Don’t think you’re powerless against inflation. Try these financial strategies in six different areas of your spending life.
It’s no secret that inflation has battered a lot of bank accounts in the last year. Some prices have been going down lately, like gas, but other prices, like that for food, are still climbing.
If you’re looking to save money, here are some money-saving tips in six areas of your spending life.
Inflation-fighting tip: Remember that you always pay for convenience.
Convenience costs more when it comes to virtually any purchase you make, but it’s especially costly when you’re traveling. John Shrewsbury, a financial advisor and co-owner of GenWealth Financial Advisors in Bryant, Arkansas, often goes on business trips and says that he has observed what many of us likely have: “Convenience comes at a significant price.”
He cites staying at a hotel near your destination as often being far higher a price than staying at a lower price a bit further away.
“Most airlines charge for luggage, so packing efficiently could save $30 to $50 bucks,” Shrewsbury says. “And, on that rental car, pumping your own gas to fill up right before you return will save several dollars over letting the rental company fill it and charge you.”
He has other examples. “Eating at the hotel is likely to be more expensive than at a nearby restaurant. Also, food at the airport is usually more expensive because they have a captive audience, so if possible, eat before you leave for the plane.”
Granted, plenty of travelers are willing to pay more for the convenience, and if you are, that’s fine. But it is something to remember, if you’re looking to save money on travel. If you’re willing to be a little inconvenienced, you can probably go farther for less.
Inflation-fighting tip: Shop strategically for your food.
That may not sound like much of a tip. We all know that we need to shop strategically, don’t we? Still, we can always use a pep talk. It isn’t easy shopping strategically for food. We may not be hunting and gathering in the way our ancestors did, but you still have to bargain hunt and scour the landscape for deals. It can be mind-numbing and stressful.
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