BBB: Tips to help keep costs down when inflation hits
Whether it’s struggling to decide between putting gas in the tank or choosing healthier meals, all income levels are showing signs of financial stress.
The BBB is offering these tips to help consumers deal with higher prices:
- Know your spending. Compare your 2021 bank and credit card statements to your 2022 statements. This will give you an idea of how inflation is impacting you, and it will help you see where you can make cuts. Analyzing your spending areas will be able to help you find specific strategies for reducing costs.
- Keep your current vehicle. New and used cars are still expensive and in limited supply. If you don’t need a near car, you may want to wait to purchase one for now. If you’re leasing a car, you may want to consider buying it because the car’s price was set at the start of your lease, before the high inflation.
- Grocery shop smarter. Meat and fish have seen high price increases. Avoiding meat a couple times a week will help reduce costs, along with meal prepping and reducing food waste.
- Jump on sales. Stock up if you see good prices on items you use regularly, such as household essentials.
- Cancel unused subscriptions. Review your subscriptions to ensure you’re only paying for ones you use regularly. Use a subscription management app if you have multiple subscriptions to manage.
- Negotiate for prices. Better rates are possible for things like insurance, cable bills, gym memberships and credit card interest.
- Take advantage of gas price savings. Sign up for fuel reward programs and use comparison apps to get the lowest prices on fuel.
- Watch for shrinkflation. Prices may stay the same, but manufacturers may be putting less product in the packaging. Choose options that give you the most product for your money.
- Enjoy what you have. Take a walk instead of driving somewhere. Clean out your closet to find forgotten items instead of buying new ones. Finish a project rather than starting something new.
- Watch for scams. Be aware of details that sound too good to be true. Research unfamiliar vendors before you give money or personal information to a business.
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