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Inflation. It’s the headline in every news story, the butt of the joke in every meme, and the word we curse under our breath.
Right now, the inflation rate is 2.5%, which means the typical good or service costs 2.5% more than it did one year ago.1 Not too bad! But keep in mind, that number only considers the last year—and we all know that pretty much everything has been getting way more expensive for the past few years.
There’s good news, though. Because even though you can’t control how much inflation swings up from year to year, you can stay on top of your money to handle inflation.
If money is tight and getting tighter by the second, you need to make sure the most important things in your budget are covered. No, we’re not talking about your Amazon Prime membership or your Disney+ streaming subscription. You need to make sure your Four Walls (food, utilities, housing and transportation) are paid for each month.
Here’s how to beat inflation and keep your Four Walls guarded!
Grocery prices have increased by a whopping 25% over the past four years, so it’s no surprise that our 2024 State of Personal Finance study revealed that over a third of Americans are finding it financially difficult to provide food for their household.2
If you’ve found yourself in that same boat, or if you just want to make your food bill a little easier to stomach, here’s how to save money at the grocery store.
Has your electric bill gone way up over the last few years? Welcome to the world of higher energy prices thanks to inflation.
Here are some tips you can use to cut back on your electric bill or heating bill.
Like everything else over the last few years, the price just to have a roof over your head has gotten insane—no matter if you’re a renter or a homeowner. Since the start of 2020, the median home listing price in the U.S. has increased by 42%, and the typical apartment is 22% more expensive.4,5 Those are massive jumps.
Start budgeting with EveryDollar today!
Here are some of the best ways to make housing more affordable.
Getting from point A to point B has also gotten more expensive over the last few years, mostly thanks to rising gas prices. The average price of gas is now $3.34 per gallon—compared to $1.94 in the spring of 2020.6
Luckily, there are plenty of ways to save money on gas that don’t include having to pedal your car around like Fred Flintstone. Here are some of our favorites.
Believe it or not, we’ve got a few more ways to combat inflation up our sleeve. Give these a try too:
Captain Obvious, right? But a lot of people can’t handle the idea of tweaking their lifestyle and making sacrifices to spend less money. They hate the idea of buying a generic brand and saying no to impulse purchases. Even though it’s an obvious answer, people still don’t want to do it.
Here’s the deal though: If your cost of living is going way up, then you’ve got to focus on something you can control (like your spending) to help free up more cash.
So, where can you cut back and make a few sacrifices? Try a spending freeze where you don’t spend anything all weekend long. Switch to the generic brands at the grocery store. Try whatever you can to cut back wherever you can.
With the gig economy gaining speed and side hustles everywhere you look, it’s pretty easy to make extra money and increase your income these days. Have a slow weekend? Get started with DoorDash, Taskrabbit, Uber or Lyft. You could even pick up a part-time job in the evenings or weekends too.
Bonus: You’ll probably get a store discount on top of the extra income. If you work Saturdays at Target, you’ll not only make some extra cash, but you’ll get a markdown on groceries there too. Win-win!
Look, if your budget has been derailed by inflation lately, you’re not alone. But just because things cost more now, don’t throw your budget out the window. Heck no! You need a budget now more than ever.
Don’t let it all overwhelm you—you’ve got this! Prices going up just means you have to rework your budget. If you need to bump up the grocery budget these days, just be sure you’re taking money from somewhere else. Like, oh, let’s say the restaurants category. That’s right, you’ve got to cut back somewhere. And if you’ve got all those groceries in the fridge, then stay home and eat those instead of dropping $50 going out to eat.
We know—budgeting might feel like more of a headache right now, but our free budgeting app, EveryDollar, makes that much easier. You can keep an eye on things, track what you spend, and make tweaks on the fly all right from the app. So, tell those rising prices to get the heck out of here—because you’ve got a plan to combat inflation.
Get EveryDollar: the free app that makes creating—and keeping—a budget simple. (Yes, please.)
Ramsey Solutions has been committed to helping people regain control of their money, build wealth, grow their leadership skills, and enhance their lives through personal development since 1992. Millions of people have used our financial advice through 22 books (including 12 national bestsellers) published by Ramsey Press, as well as two syndicated radio shows and 10 podcasts, which have over 17 million weekly listeners. Learn More.
Gas prices are down from their peak a year ago, but filling up the tank still isn't cheap. But with these quick tips, you'll save money at the pump so you can keep moving forward with your money.
Inflation hits us all where it hurts—in our wallets. Inflation is an increase in the price of goods and services over time. In other words, things just cost more than they did in the good ol’ days.
Fighting those spiking inflation numbers can make grocery shopping feel like an Olympic sport. Here’s the inside scoop on how to save money on groceries.
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