Managing Your Money During Inflation

Managing Your Money During Inflation

We’ve all noticed the increase in prices, from the grocery store to the gas pump. Everyone is feeling the pinch and it can be a burden on your budget when a dollar doesn’t go as far as it used to. However, there are ways you can meet inflation head-on by managing your money skillfully. That way, you can take some of the edge off inflation.

Nix Unnecessary Subscriptions

We all love our streaming subscriptions, but it could be costing you a pretty penny. According to JD Power, the average U.S. household spends $55 a month on streaming services, which totals $660 a year. And that’s not even counting other subscriptions. There’s a lot you could do with $660. So, if you’re looking to trim costs, axing some of your unnecessarily streaming and subscriptions might be a good place to start.

Shop Smarter at the Grocery Store

Finding methods to save money on groceries will go a long way towards streamlining your budget. Start by swapping out brand name products for the less costly generic whenever possible. Buy in bulk when feasible so you can take advantage of cheaper prices per unit. Cook more meatless meals so you can curb expenses. And start clipping coupons from fliers you receive in the mail. You’ll be surprised at how much you can save.

Make Your Home More Energy Efficient

Another way to conserve money is by keeping energy costs in your home low. A simple way to reduce energy usage at home is to seal any air leaks around your windows and doors. You should also make sure you’re using energy-efficient lightbulbs and unplugging electronics when not in use. Adjust your thermostat, setting it lower in the winter and higher in the summer. Through these simple adjustments, you can keep energy costs down.

Lower Your Car Costs

If you have a car, there are different ways you can save on your insurance. You can start by negotiating a safe driver discount with your insurance company. Another method to save some money is to raise your deductible, which will then lower your monthly premium. You could also reduce coverage if appropriate. Plus, you can cut the cost of gas by carpooling with friends or coworkers.

Consolidate Your Bills

Another way to save some money is through debt consolidation. With debt consolidation, you combine multiple bills into one easy monthly payment. Using a debt consolidation loan from Heights Finance, you could end up saving money on interest and lower your monthly payments, thereby trimming your budget for inflation.

Increase Your Income

Discovering how to grow your income can be one of the best ways to protect your budget during inflation. That can mean selling some things you no longer need, getting a part-time job or using your skills to set up a side hustle. Whatever you decide to do, supplementing your budget is definitely to your advantage.

Invest In It Now With a Loan

If you’ve been planning ahead for something like a home improvement project or vacation, it might be the time to take the plunge and invest in it now. Why? Well, with inflation increasing costs, that improvement or vacation could rise in price to the point it’s out of your budget. Instead, purchase what you were planning for using a loan from Heights. That way, you can keep the cost manageable and pay in easy monthly installments.

Heights is Here For You

Life is full of financial ups and downs. At Heights, we believe in being there for our customers at every stage in life. Whether you’re curious about debt consolidation, personal loans or just have questions, we’re here to lend a hand. Find a friendly, local branch near you or contact us today to learn more about how we can help.