Ways to save as inflation continues to rise

Published: Sep. 9, 2022 at 12:03 PM CDT
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BIRMINGHAM, Ala. (WBRC) - From groceries to gas, the pinch of 40-year inflation is starting to sting for many families.

WBRC FOX6 News asked how you are trying to save money, and many people shared they’re limiting takeout or temptations like online or window shopping.

Financial expert Penny Wang said those are good places to start, but to cut back, you first need to know where you’re spending your money.

“The first thing to do is really to understand where you stand in terms of where your big expenditures are, and then you can start to tackle strategies for cutting back.”

Wang is the Deputy Money Editor for Consumer Reports. Most families spend a chunk of their budget on housing and transportation, but there’s not much wiggle room with your mortgage or rent. To save money on gas, Wang suggest signing up for rewards programs at gas stations, or fill up at warehouse stores.

She said places like Sam’s or Costco can help you save money on your groceries.

“You might look at lower costs alternatives for some kinds of meals, and possibly doing things like joining warehouse clubs, where you can get a lot of items for 25-30 percent less than you can at local supermarkets.”

Wang suggests choosing canned or frozen fruits and vegetables over fresh. She also advises sticking to store-brand options, rather than name-brand. Meal planning before you go to the store, and sticking to a list will limit impulse buying.

“Make sure you’re signed up for the loyalty programs at the stores where you do most of the shopping, because you can get points or discounts, or get alerted to deals early on, which can help you stretch those dollars further,” explained Wang.

Other ways to save money include canceling subscriptions, and trying to renegotiate the price you pay on internet. Even with prices up across the board, Wang said there are ways to get good deals.

“You may be starting to find discounts, because a lot of retailers did stock up more than they probably should have on a lot of items, so there are going to be sales on things, some have already started for back to school, and even before the holidays, so if you’re in the market for something, a new appliance, clothes, or some type of furniture, keep an eye out, because you may find things are priced a bit less than you expected and you can find deals, so definitely be alert to that,” explained Wang.

Another way to save money is to look at consolidating credit card debt by considering balance transfer offers at a lower interest rate than you’re paying now.

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