Saving Money During Times of High Inflation

saving money during times of high inflationThe signs are clear. Inflation is running high right now, and we are experiencing the effects every day at the grocery store, gas pump, and many other places.  As necessities increase in price, household budgets everywhere are exploding. Suddenly the money that was allocated on a monthly basis to pay for things like gas, groceries, supplies, and clothes is no longer adequate for the expense. If you’re looking for ways to make the most of your money, keep reading for some tips that may be helpful to save money during times of high inflation.


Save Money on Gas

The price of gas has risen in recent months from around $3.00/gallon to over $5.00/gallon in most states.  That kind of increase can have a significant effect on transportation expenses. Here are some tips for minimizing the effect:

  • Shop around for the lowest price. While gas prices tend to be similar within a local area, there will be some variation. As long as you don’t have to drive very far to get a better price, you might as well purchase gas at the lowest price. You can find out who has the lowest gas prices at websites like GasBuddy.
  • Use less gas as you drive. Driving habits, such as using cruise control and maintaining a moderate speed, can affect the amount of gas your car uses. Keeping your car properly inflated can also help.
  • Drive less. Times like these will make drivers consider ways they can be more efficient with their car use. Find ways to combine errands or take advantage of alternatives (such as utilizing online or mail-in options). Depending on your circumstances, you also might consider using public transportation or finding others to car-pool with to work or other activities.

Save Money on Food

In addition to gas, another common place where we are seeing inflation is in food prices.  Increases have not been quite as drastic yet, but then again we also need to eat everyday and can’t just decide to skip it for a while. These are some tips for managing the high price of groceries:

  • Plan ahead. Whether we are in a time of inflation or not, it is always a good idea to plan ahead and make lists before going to the store. This helps you avoid impulse buying, which can get expensive. It also allows you to minimize waste by thinking about using fresh foods for more than one meal.
  • Pay attention to sales, coupons, and rewards. There are always deals to be had and finding them can reduce the bottom line of your grocery bill. Research weekly specials online and plan your meals and trips to stores accordingly.
  • Eat at home more often. As food prices rise, remember that they are also rising for restaurant owners as well. This is going to affect the price of eating out. Cooking at home will be less expensive and allow you to have more money to pay for your grocery bill. When you do eat out, you can control costs by carrying food out rather than eating out. Carrying out will be cheaper since you won’t have drinks or tip to pad the bill.

These simple tips won’t save huge amounts of money, but they can help you make small reductions that really do add up. Hopefully they will also help you to think through other ways that you can save money during times of high inflation.  Be sure to take advantage of helpful tools offered by Federated Bank such as Mobile Banking and Online and Mobile Bill Pay, which can help you keep a closer eye on your financial situation whenever or wherever it’s most convenient for you.

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