How to deal with rising inflation
Ask for a raise -
With the current high inflation rate, it's time to develop some bargaining skills.
Buy the car you’re leasing - Inflation data in 2022 has shown that new-vehicle prices rose 13.6% since March 2021, while prices for used cars were up 34.7%.
Be aware of shrinkflation - Shrinkflation is a tactic where companies will slowly shrink the contents of the packages and goods you buy, while charging you the same price.
Control your lifestyle creep -
Inflation can be an opportunity to try and cut down on lifestyle creep, a phenomenon that occurs when consumption increases on non-essential items.
Seek a higher return on happiness - When prices start soaring, take your time to think about what you’re spending money on and why.
Better insulate your home -
Given the current higher costs of fuel, it's a good idea to invest in better insulation for your home. This upgrade will help lower your energy costs.
Update your CV -
With the current job market, there’s an opportunity for many employees to find new positions that will pay them more.
Dive into drugstore skin care - If you shop at beauty stores, consider giving the beauty sections at other stores, like supermarkets or pharmacies, a shot.
Shop frozen foods -
Don't be afraid of frozen food! For instance, frozen seafood is less expensive than fresh, and there’s no rush to cook it.
Discover local farmers - Meet your local farmers, and you'll get the freshest food possible for a great price.
Consider strategically downsizing - If you own any assets that are worth more as a result of inflation, then now's a good time to sell them.
Use it or lose it -
Make a list of your subscriptions, such as streaming services and gym memberships. Chances are you probably have them on autopay.
Cut salon cost -
Find out whether your salon offers discounted prices for hair cuts, color, and other services when training new stylists. It will be a lot cheaper.
Don’t waste gas -
Make your tank last longer by planning your trips and errands efficiently.
Shop second hand -
Check second-hand shops, yard sales, and online marketplaces for deals on clothing, home decor, and so on.
Schedule a no-spend day -
For a whole day, don't spend any money. Once you get used to not spending money for a day, try doing it twice a month or more.
Look for cheaper alternatives - Try less expensive store-brand foods and cleaning products. You'll notice that there isn’t a huge difference in the quality or taste.
Pay off your debt - Remember, paying more than the minimum of your balances will help you pay off your debt faster.