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You have likely seen how the prices for almost everything have risen dramatically unless you just haven’t been paying attention to news reports. Everything from gas to food, baby supplies, clothes, and more has risen in cost.
Lots of Americans are feeling the pinch in their budgets. Some have even stopped buying anything that is not essential. Inflation is the cause, as it rose to 9.1 percent in June 2022, which is higher than last year.
In fact, it is the most inflation that has risen in more than 40 years. But what is causing this? It is the result of a lot of issues in multiple areas.
- The top cause is the present discrepancy in supply and demand. Covid shut down many businesses when it first started, and fewer employees meant they couldn’t manufacture as many products. Now consumer demand has risen, and there are not enough materials to manufacture items, so businesses are raising their prices.
- The supply and demand concerns then caused the Feds to raise interest rates.
- Plus, there is a bottleneck issue in the supply lines, and many products are still stuck in several ports worldwide, particularly on the west coast of the United States.
- Additionally, many Americans didn’t spend the Covid stimulus checks.
- And lastly, when Russia invaded Ukraine, that also caused some prices to rise, particularly gasoline, as countries globally worked together to put sanctions on Russia and supply money and other items to Ukraine to help stave off the attack.
All of these things, simultaneously, have caused the ideal circumstances to bring on the problems consumers are now experiencing.
The gas price went to more than five bucks per gallon in some locations in the U.S. Those that didn’t hit $5 went to more than $4 a gallon. People probably think they can’t do anything to stop all this rise in prices. Try not to be too worried. Several methods exist to help you save your cash.
Here are seven finance tips to help you keep your budget in check and combat the rising cost of living.Do you want to battle rising inflation? Here are a few finance tips that will help.Click To Tweet
Join a Gas Company Rewards Program
Anyone who has to go through a full tank of gas every week realizes how hard that is to pay for now. Even though the gas prices are slowly reducing from $5 or more to less than $4, it still costs a lot to buy it. Unless someone drives a hybrid car or a fully electric model, they will be paying much for their gasoline.
However, you can fight this problem.
Gas companies have rewards programs or other incentives if you sign up for their loyalty programs. The only catch is that you can only earn the rewards at the stations under that company. The more you buy from this company, the more rewards and incentives you get. Some allow you to earn rewards by buying things at selected grocery stores, i.e., Kroger.
Use Sales Circulars from the Grocery Store To Save Weekly
If meals are planned weekly, using sales circulars from the grocery stores will help you save cash. Plus, a lot of these also include coupons for their products. These sales circulars are found inside the store, or you can have one mailed to you weekly.
If you want more finance tips, take a few minutes to look at each store’s ad to see who has the best prices. Because all these stores compete with each other, stores in your local area are likely doing what they can to gain customers. This works to your advantage, as you can see which one has the best prices for whatever you need when you do your weekly shopping.
Look on the Retailer’s Website and/or their App to Get Digital Coupons
Many places have started offering digital coupons to assist shoppers in saving cash.
Many additionally have an app for their store offering online coupons. These can be downloaded to a cart, and you can use them online and later pick up your order or have it shipped. Online coupons are fantastic since you don’t have to mess with paper coupons when you checkout. They merely stay on your account until needed or until they expire.
For online, customers have to download the store’s app and then begin to clip the coupons for the products they want to purchase. Remember, limits could be imposed on the number of online coupons you are allowed to clip, and you also need to check the site often to see if new ones have been added.
Take Manufacturer Coupons Into Considering if Buying Brand Name Items
Manufacturers additionally offer coupons you can use while you are shopping. One might need to take some time to find these coupons so you can use them when you go shopping each week. However, if you do it, you could save lots of cash.
Digital coupons can be found either on the company’s website or on sites like CouponBlender. For instance, if you shop for many pet products, try looking at the website for the brand you like to buy.
Rebate and Money Back Programs
A lot of companies offer rebate programs, as well as money-back deals and online coupons for buyers.
Other money-back apps exist, too, like Ibotta and Rakuten. To use these, you must download the specific app and create an account. Each of these sites decides how you will receive your discount or rewards, i.e., via PayPal or store credit.
Just buy items you normally do and don’t buy something merely to get a rebate. That usually causes one to spend additional cash they wouldn’t normally do.
Do your Shopping at a Discount Store
Discount stores are great places to save cash. They usually carry their store’s brands of products, which are usually cheaper than the national labels. For instance, Aldi stores sell Simply Nature and LiveGFree in their locations. Plus, they also sell national labels too.
The crucial way to save cash at discount stores is to compare an item’s price and weight. Bigger stores might cost you more. However, it’s possible you’d get more of a product than you would at a discount store.
Buy Items In Bulk
Shopping at a warehouse store (usually requiring you to sign up for a membership) can save cash by buying things in bulk, such as paper products. Buying in bulk makes it so you won’t have to shop so often, mainly if it is not something you use all the time regularly.
Once more, you will always want to check the cost per weight of an item with the other store to ensure you are getting a great deal. It may be surprising, but the warehouse store option could be more expensive than a regular store in more significant amounts.
Keep the Above Finance Tips in Mind
We hope these finance tips have helped provide you with some useful information about how to protect your finances during these uncertain times. Stay vigilant and ahead of the curve – it’s the only way to ensure that your hard-earned money doesn’t lose value.
The crucial hint is to purchase the things you always do, not use a coupon just because it is available. Be a savvy consumer with your money!
Can you share any other finance tips with us?
Krystle Cook – the creator of Home Jobs by MOM – put her psychology degree on a shelf and dived into a pile of diapers and dishes instead. She is a wife and mother to two rambunctious boys, sweating it out in her Texas hometown. She loves cooking, DIY home projects, and family fun activities.