bulk in a warehouse store, like Costco or BJ's, may help you avoid future price hikes.
To comparison-shop, look at a product's unit price, which is essentially the cost per unit of a particular product. For instance, canned goods may be priced per ounce and paper goods may be priced by sheet or feet. So while a product may seem cheaper at first, it may not be the best deal because it has fewer units than a higher-priced item.
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