What Is Inflation?
To put it simply, inflation is when your money becomes worth less. It is a decrease in the value or purchasing power of your money over a set time period. You can calculate inflation by taking a look at the purchase price of various items over time. Measure how much goods cost now and then at a set point in the future. The difference in purchase price is the amount of inflation, usually expressed as a percentage.
Inflation can be cause by various factors. One factor that can cause inflation is the rising cost of production, making goods more expensive to produce. These costs are always passed on to the consumer in the form of rising prices. Another cause could be an increase in demand for goods that can drive up purchase prices.
In any case, inflation is a real problem, but one that you can deal with by being more frugal.
What Does being Frugal Mean?
Many people associate being frugal with being cheap, but that is not it. Being frugal means making smart financial decisions and taking the time to find a less expensive option. In other words, cheap people do not spend and frugal people spend wisely.
The benefits to being frugal are many and they affect all parts of your financial life. Being frugal can help you deal with debt, save money for retirement, have the funds to travel and, in this case, deal with inflation.
75 Frugal Tips To Deal With Inflation
Now that we have addressed the importance of being frugal, let’s look at those 75 tips.
Be Frugal In The Kitchen
- Use Curbside Pickup
Order your groceries online and pick them up at the curb to avoid grocery store temptations. - Have A Food Budget
Set a reasonable food budget and stick to it with the help of meal planning. - Go Without Meat
Make a few more meals a week without meat. Replace it with an inexpensive protein like beans. - Eat At Restaurants Less
Choose to make most of your meals at home and when you do splurge, make it for dessert only and not a whole meal. - Bring Your Lunch To Work
Have you seen the cost of fast food meals lately? Bring your lunch to protect your budget and your waist. - Shop With A List
When you grocery shop, make a list every time you go to the store and avoid deviating from it. - Pay Attention To Unit Cost
Those labels on the grocery store shelf have more data than just the total price. They also list the unit cost, an important number. - Save The Leftovers
Repurpose leftover food or simply freeze your leftovers for “leftover night” - Make Your Own Coffee
Get hundreds of dollars in your pocket each month by brewing your own coffee and skipping the Starbucks line. - Switch To Water
It is much cheaper than soda and will save you money at the dentist as well. - Start A Garden
Protect your food budget by growing a portion of your food, at least the herbs. - Buy In Bulk
If something can be stored for at least a few months, you should buy it in bulk. This includes pasta, rice, beans, canned goods and even meat. - Shred Your Own Cheese
Buy cheese in blocks and shred it or slice it as needed. - Learn To Bake
The price of store bought cookies, cakes and other treats can really add up. Learn to make them yourself at a fraction of the cost.
Be Frugal At Home
- Use Average Billing
Most electric providers will allow you to even out your monthly bills to avoid spikes. - Use A Smart Thermostat
Save money on heating and cooling when you are away or asleep. - Cancel The Land Line
If you have a cell phone, it is not needed. Besides, only telemarketers use it. - Use Prepaid Cell Service
There are just two differences between prepaid and premium cell service. You pay at the beginning of the month and it is much cheaper. - Get Rid Of The Mess
If you have not used an item for longer than 6 months and don’t expect to, sell it. - Limit Disposable Paper Products
Instead of buying paper towels, use washable cleaning cloths. - Buy Used Over New
When you need to buy something for your home, look to the used market first and save as much as 80 percent. - Dry Your Clothes Outside
Your clothes dryer is one of the biggest energy hogs in your home. - Wash With Cold Water
You save money on heating the water and your colors will stay brighter. - Only Wash Full Loads
Wait until the washing machine or dishwasher is completely full before running a cycle. - Limit Phantom Power Usage
Unplug your devices when not in use to save on the energy they use, even when powered off. - Keep Gallons Of Water In The Fridge
It will stabilize the temperature so that your compressor kicks on less.
Be Frugal Behind The Wheel
- Walk More
Save wear and tear on your vehicle and avoid burning that precious gasoline. - Wash Your Car
Skip the car wash and DIY. - Plan Your Trips
Group all of your errands together to make your routes more efficient. if you do not need to do something right this second, wait and group it with another errand. - Keep your Vehicle Tuned
Stay on top of maintenance to protect your vehicle and improve your MPG. - Refinance Your Auto Loan
If your credit has improved since you made the purchase, take advantage of it. - Use A Gas Saver App
Before you fuel, check for the best price, but avoid driving long distances to get it. - Shop Your Car Insurance
Look for better rates every time your policy renews and look for big savings from paying your policy in full instead of monthly. - Sell A Car
If you have two vehicles and work from home, consider selling one of them. - Limit Toll Roads
If a toll will only save you time and not gas, avoid it. - Go Remote
If a job change is in the works, look for a remote job to save on travel costs.
Be Frugal With Entertainment
- Get Rid Of Cable/Satellite
If you have been reluctant, now is the time to switch to a streaming service. - Watch Free DVD’s
Still have a DVD player? Get free titles from the library. - Get Outdoors
The park is free, so take advantage. Buy some used bikes off of Facebook and get some exercise. - Use A Rewards Card
Get cash back on all of your entertainment expenses. - Shop Groupon
Score deals on entertainment, dining and learn about new businesses. - Get Free Museum Tickets
If you have a Bank Of America account, get free tickets on the first weekend of the month. - Support Your Local Teams
Instead of MLB or NFL, support your local high school baseball or football team. - Have A Family Game Night
Dust off the board games or buy some cheap ones at your local resale shop. - Entertain More At Home
Host parties at home and make it pot luck. - Join Restaurant E-Clubs
Get discounts in your email box.
