Money Saving Tips As Consumer Prices Keep Rising

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Have you noticed your grocery bills getting larger and larger? And I don’t mean by the amount of coupons you receive, but by the total amount of money on them. If you have, you are experiencing the effects of inflation. Inflation is 7% up from last year (2020) caused by backed-up supply chains and increased consumer demand. Groceries, energy prices, home prices, rents, are at an all-time high. As prices increase, here are a few money saving tips that work for us.

1. Evaluate your personal budget

The more conscious you are of what you are spending, the less likely you are to overspend. Having a plan for how to allocate money in our household expenses helps us keep track of our spend and save money. Having a budget can also help you discover unnecessary expenses that you can cut. You can use a budget app or track on a spreadsheet like we do.

Money Saving Tips

2. Smart use of credit cards

Another money saving tip is to get the most out of your credit card. Some cards offer up to 5% cash back. So using the right card for things that you are buying anyway can save you some money. But be mindful to not let your rewards increase your spending habits. Also, if you do use your card, pay it back quickly.

3. Spend less if you can

There are lots of free and low-cost ways to entertain kids in the DC area. A few money saving activities perfect for the family:

  1. Board games
  2. Indoor play 
  3. Family Movie night
  4. Go for a bike ride or hike
  5. Pack a picnic and visit a new playground
  6. Head to the library. We love the Gaithersburg library’s discovery room for little children.

Money Saving Tips4. Cook at home!

Takeout and restaurant costs can pile up quickly. Eating more home-cooked meals is healthier, saves you money, and you can make more to have leftovers on busy nights. You can find easy to make meal ideas with me.

5. Money saving tips for your grocery bill

On that note, if you are cooking more at home:

  1. Plan your meals and make a shopping list so you buy only what you need.
  2. Buy in bulk at warehouse stores such as Costco or Sam’s Club to buy household staples for your kitchen, pantry, cleaning, and personal care.
  3. Make your fruits and veggies last longer.
  4. Shop bottom shelves and bring your own bags.

6. Grow investments

Finally, it’s important to continue to plan your financial priorities, so continue to assign a percentage of your budget to savings and investments. However, over time, inflation can reduce the value of your savings, so you might want to consider investments that grow faster to offset the inflation losses. You may also want to consider diversifying your portfolio.

Do you have money saving tips that have worked for you? Share them in the comments!

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