If you’re convinced the cost of living keeps rising month after month, well, you’re not imagining things. The rate of inflation has surged this year, and in October, it reached 6.2%. Some experts predict rampant inflation could continue well into 2022.
Not shockingly, 88% of Americans say they’re concerned about inflation, according to a new report by COUNTRY Financial. But the good news is that many people are taking steps to combat it. You may want to incorporate some of these strategies into your game plan if you’ve been having a hard time keeping up with your bills.
Fighting inflation
If you’re able to cover your bills easily without risking debt or depleting your savings, then this recent bout of inflation is something you may be in a position to ride out. But otherwise, you may want to consider making some lifestyle changes to avoid a financial crunch.
In the aforementioned report, 48% of respondents say they plan to cut back restaurant and takeout meals to fight inflation. On top of that:
- 30% will keep using their current devices, like phones and laptops, instead of upgrading
- 29% will put themselves on a food budget
- 29% will buy less clothing
- 23% will put off home renovations
- 20% will cancel or delay plans to travel
- 13% will drive less frequently to make up for rising costs at the pump
Some of these tactics may be doable for you. If you’re struggling with your bills right now but commonly order food from a local takeout place once a week, making those meals at home could save you a decent chunk of money each month. And if you’re teetering on the edge of debt due to inflation, now’s probably not the time you should be traveling — unless, of course, there’s a pressing need, like to see a family member who lives out of town.
A good idea is to take a look at your budget and see what living expenses you have the potential to cut back on. If your rent costs $900 a month, that’s something you may not have wiggle room with. But if you generally spend $300 a month on groceries, spending more time researching sales could knock that bill down to $260.
Boosting your income could help
Of course, you may not have all that many expenses in your budget that are possible to slash. And you may not want to slash them if they’re the …….