There is no doubt that we are in a period of high inflation. Prices are increasing and at some point, we all feel it. Whether at the stores, restaurants, the gas pump, or even toll roads. The price of just about everything is increasing. This economic cycle occurs about every decade or two, so those of us who have been through a few of these cycles are not shocked.
The obvious place to start during periods of inflation is cutting costs. Unfortunately, since costs are higher, you might not see a big reduction in spending dollars even when you are buying less. This is why it is really helpful to evaluate your spending in the areas that inflation affects the most. Reducing your spending in these areas may not cut your total current costs, but it could help minimize the likelihood that the costs will increase.
Food and gas have the most impact on my spending so I thought I’d share a few tips that work for me.
Food
Food is probably the area where I see inflation hitting the hardest. A grocery store trip that once was $250 increased to $350 for the same foods. That is a 40% increase. Trying to reduce to under $250 or maybe even back to $250 was going to be rough, so I had to change a few habits when it came to groceries. Below are a few things that help.
- Create a general meal plan for the week
- Buy only what is needed for the week
- Freeze unused fruits and vegetables before they go bad
- Use vegetable scraps to make broth
- Shop more often, fewer items per trip
- Reduce the big warehouse store shopping trips
When I am mindful and intentional with my shopping trips and get only what I need, the bill
is far less. It might be inconvenient to hit the store multiple times, but the food management is better. At times, I’ll stock up on certain staples but as a general rule, purchasing only what I need forces me to use it, get creative in the kitchen, and keep my spending in this category down.
Gas
If you commute or shuttle your kids around, you will feel the effects of increased gas prices. Sometimes, it seems there is no way around it. You must get to where you need to go. So, what are some things you can do to lessen the effect of increased gas prices? Here are a few tips.
- Shop around for the best gas prices in your neighborhood and fuel up when you are near the gas station. Don’t wait until you are near empty and feel desperate to pick the closest station.
- Ensure your car is running efficiently. Check tire pressure, don’t idle, and watch your speed.
- Look into getting a gas rewards card
- Rideshare if possible
- Group your errands into a single trip
Summary of surviving high inflation
It is unlikely that you will lower your pre-inflation spending, but there are strategies you can take to try to at least maintain it. I mean, it’s possible you could lower it, but the goal is to not let the increased prices get the better of you. The good news is that if your new habits work well, then you are on a great path to reducing your spending once prices start to normalize again.