Economic inflation continues to grip the nation as the "all-items" Consumer Price Index, a widely recognized measure of economy-wide inflation, rose by 0.2% from June 2023 to July 2023. The troubling statistics published by the Bureau of Labor Statistics indicate a 3.2% increase from July 2022, highlighting the escalating prices for household goods and services that are causing most Americans to struggle to make ends meet.
In response to these challenging times, financial experts have shared their advice on how individuals can save money, with FOX Business revealing hacks and strategies that could help each American save $100 this week. The tips range from changing shopping habits to reconsidering regular commitments, emphasizing the need for consumers to be more mindful about their spending habits. As the cost of living continues to rise, these innovative ideas may serve as a lifeline for many.
Battling Inflation: Tips to Save $100 This Week
The US Bureau of Labor Statistics reported a 0.2% rise in the ‘all-items’ Consumer Price Index from June to July 2023, marking a 3.2% increase since July 2022. This surge in economy-wide inflation and rising prices for household goods and services have left many Americans struggling financially. However, experts say there are immediate changes that can be made to save money.
Rethink Your Shopping Habits
Kia McCallister-Young, director of America Saves, recommends reevaluating your shopping habits. Instead of sticking to your usual stores, consider exploring discount retailers or wholesale clubs for better deals on groceries, clothing, gas, and home essentials.
Reconsider Your Weekly Plans
The next tip is about reconsidering your weekly plans to save on gas and money. McCallister-Young suggests opting for public transportation or asking to work from home. For social plans, consider low-cost or free activities such as potlucks at home or nature walks. The aim is to balance your wants and needs while curbing discretionary spending.
Assess Your Subscriptions
Subscription services such as Netflix, Hulu, Spotify, and Peloton, which debit monthly, can also be areas for potential savings. McCallister-Young advises subscribers to pause or cancel services they don’t frequently use. If these services aren’t missed, this could result in significant savings.
DIY Regular Services
Michael Liersch, head of advice and planning for Wells Fargo, recommends handling regular services yourself to further trim your budget. Simple DIY tasks like car washing, manicures, ironing, and grocery shopping can all contribute to savings.
Reduce Your Electric Bill
High electricity bills can also be tackled by adopting energy-saving measures like turning off lights in unused rooms, using fans, minimizing hot water usage, and running household appliances during off-peak hours.
Slash Your Food Budget
Personal finance expert at NerdWallet, Kimberly Palmer, suggests focusing on your food budget as it’s one of the most variable monthly expenses. Substituting frequent take-outs or restaurant meals with planned home-cooked meals could potentially save $100 or more each week.
In conclusion, although the rising inflation presents a challenge, making mindful changes in our daily habits can lead to significant savings. It’s about striking a balance between our wants and our needs while keeping a close eye on our spending habits.
Takeaway: Inflation may be on the rise, but by making a few strategic changes to our spending habits, we can successfully save money. This involves rethinking our shopping habits, reconsidering weekly plans, assessing subscriptions, DIY regular services, reducing electricity bills, and slashing the food budget.
