Inflation Busters: Tips for Stretching Your Dollars

Recent supply chain issues and world events have boosted inflation and increased prices on many common household goods and services. While most experts predict that this scenario will likely continue for a while, the good news is that you can control how you spend your money with an eye toward saving as much as possible on purchases. Let’s get started!

Before you consider how to spend your money more wisely, you should review your current expenses and update or create a budget. This should include setting aside money for retirement, creating or adding to an emergency fund, and paying down debt – especially any credit card, loan or mortgage that has a variable rate.

Check in on utilities and subscriptions

  • If you haven’t already, consider getting an energy audit of your home to find ways to make it more energy efficient. Depending on where you live, also consider decreasing or increasing the temperature on your thermostat. Even a degree or two can cut your gas or electric bill.
  • Contact your cable, internet, and cell phone providers. Ask if there are any special promotions you can take advantage of and find out if any companies are offering rate promotions if you switch providers. Read contracts closely to ensure that you are making a cost-effective decision. Sometimes you can even get an updated phone or tablet for free or at low cost as part of the deal!
  • Review all the subscriptions you currently hold. Do you use them regularly? Are there any you could cancel without missing the service or information they provide? Or maybe you could share the subscription and its cost with another person if the service allows it?
  • Consider free versions of apps or subscriptions instead of paid. Check out your local library for newspaper and magazine subscriptions. Many have online access for free.

Be a savvy online shopper

  • When making online purchases, consider using a rebate app like Rakuten. Not only will you get cash back for each purchase, but they also often combine that incentive with discount codes to save even more.
  • You can also google the store name you wish to purchase from combined with the words ‘promo code’ to see if there are any online deals available beyond what a cash back app may offer.

Filling your grocery cart for less

  • Make a list before you go to the store and stick to it. Don’t shop hungry as it’s easy to fill your cart with items that you do not need.
  • Check a variety of local stores to see if the items you buy are on sale and shop more than one store if the savings are substantial. If you see something on sale that you use regularly, purchase extras to freeze or keep on hand.
  • Don’t be afraid to purchase private label or generic store brands. Often, they are as good as name brand at a fraction of the cost.
  • Educate yourself on unit pricing, sometimes the bigger package isn’t always a deal.
  • Cut coupons online or join reward clubs to realize additional savings.
  • Bring your own bags. Not only will you help the environment, but you’ll also save a bit of money each week!

Go the distance when buying gasoline

  • Some simple car maintenance tips can help you to get better gas mileage.
  • Consider signing up for Gas Buddy, an app that can help you locate the cheapest gas in your area.
  • Before you make routine trips around town, consider grouping the errands together and making one trip. Join in with family, friends and neighbors to carpool whenever possible.
  • Ask yourself if you need to drive. Maybe you could walk, ride a bike, or take public transportation instead.

Easy ways to save on travel and entertainment

  • Plan your trip using online resources and experts to help you get the most for your travel dollars.
  • Utilize your local library for museum and attraction passes. Often you can get greatly reduced pricing, and sometimes it’s even free.
  • There are lots of tricks to getting discounted movie and theater tickets if you know where to look and when to buy.
  • Many restaurants have deals if you eat at off peak times or days, and you can also find special deals and coupons online if you look for them.

Working with a Bankers Life financial representative can help you to choose the right savings vehicles and help make smart investment and insurance decisions. A Bankers Life financial representative can be by your side every step of the way helping you be confident in your strategy. Learn more about our services here.

This material provides general information about the described insurance product(s) for educational purposes only. This is not intended as investment advice or to recommend the insurance product(s).

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