None of us are immune to the rising prices of everything from gas to groceries. That’s why we wanted to give tips on how to save and budget during this inflation.
“Well, consumers are definitely feeling higher prices across the board, but especially on everyday items,” said Kimberly Palmer, a personal finance expert with NerdWallet.
She talked about what we can do to save on a daily basis.
“The first thing is to look at your budget and see if there are any places you can cut. If you can cut some of those entertainment costs, going out for dining out, those kinds of variable expenses , are the first place to look when you’re trying to cut down,” Palmer said.
She also says store and restaurant loyalty programs are a great way to cut costs.
Using apps has replaced using coupons, as Palmer puts it.
“For example, Flip app, it’s a grocery savings app. It pulls in all the flyers for grocery stores in your area. So all you have to do is enter your zip code and it actually tells you where the deals are, and it might even change what you buy, what grocery store you go to.”
For those who shop primarily online, there are programs that help you save through your online browser.
“I also really like the Honey browser extension, and it just works in the background while you’re shopping online. It lets you know if there are lower prices elsewhere. It automatically applies discount codes, which is also extremely useful.”
These apps and browser extensions typically collect your personal information and you may receive a number of SMS and/or email announcements each month.
“If you’re comfortable with it, the perks can be really helpful because it helps you save money,” Palmer explained.
For big ticket items, you can monitor prices online or by checking store flyers. It may be worth waiting for the holiday sales.
“You want to try to time this around sales time. So if you have the flexibility for summer sales in July or even Black Friday in November,” Palmer says of expecting.
We always feel like splurging on getting that latte or visiting the restaurant with great social media photo ops. But when it comes to splurging, Palmer says, “Right now, splurging is splurging in moderation.”