Many people feel trapped by the constant cycle of rising prices and flat income. With the rise in inflation, a sense of helplessness has become common. But don’t worry, there are ways to combat inflation and stretch your spending dollars.
Inflation is currently running at 2.8% in the first half of 2024. Inflation has averaged 2.26% from 1984 to 2024. The highest inflation rate was 21.60 percent in June of 1920. Followed by a record low of -17.80 percent in June of 1921.
Don’t Sacrifice Your Standard of Living
The positive news is that it doesn’t require sacrificing your standard of living. It just takes some ingenuity and practical strategies. Most people have plenty of time to put these ideas to work. Let’s dive into some real examples and strategies that can help you save money and beat inflation.
Make the Freezer Your Best Friend
One of the best appliances in your home is your freezer. It can be a game-changer for saving money on groceries. For example, nothing makes my day more than seeing a half-price sticker on a loaf of bread that has reached its sell-by date. Many loaves of bread end up in our freezer to be used as needed (and at half price!).
Stock Up on Discounted Meat
Meat is one of the biggest ticket items on your grocery list. But if you pay attention, meat does go on sale. Your freezer can be your storehouse of discount meats. Buy in bulk when prices are low and freeze what you don’t need immediately. Flexibility is the key to saving money on groceries.
Master the Art of Price Matching
There are many stores and a limited number of customers. To attract business, stores put items on sale. The smart consumer uses the concept of price matching, which allows you to go to one store and match the sale price of items in other stores. There are even apps you can download to your phone to simplify this process.
Shop for Quality Used Clothing
There is no reason to buy clothes brand new at inflated prices. Used clothing is readily available for the savvy shopper, and often designer items can be found that haven’t even been worn. If you have growing children, this strategy allows you to stretch your spending dollar on clothes they’ll outgrow soon enough anyway.
Find the Best Gas Prices
Even the price of gas varies between companies and stations. Shopping around for the best price at the closest location is a simple strategy, and over time, even saving a few cents per litre can add up nicely. GasBuddy is my go to app.
Bargain Shopping and Targeted Sales
Black Friday and Boxing Day Sales
Targeted shopping for the best deals during sales like Black Friday and Boxing Day can result in significant savings. Plan your big purchases around these sales events to maximize your savings.
Senior Discounts and Promotions
Take advantage of seniors discounts and various promotions like air miles or points redeemed for groceries. These small savings add up over time and can make a big difference.
Buying Used and Clearance Items
Used items, from furniture to electronics, can be a fraction of the cost of new ones. Thrift shops frequently sell high quality, nearly new clothing and small appliances for very low prices.
Clearance sales can produce fantastic bargains. For instance, I proudly own a recliner chair that was purchased from Sears at a steep discount on their last official day in business.
Bulk Buying and Coupons
Bulk buying can save you money on items you use frequently. Pair this with coupons, and you can significantly reduce your grocery bill.
Take Advantage of Airfare Seat Sales
Airfare seat sales can help you save on travel expenses. Keep an eye on these promotions and book your flights during sales to get the best deals. Make sure that you use a private window when searching airfare bargains as airlines track how often you search for a flight and may raise the price accordingly.
Liquidation Sales
Liquidation sales, like those during the Sears bankruptcy, may offer steep discounts on a wide range of items. These sales can be a great opportunity to buy high-quality products at low prices. Know before you buy.
Trading and Bartering
Trading and bartering are age-old practices that can still be very effective. Trade skills or items with friends, family, or community members to get what you need without spending money.
Some other money saving articles at Manage Your Money
Money Saving Checklist: Your Sensible Start to the Year
12 Money Saving Tips for around the Home
How to Save More and Spend Less: Needs vs. Wants Explained
Conclusion
Stretching your spending dollar and combating the constant pressure of rising prices and inflation is not complicated. It’s the first step in your financial journey. By using these practical strategies, you can save money without sacrificing your standard of living. Are you ready to take the next step and invest some of that saved income to set yourself up for a secure future and comfortable retirement? Start today, and you’ll be amazed at the difference these small changes can make in your financial well-being.
In my E-books (“Water Barrel” and “The Balance”) I discuss simple methods to live sensibly for today, take charge of your financial affairs, and invest safely for the long term. For more information please visit David Penna Amazon.
Disclaimer for ManageYourMoney.ca
The information provided on ManageYourMoney.ca is intended for educational and informational purposes only. It should not be taken as financial advice. The opinions shared are those of the authors and are meant to encourage sensible financial habits and decision-making. We recommend that you do your own research or consult a certified financial advisor before making any financial or investment decisions. All investments come with risks, and there is no guarantee of success. Past performance is not a reliable indicator of future results. Always consider your personal financial situation and risk tolerance before pursuing any investment opportunities.
As always, we are not a qualified financial advisors. We just relate financial management to our own experience which may not resemble yours at all. Advice is frequently worth exactly what you paid for it. Most of ours came from expensive experiences.
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