(WTNH) – With the current inflation rate at a 40-year high and food prices rising at the fastest pace since 1981, lots of Americans are looking for ways to flex their budget.
One easy step to follow is to cut down on unnecessary expenses. The average American spends about $347.81 per year on subscriptions, which they usually don’t use according to OneMain Financial.
You can also look for less expensive substitutes. You could save nearly 30% in grocery aisles, just by purchasing generic products instead of name brands.
Buying items in bulk can save a few bucks as well. When you buy an item in bulk, the cost per unit is almost always cheaper. And, it could mean fewer trips to the store, which also would mean less gas.
Keep on top of your debt repayment. When you pay your bills on time, your good payment habits usually translate into a higher credit score, which makes you more likely to qualify for lower interest rates on loans and credit cards.
Lastly, keep your goals in mind. Flexibility is key in this case.
The best way to prepare for inflation and rising costs is to remind yourself about your financial priorities. Be mindful of spending and saving habits. When your dollar doesn’t seem to stretch as far, be willing to adjust your budget to make it work.
All of these tips come from OneMain Financial.