HomeBUSINESS10 Ways to Save Money in Times of Inflation

10 Ways to Save Money in Times of Inflation

If you want to be responsible for your economic future and have good finances, you must learn to save money in times of inflation.

It is very important that you start by making some adjustments that will surely change your financial life, and if you have not done so yet, it is essential that you start saving a percentage of your income.

We assure you that if you do, you will be able to overcome so much uncertainty and worries that you have, and that happens to all of us, at times like the current ones of inflation and possible economic recession.

How to save money when prices are rising?

There are a lot of factors that make prices go up, for example; the increase in the costs of supplies worldwide, the post-pandemic, the devaluation of our currencies, etc.

So, it is essential that you take ownership of your financial freedom, and make decisions that make it easier for you to adapt to this new reality.

How to start? The first step on the ladder of wealth is saving money.

If you do not take this first step, you will not have enough resources to invest, consume goods beyond what is necessary and we could find ourselves in trouble when there is an unforeseen event, for example.

But don’t worry, if you haven’t done it yet or you don’t know very well how to do it, we invite you to read this article until the end so that you know the 10 ways to take control of your money intelligently in times of inflation.

This is a habit that successful people practice, and like any habit, you have to be disciplined, repeat it until it becomes part of your routine and finally, as it says James Clear in his book atomic habitsyou could make it enjoyable.

Rest assured that these small continuous improvements will allow you to get that extra money so you can save without problems and in a responsible way.

Tips to save money in times of inflation

Do you feel that many times you have to make decisions based on need? With this we refer to the moments in which you have to take care of your finances but the money is not reaching you.

For this, here are some practical tips to save money in times of inflation, and that will help you have greater control of your personal finances.

10. Stock up at wholesale supermarkets

This is a great way to save money when prices go up.

Make a list of the goods or products that you consume most frequently, for example, everything that has to do with food, cleaning, supplies that you use in your home.

Make sure they are non-perishable, that they do not expire, this way you can buy wholesale, store them and save money by anticipating the rise in price.

It is very important that you are aware and avoid impulse purchases, because there you would be diverting yourself from the true purpose of saving.

In addition, in supermarkets that work under this modality, you will surely find that they give you a discount for buying in quantity.

So you would be adding benefits strategically.

So, do not wait until you run out of a product to buy it again, although at first you will have to make a slightly higher investment of money, you will see that ultimately, you will be saving what you would pay later.

9. Check your subscriptions and delete what you don’t use

subscription model featuresThis tip to save money when prices go up is one that you should keep in mind.

What we recommend is that you check what your recurring expenses or ant expenses are, that is, those that you make month after month (and that despite not seeming like a high expense), may be affecting your bank account without realizing it.

Many times, those subscriptions to accounts that you do not use, or the small expenses that are not really adding to your life, could literally take their toll on you after a while.

Avoid headaches and worries, and better identify which of them you could reduce or eliminate for a while, at least while the economic situation improves.

Now, do not stop giving yourself the pleasures that make your life pleasant. It is not necessary to sacrifice those pleasures that are also positive, the idea is that you are much more aware of what it is really worth at a time when inflation hits your pocket.

8. Use transport that is friendly to the environment and your health

electric bike business ideasWithout a doubt, this is one of the ways to save money that we like the most. And it is that you should not only think about it in terms of money, but also of health.

Dare to change the car for the use of the bicycle, or the choice of walking to places. Without a doubt, this will become a healthy habit that will positively impact your life.

Many times, for convenience, you prefer to pay for parking, or private transport tickets that cease to be a luxury to become something unnecessary.

Remember that it is not about giving up an abundant lifestyle, all you have to do is be very aware of what you should avoid in times of economic instability.

7. Pay your most expensive debts

banner debts bundleDid you know that credit cards are part of the most expensive debts?

This is a concept that we explain in our Zero Debt ebook, and it is that these, having such expensive interest rates, represent a real risk for your personal finances.

And while credit cards are a great tool for your finances, they should also be used carefully.

For example, a smart way to save paying your outstanding balances and avoid paying expensive interest.

You can also apply the snowball method: paying off small debts, and once they are paid off, move on to the next larger debt. The mental effect that this implies will give you the motivation to completely eliminate all your debts.

6. Kitchen at home

healthy food businessDo you know how much money you spend per month on meals outside your home?

It is true that it may seem that you spend little to eat out, but when you add up what you spend throughout the month in each of these outings, you could be in for a not very pleasant surprise.

Our recommendation is to alternate this activity with cooking at home. Not only could this be much healthier for you, but you have the chance to have fun learning new things.

On the Internet you find a large number of options such as videos, tutorials and courses that do not cost you a penny, on the contrary, you could be preparing to create your own business from these ideas.

5. Save money by shopping with your friends

shopping with friends to save moneyThis point is another one that we like the most. It is a smart way to save, but also very valuable, because you are creating a different bond with the important people in your life.

To save money when prices go up, you could get together with your group of friends and make those bulk purchases we mentioned earlier.

Additionally, they can agree and pay subscriptions to channels, applications, platforms, etc. each paying a percentage.

It is very common that in these cases, you have the option of having several accesses to the same account, take advantage of it!

4. Empower the “do it yourself” mentality

do it yourself mindset to save moneyA good alternative to save money when prices go up is to learn to do some things yourself.

What do we mean by this? Basically finding out what things you’re looking for outside that you could do in your own home.

Cooking delicious meals, entertaining yourself without spending extra money, doing tasks that you pay others just because you don’t want to take the time to do it yourself.

We can assure you that this will give your life another perspective, such as living more slowly or calmly, even, you would be sharing valuable time with your family and friends that perhaps you had left aside.

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3. Avoid unnecessary buying situations

If you are someone who easily makes emotional or impulsive purchases, then pay attention to this advice to save money in times of inflation.

And it is not surprising that many times, social networks or the same business, generate that need to buy for pleasure.

This is not all bad, but you have to be very responsible when choosing the moment you do it.

In times of economic crisis, our recommendation is that you avoid these situations for a while: visiting shopping malls, looking for new products from your favorite brand, chasing discounts on products that are not priorities but luxury.

For example, if you go out for a walk to a mall, leave credit cards at home and avoid falling into these expenses for a while, especially when there is inflation.

2. Create a recurring purchase calendar With discount

buy on discount days save moneyWhat better way to save money than taking advantage of the discounts that some brands or establishments offer us?

Of course, that does not mean that you will go shopping unnecessarily in a black friday or on days where brands supposedly make massive discounts.

The idea is that you identify the real offers, such as in supermarkets or chain stores that offer specific days of the week where fruits and vegetables are cheaper, or meats, dairy products and countless other products that are consumed daily.

In this way, you will be making smart purchases and avoiding overspending when you can take advantage of certain benefits offered by the market.

1. Do not take new credits

types of online loanFinally, if you are tempted to ask for a loan, think about it.

Unless you are in a particular situation in which yes or if you should take it, avoid this as much as possible since in times of economic crisis, governments raise interest rates and payment becomes a little more complex.

This applies to free investment credits, mortgages, loans for goods such as cars, etc.

While the contingency passes, make sure you are very compliant with the payment of the financial commitments you have at the moment, so that when you have already incorporated the habit of saving, you can think of other options.

Achieve your financial freedom by saving money

Finally, it is not necessary for you to make radical changes in your life, just by adding small consumption and savings habits you will already be taking the first step on the ladder to wealth.

Even forget about big investments or strategies to make money, until you manage to generate these small routines and have a solid foundation.

Continue reading: 10 Decisions today that can bankrupt you tomorrow

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