From gas, to rent, to groceries, inflation continues to impact the nation this June. In fact, inflation is now at a 40-year high, and prices are up 8.3 percent from last year.
And if you think this is bad, most Americans are expecting it to get worse.
There may not be too much you can do to stop it, but there are ways you can protect your wallet a bit so those necessities are paid for. If you’re struggling with the rising costs and need to reign in spending, here are three tips to help you stay on a budget.
1. Opt for generic brands and cheaper stores
By the end of 2022, grocery prices are expected to rise 4%. Consider frequenting your favorite food store less often and opt for a cheaper alternative. A good place to start is going to that favorite high end store once a month, and the other four weeks, stick to a generic alternative.
Dunnhumby recently analyzed grocery stores across the nation to uncover where the cheapest items are located, using public financial data and a survey of about 7,000 U.S. households. The winner? None other than Aldi. And while you may think Trader Joes is just as cheap, it actually ranked #7 on the list, behind Costco, Walmart, and others.
2. Consider abstaining from some indulgences, if only for a while
I know, it may seem like your daily Starbucks and happy hour are the only things getting you through one tough year. But have you ever wondered how they’re adding up? A company called Surety First recently created an Indulgence Calculator, a way to see how much your unnecessary purchases are adding up to hurt your bottom line.
Simply select a common indulgence you know you could cut back on, how frequently you make that purchase, and enter the total amount of your savings goal. The calculator will do the rest by telling you how much faster you could be reaching your savings goals.
3. Road trip less
Summertime is pretty much made for road trips. While they usually are the more affordable option when compared to flights, you may want to think again. This year, gas prices have practically doubled across the nation, even hitting upwards of seven dollars per gallon in California. In fact, national gas prices are up to over five dollars, and experts predict they won’t be going down any time soon.
Unfortunately, that means double or triple the gas costs you paid last year, or even pre-pandemic. So instead of setting out for a six hour trip that may cost hundreds in gas, consider a ‘Staycation’ nearby. You can plan of summer of fun exploring the sites that you’ve never explored yet in your own city.
Check out alltrails.com to explore new rivers, lakes, and trails, or hit up your local subreddit for more weekend activities. Your city may even have a 6amcity.com newsletter for all the new events happening nearby.
Laila Azzahra is a professional writer and blogger that loves to write about technology, business, entertainment, science, and health.