Margaret Minnicks has been an online writer for many years. She writes articles that are interesting to her readers.
Americans and other people around the world have been affected by the rising cost of buying houses, renting an apartment, gas, food, and hundreds of other things. No doubt you have noticed different price tags in almost every aisle in the grocery store, at the gas pump, in the car lot, and in your monthly budget for housing.
You can't make the prices go down, but you do not have to go down with them. On the other hand, there are a lot of things you can do to become victorious over inflation. You do not have to become defeated because price tags don't look the way they used to look.
Complaining about inflation will not make prices go back to what you have been accustomed to paying for goods and services. The best way to beat inflation is to do something to counteract high prices by making some drastic changes in your budget.
For some people, inflation is a dirty word, but it doesn't have to be. Inflation is the rate of increase in prices over a given period of time. In the broad sense, inflation is the overall increase in prices or the increase in the cost of living in a country that affects everyone living there.
In a much narrow sense, inflation is the increase in certain areas that are necessary for you to continue in the same lifestyle you have grown accustomed to living. There are increases in things you have to buy such as food, medicine, and gasoline. There are also increases in services, such as rent, cable, and even haircuts.
Change Your Thinking About Inflation
In order to beat inflation at its own game, you must change your thinking about inflation. If you look at inflation that cannot be overcome, then you are already beaten. On the other hand, if you think you can get the upper hand on inflation in a boxing ring, then you stand the chance to become the champion.
You can beat inflation, only if you change your mind about it. Therefore, let that be the first thing you do even before you put on your boxing gloves.
According to the Bureau of Labor Statistics, the annual inflation rates have risen to an all-time high. Financial advisers say there is no going back to the prices that consumers once enjoyed. Scott Rick, associate professor of marketing at the University of Michigan, says:
“There’s no going back to the way things were. You have to update and roll with it.”
Rick also advised consumers to change the way they think about inflation in order to adapt to it.
Ways to Fight Inflation
Here is a short list of immediate things you can do to fight inflation.
- Stop thinking about inflation as your enemy that can't be beaten.
- Review and adjust your budget.
- Cut out unnecessary things.
- Stop wasting food and household products.
- Limit traveling, or plan ahead for inexpensive vacations.
- Eat out on special occasions instead of every week.
- Stop paying for magazine and newspaper subscriptions.
- Borrow books, magazines, and videotapes from the library instead of buying them. Besides, you can do most of your reading online.
- Save $10 a month on your cable bill by enrolling in automatic payment with your provider.
- Stop wasting food by purchasing smaller portions from Dollar Tree. That discount store sells items in smaller bottles and jars. That way small families can use them up before they expire.
- Squeeze all the toothpaste out of the tube. Get the last bit of ketchup and shampoo out of the bottle. You will be amazed at how many more uses you have when you think you have used all that's in a container.
- Teach your children and other family members not to waste household products. Make saving a family affair.
- Plan menus to get more servings from one meal.
- Resist the urge to always order out when you want a pizza or Italian food. Save by buying the ingredients and make those meals yourself.
- Buy generic brands. Often they contain the same ingredients as the expensive brands. They are just packaged differently. When you buy expensive brands, you are paying for the wrapping.
There are many other ways to cut back on expenses. Do your research and become creative.
Inflation isn't going away anytime soon. Therefore, your basic necessities will continue to cost you more than they used to cost. Make changes in your budget and in your lifestyle.
First, change your thinking about inflation. Then look through the above list and cut costs wherever and whenever you can.
You can beat inflation. Don't let it beat you!
This content is accurate and true to the best of the author’s knowledge and is not meant to substitute for formal and individualized advice from a qualified professional.