5 tips to survive inflation without winning the lottery

I know; we’ve all heard it before. Get rich quick by investing in a thermos and avoiding the $5/day coffee! Well, I don’t know about you, but I’ve been making my coffee at home for years, and I still had big plans for that $1 billion Mega Millions jackpot.

With that said, here are some money-saving tips that I’ve found helpful. Check them out and share yours below.

1. Minimize gasoline expenses. Between the impact of the $5 per gallon label and the time lag in availability and parts for hybrid and electric vehicles, everyone is looking for ways to avoid the pump. In addition to carpooling and biking to work, if you have access to more than one vehicle, consider assigning the one with the best gas mileage to the family member with the longest commute as prices continue to rise. We realized it didn’t make sense for my more gas-friendly Kia to sit in the driveway while I work from home, so my husband used it for his commute to work and carpool camping this summer.

While not a substitute for Mega Millions or Powerball, these tips can help you save a few bucks this summer and get you a little closer to your financial goals.

While not a substitute for Mega Millions or Powerball, these tips can help you save a few bucks this summer and get you a little closer to your financial goals. (Fake photo/images)

2. Cut the cable. Netflix, Hulu, Amazon Prime, YouTube – with the streaming services available these days, are you paying for cable because you need to or out of habit? My household recently ditched cable and traditional Internet service for a T-Mobile Wi-Fi gateway. We can connect all of our devices for $50 a month, and you can plug it into any outlet, so there’s no installation required.

3. Take advantage of memberships. What is your favorite off-duty activity? Whether it’s hitting the batting cages, the beach, or taking the kids to the zoo, there’s bound to be an opportunity to save. My family has an annual park pass that gives us free parking at all county beaches and admission to the holiday light show, as well as a membership to the aquarium, which pays for itself in just two visits.

4. Save on groceries. If your family is like mine, one of your biggest household expenses is the grocery bill. Have you ever seen one of those coupon clipping shows, where a smart shopper loads up a cart (or 3) and after the poor cashier finishes scanning a mountain of newspaper clippings, they walk away for pennies? You may not get a month’s worth of groceries for $1, but grocery apps make it easy to apply discounts. The My Target app will let me know when my favorite products are on sale, and it’s easy to earn gift cards for future purchases when you buy things like baby items or wholesale health items.

5. Join the library. Libraries offer so much more than books, although my oldest son is reading Dav Pilkey’s Dog Man series much faster than I’m interested in buying them, and being able to choose his own adventure is sparking a love of reading in my freshman degree. (and don’t get me started on my own Kindle library). Cookbooks, audiobooks, magazines, and newspapers — you can even borrow movies, if the one you’re looking for isn’t available on those streaming services.

While not a substitute for Mega Millions or Powerball, these tips can help you save a few bucks this summer and get you a little closer to your financial goals. Share your tips below.

Learn more about financial planning

Source: www.ems1.com