How to Cut Costs Amid Rising Inflation

With a large percentage of Americans struggling with the high cost of living as a result of surging inflation, many of us are looking for ways to save. Cutting back on your everyday spending is a good way to beat inflation. Re-evaluating your budget to slash your expenses is the best place to start reducing costs.

7 Tips for cutting expenses

1. Save on groceries.

I don’t know about you, but my weekly grocery bill is where I have really noticed the impact of inflation on my budget. Cutting your grocery bill can be a big opportunity for saving. Start by shopping your pantry. Before you head out to the grocery store, see what you already have at home both in your freezer and your pantry. You may have enough for a few dinners. This will help you to shorten your grocery list and minimize food waste. When shopping, try to choose store or generic brands over name brands and buy in bulk when it makes the most sense. Battle the high cost of meat by looking for cheaper protein alternatives, such as beans, lentils, eggs, peanut butter, canned tuna, and canned salmon. Check produce prices at your local farmer’s markets. You may find it is less expensive to purchase local produce. Finally, download an app to help save money on groceries. Apps such as Ibotta and DO$H will help you earn cash back when you shop. Others, such as Shopkick and Fetch Rewards enable you to earn points redeemable for gift cards.

2. Save at the pump.

GasBuddy is a terrific tool for finding the best price on gas in your area or while traveling. You can search by city, by state, or even by brand. There’s even a handy trip cost calculator to help you save along the way. Look for gas reward programs for stations in your area. BPme Rewards and Exxon Mobile Rewards are just two of the many options to help you save. Club memberships, such as Costco and BJ’s can also help you save by offering discounted gas prices to members. Finally, according to the U.S. Department of Energy, making sure your tires are properly inflated can help you boost your gas mileage by 3%. Check your tire pressure today.

3. Apply for a cash back credit card.

A cash back credit card can help you benefit from cash back on purchases. Spirit Financial’s Cash Back VISA provides borrowers with 1% cash back on all of their purchases. You can also benefit from no annual fees, no balance transfer fees, and no cash advance fees. Tap to learn more or apply.

4. Install the Rakuten Cash Back Button.

The Rakuten Cash Back Button is a free browser extension you can install on Google Chrome that automatically finds you cash back, coupons, and deals with just one click. When you install the cash back button on your browser, you can shop directly on your favorite sites.

5. Dump unused streaming services.

With everyone from Netflix to Hulu increasing subscription costs, it may be time to cancel those you don’t use. Most video streaming services operate on a month-to-month basis, so you can cancel at any time. You can also resubscribe if there is something you really want to watch. If you already have an Amazon Prime membership, Amazon Prime Video is free. Free is always good when trying to combat inflation. 

6. Reduce your insurance premiums.

Shopping around for better rates on home and auto insurance can help you reduce your monthly expenses. You typically don’t have to wait until your current policy is expired to change auto insurance providers, check with yours and see.

7. Shop used and refurbished.

Places like Facebook Marketplace and ThredUP can help you find great deals on used and refurbished products. It can be a great cost-saving option for electronics and even appliances.

The bottom line on saving

While inflation may be pushing your budget to the limit right now, the cost-cutting strategies mentioned above can help ease the burden. Once you’ve lowered your expenses, you may also want to consider options for bringing in some extra income. Read our blog “The Art of the Side Hustle” for ideas for earning extra money.