Inflation Fighting Tips to Preserve Your Spending Power

Of all the economic problems that arise, inflation is among the most destructive to the average consumer. When prices go up, every dollar earned is worth less, making it even more challenging to make ends meet.

Saving for the future can take a back seat during inflation and even after prices stabilize, putting families behind in their savings goals. To preserve wealth and buying power, a strategy is needed for survival. Here are valuable tips to use starting today,

Put an end to those nuisance fees once and for all
With every dollar worth less, no one can afford to be wasteful. Now is the time to get rid of those monthly overdraft fees, ATM charges, and other costs that may be lingering. Review your statements closely to uncover any money you might be letting slip away.

Banish food waste
The only thing worse than spending more at the grocery store is watching those dollars disappear into the trash or down the garbage disposal. With inflation on the rise, it has never been more essential to make efficient use of food. Embrace those leftovers, freeze the excess, or share the bounty with those in need.

Stock up on shelf-stable staples
Even with prices on the rise, there are bargains to be had. When deals pop up, it’s time to stock up. Filling the pantry with pasta boxes, jarred sauces, and canned vegetables will be good for future finances, so clear some space and start shopping.

Experiment with meatless meals
With the price of meat rising faster than other grocery store staple, now could be the time to embrace some vegetarianism. Meatless Monday could be a nice way to start. Of course, giving up meat entirely might not be in the works for you, but going meatless one or two days a week could make a big difference in the size of your monthly grocery bills.

Put off major purchases
If you’re contemplating a major purchase, ask yourself if it’s something you can live without. If so, putting it off until the worst of the inflation spike is over might result in considerable savings.

Seek out inflation friendly investments
If extra cash is available for you to save and invest, looking for products that benefit from inflation is smart. From government savings bonds that track the rate of inflation to stocks of companies with rising earnings, these smart money investments could be suitable for the short- and long-term. Consult a financial advisor for the best options.

Optimize your fuel economy
The price of gas can be especially problematic as inflation at the pump is surely one of the most painful aspects of rising prices. Looking for ways to maximize fuel economy can have an outsized influence in this environment. Think about the way you drive as well as how many miles are traveled. Are there other, less expensive transportation options available?

Inflation is nothing new. When prices are rising, it’s easy to despair. But it’s important to realize that spending power can be retained. Wishing inflation away isn’t a viable option, but you do have the ability to make strategic changes to how you shop, drive, cook, and live your daily life. The inflation-fighting tips above can help make the most of those shrinking dollars.