Are you having a hard time keeping up with rising costs and need ways to save your money?
You are paying much more for your purchases (eggs are up 32.2% and meat is up 14%). Filling up the gas tank leaves you speechless (the average price is $4.35 per gallon). Buying or leasing a new car is impossible as prices go up and supply goes down. Utility bills continue to rise, and if you have money left over for vacations, beware, as airfare costs are up about 30% from last year.
That is inflation.
“Inflation is a tax that reduces your purchasing power because of higher prices,” said Rutgers University professor Barbara O’Neill, a specialist in financial resource management.
There are some choices individuals and families can make to help them get through this costlier period of time, O’Neill said. Here are some tips she says will help cut some expenses and make your dollar last longer.
Save some money with these tips
If possible, stay away from the housing and auto markets at this time. Reduce the possibility of medical expenses by getting a flu shot, getting regular physicals and screenings, exercising regularly, and taking required medications. Order generic prescription drugs and opt for a 90-day supply of drugs by mail instead of a 30-day supply from a local pharmacy. Save on energy costs by closing off unused rooms, checking weather stripping and caulking, and improving attic insulation. A free energy audit can also help Make smarter choices at the grocery store by shopping for sale items and selecting generic or store brands, and shop at flea and farmers markets close to closing time, when items are on sale. Buy gently used clothing at consignment stores. Look for deals on furniture and appliances, and shop at thrift stores, garage sales, and online auctions. Be flexible when traveling by looking for airline tickets that offer weekend or midweek specials, and be flexible on travel dates. Avoid peak travel dates and times. Choose the right vehicle to drive by looking at those that cost less than the average to insure and look for discounts such as “safe driver” rates and premium reductions for short-distance driving. Buy a car that has been recently used, about two or three years old, so heavy depreciation has already occurred. Use restaurant discount codes like “early bird deals,” take a “doggie bag” of food home for another meal, have a snack for lunch, and eat out for lunch instead of dinner. Special lunches are cheaper. Choose a cell phone plan that offers bundled TV, Internet, and phone services. They are cheaper. Pay invoices electronically to avoid shipping costs. Pay credit cards in full to avoid interest charges. A credit card with cash back is also helpful. Avoid credit cards with annual fees and no grace period. When it comes to utilities, play with your thermostat. Try to have the smallest difference between the inside and outside temperature to save money. Investment advice: “If you have a long-term investment strategy, stick with it and don’t panic,” O’Neill said.
Source: www.northjersey.com