Tips for Surviving This Season of Rising Prices
Are you feeling the pinch of rising prices? It seems to be everywhere. From the grocery store to car dealerships, the cost of everything seems to be going up. Everything except our paychecks, that is.
So what do you do when your income stays the same but the cost of everything else doesn’t? Here are some tips to help you spend less and save more.
Review Your Spending Habits
The first step is determining where your money is going. Is it necessities like groceries, housing, gas and utilities, or are you maintaining your level of non-essential spending that was in place before prices started inflating? Pay close attention to expenses like dining out, subscription services, gym memberships and the like. What can you cut even temporarily to ensure you have enough to pay your bills and necessities?
Assess and Consolidate Your Debt
If you have multiple credit cards (or even just one) with a high interest rate, consolidating that into one loan with a lower rate could save you hundreds or even thousands of dollars while lowering your monthly payment. Here’s how that works. Add up everything you owe on credit cards and apply for a debt consolidation loan from the credit union in that amount. Use that loan to pay off all your credit cards, then make one lower monthly payment to the credit union for the loan that paid everything off.
You should also ask us if we can lower your monthly auto loan payment you may have with another lender. If we can lower your interest rate, we can lower your payment.
Only Buy Things “On Sale”
Yes, it’s easier said than done, but once you get into a cycle and plan ahead, you can save a lot of money. Did you know just about every item sold in a grocery store has a “sale” cycle? Most grocery items go on sale every six to 12 weeks. Buy your staple grocery items during those sales. For example, if your family eats a lot of chicken breast, buy it only when it’s on sale and buy enough to get you through 12 weeks. The next sale should come around just as your supply is getting low. Pair that with coupons to save even more. For example, some grocery stores provide a 20% off grocery coupon when you use their pharmacy. Save those coupons for times when you buy a lot of meat or other high-dollar items.
Take Advantage of Loyalty and Reward Programs
Before you pay off those credit cards, cash in any rewards you’ve earned. This is money you earned by paying interest on those cards. Don’t let it go to waste. Many credit card reward programs give cash back, gift cards, discount tickets, travel vouchers and more. Use them.
Retailers also have reward programs that save you money – groceries stores, clothing chains, fast food restaurants…you name it. Even Kelly Community has a rewards program. The more accounts and services you have with us, the better your rewards, including rate discounts on loans, reimbursed ATM fees and more.
At Kelly Community, we believe you should never pay more than is necessary for anything you buy or borrow. With a little planning and discipline, you can survive this season of rising prices.
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