Inflation has hit every household in America, forcing many to spend less on things they “want” so they can afford things they “need.” Unfortunately, the cost of goods continues to increase with the current economic climate. How can people combat this?
Create a Budget
First things first, you need a budget. Write down a list of all your monthly expenses and what you currently spend on each. Are there any subscription services that you can cut out? Are there ways you can lower your monthly electric/heating bill? If so, create a plan and share it with every household member so everyone is on the same page.
Pay off Credit Card Debt
While this may be difficult for some, it is important to note that many credit cards charge 30% APR to customers. If you carry a balance, this adds up to a lot of wasted money. Try looking online for a credit card that allows a balance transfer to a lower APR than the one you are paying. If you transfer the balance, close the old credit card account with the high APR to avoid future purchase temptation.
Gasoline and Oil
As Saudi Arabia and Russia maintain their commitment to cutting oil production by one million barrels today, demand in the market will increase, causing a rise in gas prices. If you heat your home with oil, you may want to consider filling that tank sooner than later.
You can follow the price of oil here:
https://markets.businessinsider.com/commodities/oil-price?type=wti.
Another significant expense for consumers is filling their gas tanks. For many, driving around to look for the gas station with the least expensive gas prices is pointless. Thankfully, someone created a tool that regularly updates the gas prices in your area.
All you need to do is type in your zip code here:
And local gas stations will show their price of gasoline per gallon.
Grocery Shopping
To say that the cost of groceries has gone up a little is an understatement. Shopping at Wal-Mart to anticipate the most savings isn’t always effective. It is essential to create a grocery list with a budget. From there, you can check your local store’s weekly ads (you can also find them online) and compare the sale prices to the places you would typically shop. If your budget has a little wiggle room, buying a little extra of the items you use if they are on sale wouldn’t be a bad idea. This method adds up to savings in the long run.
Discipline
Finally, discipline is critical for anyone to weather the storm of inflation. Wasteful and impulsive spending will only create a lot of stress. Stop and think before you make a purchase. Is it something you “need?” As inflation continues to worsen, you will thank yourself for having a plan.
by Charlie W.
Massachusetts First 
Leave a comment