Inflation is on the rise, so is the worry about affordability. It’s been surprising to see how much grocery one can buy these days with a 100$ bill versus 5 years back. Blame it on Covid or the government’s policy, there is only so much we can do about it. While we can not revert it, we can certainly follow some strategies to maximize our saving during these difficult times and maintain a lifestyle we wish for. By conscious spending and by prioritizing our needs, we can definitely make a better living.
So how to save money during inflation? Here are some of the great ways.
1. Eat at home
There is nothing like a home-cooked meal. Home is where we get the most comforting food on earth. You don’t have to be a pro in cooking, just some basic cooking skills and you are your own personal chef. Thanks to endless cooking recipes on YouTube channels. Here is a list of some easy recipes for those busy days.
Cooking at home not only saves money during inflation, but it’s also good for your health. Make a monthly budget and buy groceries accordingly. You will be surprised how much you would save by the end of the month just by avoiding eating out. Hoard as many fresh edibles as you can than frozen food. Frozen food might seem like an easy option, but might hit your medical bill in the long run. If you know what I mean!
2. Create a budget plan
Whether you want to save money during inflation or even in general, this is one of the most crucial things to do. you haven’t already, then it’s never too late to start budgeting your expenses and plan on saving money. Plan your expenses for your monthly necessities such as – rent, mortgage, insurance, utilities, etc. These are the unavoidable expenses you will have to account for in each month. After that comes the groceries. Depending on your family size, plan how much you spend every month. Spend more on groceries than eating out, if you would have otherwise.
Pro tip – Use a Credit card to pay your bills. Use different cards for different transactions, for example, for all groceries use a single credit card, that way you can keep track of your expenses and limit accordingly. Few credit cards also give you points and cash back options for certain stores. So do your research.
3. Self-grooming
Grooming is an essential part of our everyday life. If not every day, most people visit the salon at least once or twice a month or even more. You will be surprised how much you spend on salon visits every month. Of course, grooming is unavoidable, but you can definitely reduce the salon visits and instead save that money for something more important.
Learn some self-grooming techniques at home. Hair removal is the easiest thing you can do at home. Be it facial hair or body hair, you can use epilators and tweezers to clean them up. Amazon also has some great tools that can be used with ease at home. If you are a nails person, there are so many easy DIY to do at home, unless you want some long-lasting nails. Of course, for hair, you might have to visit the salon, but still, you can save money on other expenses. This technique is one of the easiest ways of saving money during inflation.
4. Unsubscribe to shopping apps
Another great way to save money during inflation is by avoiding binge shopping.
Let’s be honest about our shopping habits. When you buy something, why do you buy it? Probably you might need it or you just saw it while browsing through social media and ended up on the shopping site. While we can’t stop social media scrolling, it’s easier to stay away from shopping apps that keep sending you notifications on SALE events or even how your favourite item is going out of stock. Trust your gut, you don’t need it.
While this could be an old-school saying, try to buy only for special occasions. Like your birthday or anniversary. And go for quality over quantity. That will make you feel more accomplished and motivate you to save up more for better things.
5. Sell out unused items
When was the last time you used that almost-new sandwich maker or even your flat iron? If you haven’t used it at least for a year, then it’s time to change the owner of those items. The same applies to clothes or anything at all.
Have a garage sale or join a flea market event to clear out those items or just sell on the marketplace. It will not only get you some money but also will declutter your home. A decluttered home creates a better living space. It will make you more organized and disciplined.
All these small changes in life not only will save you money during inflation, but also make you more organized, more goal oriented and focused. No matter how much is your income, you should always save at least 15% of your salary every month. The more you save, the more you will want to add that to your saving. This in turn will help you to reach at goal much faster. So stay focused and SAVE MONEY.
