Inflation Fighting Tips to Preserve Your Spending Power
Saving for the future can take a back seat during inflation and even after prices stabilize, putting families behind in their savings goals. To preserve wealth and buying power, a strategy is needed for survival, and here are valuable tips to use starting today:
Put an end to those nuisance fees once and for all.
With every dollar worth less, no one can afford to waste them. So now is the time to get rid of those monthly bank service fees, ATM charges, and other costs that may be lingering. If you are paying monthly service fees at other financial institutions, now is the time to move your checking/debit account to Heritage Grove. Heritage Grove offers two checking/debit accounts with no monthly service charges, free mobile and online banking, and access to over 50,000 surcharge-free ATMs nationwide.
Banish food waste.
The only thing worse than spending more at the grocery store is watching those dollars disappear into the trash or down the garbage disposal. With inflation on the rise, it has never been more essential to banish food waste. Embrace those leftovers, freeze the excess, or share the bounty with those in need.
Stock up on shelf-stable staples.
Even with prices on the rise, there are bargains to be had. When deals pop up, it is time to stock up. Filling the pantry with pasta boxes, jarred sauce, and canned vegetables will be good for future finances, so clear some space and start shopping.
Experiment with meatless meals.
With the price of meat rising faster than other grocery store staples, now is a good time to experiment with meatless recipes/meals. Eating meatless one or two days a week could make a big difference in the size of monthly grocery bills.
Put off major purchases.
If you are contemplating a major purchase, ask if it is something you can live without. If so, putting it off until the worst of the inflation spike is over might result in considerable savings.
Seek out inflation friendly investments.
If extra cash is available to save and invest, looking for products that benefit from inflation is smart. From government savings bonds that track the rate of inflation to stocks of companies with rising earnings, these smart money investments could be suitable for the short term and the long term. Consult a financial advisor for the best options.
Optimize your fuel economy.
Inflation at the gas pump is one of the most painful aspects of rising prices. Looking for ways to maximize fuel economy can have an outsized influence in this environment. Think about the way you drive as well as how many miles are traveled and whether you can combine shopping trips and/or shop at fewer stores.
Inflation is nothing new. When prices are rising, it is important to realize that spending power can be retained. The ability to make strategic changes to how you shop, drive, cook, and live your daily life still exists. The seven inflation-fighting tips listed above may help make the most of those shrinking dollars.
For additional financial information regarding budgeting, saving, improving credit and much more, check out our financial fitness resources. Questions? Call 503-588-0211.