Budgeting through Inflation

With the rising prices of nearly everything, it can be challenging to try and manage your expenses. In many cases, income isn’t rising, leaving many struggling with budgeting to make ends meet. While this may leave you feeling nervous about making ends meet, there are some things you can do to cut costs.

• Cut the Trips - Plan when you have errands to do. Do all your errands in one trip (groceries, gas, etc.). Only going to town once instead of making multiple trips will save you on gas, and as much as gas prices have skyrocketed this year, it will add up in savings.
• Don’t be brand specific – When buying groceries, don’t be afraid to buy the store brand. In many cases, they will be cheaper while still providing equal quality. Instead, look into warehouse stores that sell items in bulk (Sam’s Club, Costco, BJ’s, etc.). Groceries may cost more upfront, but the quantities are higher, and the cost per unit may be lower. 
• Check budget more often – When your budget is tight, you must stick to it. Check your budget more often, and ensure that everything lines up so you’re not blindsided by unexpected expenses. Try and build emergency savings for unforeseen occurrences.

You can read more tips for budgeting through inflation from this CNBC article here.

American 1 Credit Union offers free Financial Coaching for members for setting up your budget. Learn more about it here.

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