Over the past year we have seen how rising prices for energy, food, agricultural products, and other goods can affect the entire economy. Rising prices, known as inflation, impact our everyday cost of living. Combatting inflation can be difficult, but through careful budgeting and a few simple tips, inflation can become more manageable. Below are four tips from our Housing Counselor, Darrell Abercrombie, on how you can budget wisely and save money.
- To save on gasoline be strategic about the use of your car. When running errands, do them all in one trip and during times when traffic is not high.
- When grocery shopping, try using a meal plan and grocery list. It helps save money when people know what they are going to eat and stick to it. For additional savings, try to buy items in bulk, use discount grocery stores, buy store brand rather than name brand items, and use in store and online coupons.
- At home, you can save energy by unplugging appliances when they are not in use or using a power strip with a switch to completely turn off items plugged in. You can also save an average of 5-10% on your energy costs by turning your thermostat up and down (depending on the season) by 2 degrees.
- Finally, with rising prices, it is a good idea to check your budget weekly and be aware of your spending habits. This allows you to track your spending and figure out areas where money can be reallocated, or the budget reduced.
Inflation doesn’t have to be scary. With careful planning and budgeting, it becomes a manageable aspect of day-to-day life. Grassroots offers Financial Literacy Classes which provide tools and skills needed to overcome obstacles like inflation. Click here to sign up for a Financial Literacy Class series.
– Darrell Abercrombie
