With prices rising on everything from gas to groceries to housing costs The Better Business Bureau is offering tips on how can you buy what you need and still stay on budget.
“The same amount of money buys less than it did just months ago, so paychecks don’t go as far. When price hikes hit people who already have limited budgets, covering basic monthly expenses becomes difficult,” says BBB spokesman Josh Planos.
Here are some tips for dealing with higher prices
- Know what you’re spending. Compare your 2021 bank and credit card statements to your 2022 statements to see how inflation is impacting you. This will also give you an idea of where you might be able to make cuts. If your spending in some areas has dramatically increased this year, you can figure out specific strategies for reducing costs.
- Stick with your current vehicle. Both new and used cars are expensive and in limited supply right now. Keeping your current ride is likely more economical if you don’t need a new car. If you are leasing a car, the Wall Street Journal recommends buying it. That’s because the car’s price was set at the start of your lease – before the high inflation began.
- Get smarter with your grocery shopping. Meat and fish have seen some of the highest price increases. Eating vegetarian a few nights a week will help reduce food costs. Also, getting serious about meal prep, shopping your pantry, and reducing food waste will help lower grocery bills.
- Cancel subscriptions that you aren’t using. It’s easy to lose track of what subscription services you are paying for. Forbes reminds consumers to review their subscriptions to ensure they’re still using them. If you are signed up for multiple subscriptions, a subscription management app can help you keep track of and manage them.
- Negotiate better prices. It’s possible you could get a better rate for things like insurance, cable bills, gym memberships, and credit card interest. Start by being nice to the company rep and “ask if there are any programs or discounts you qualify for,” advises CNBC.
You can see BBB’s tips on creating a budget, finding sold-out products and smart online shopping.