As prices of gas, eggs, milk, and cost of living increase, life can begin to feel like a bit of a tug of war battle. Three out of four Americans are noticing an increase in prices that results in a decrease in what is affordable.
This is inflation. You are not alone in your frustration, but, be encouraged! You are also not defeated! If you are looking for ways to problem solve inflation through budgeting, read on!
Adjusting Your Budget
If you don’t have a budget, set one up right now! A budget is a plan for your money. Lowering financial stresses through careful planning is step one!
Plan a budget that includes every single dollar and equals ZERO so that not one dollar gets wasted or spent accidentally. Overspending can happen when there is no plan for every dollar, allowing credit card and debt to rise.
When you have a budget in place, try these steps to reduce the impact of inflation.
Review Your Spending
Do an audit on your budget to investigate where your money is really going! What can you live without? Where are you overspending?
Find Ways to Save
Looking deep into your spending can show you where inflation is hitting you the hardest. Some helpful ways to tackle inflation include:
Cut back on grocery spending by meal planning, buying in bulk (when helpful) and purchasing generic products
Save on gas expenses by planning and combining trips when running errands, joining gas reward programs, and following fuel efficient guidelines while driving.
Lower electric bills by replacing filters regularly, running dishwasher only when it’s full, turning off the lights, unplugging things when not in use, and even turning off the TV!
Decrease meals out or stops for snacks/ drinks and, yes, even those coffee breaks by sharing meals or even choosing to make your coffee and meals at home.
Earn Extra Money
Find a side hustle that could bring in some extra income. Be sure that you are designating income in your budget plan.
Cut Out Some Expenses
Remember, what can you do without, even for a while? TV streaming services and subscriptions add up. Make coffee at home. Cook meals at home. These can be temporary but will also have a significant impact on your budget!
Do your research and shop around!
Look for better prices and make necessary changes! Look at prices online to make informed decisions without spending time or gas going to stores.
Be Empowered to Save Money During Inflation
If you have felt like a victim of inflation, change your perspective. Look for solutions! Set financial goals and work to meet them! How wonderful it will be to see the difference you have made!
VIP Title Loans wishes you all the best in budgeting. If you’re interested in a title loan, please call 817-265-2274, fill out an application online, or visit one of our five convenient locations in the DFW Metroplex.