These days, the dollar doesn’t stretch as far as it once did. Inflation, the general increase in the cost of everyday items, has gradually decreased purchasing power. Although you can’t control inflation, it is a good time to review and prioritize expenses to minimize the impact on your family.
Set a financial goal
We are more likely to achieve success when we document our goals. Together, your family can brainstorm ways each family member can contribute to this goal. Not sure where to get started? Here are some easy steps.
Determine your current expenses
Start by listing all your bills and family expenses and the amount spent on each. Put a star next to the bills and expenses that are an absolute must.
Compare your expenses to the money you are bringing in each month. If you have excess, your next step might be to determine a savings and investment plan. If you have a shortfall, start to prioritize your list. Consider areas where you can begin to cut costs.
Cut your costs
1. Cancel services you don’t need
Whether it’s a premium cable channel, shipping service, or phone app, it is likely you have subscriptions you don’t need.
2. Choose Generic
Look for canned or boxed items where the brand name doesn’t make much difference.
Ask your physician if generic prescription medications are a good option for you. Then use our Member Programs app to compare prices.
3. Meal Plan
Plan your meals for the week before you go to the grocery store. Then make a list of ingredients you have at home and the ones you need to add. The key is to stick to the list!
4. Buy in bulk
Look to save on bulk items like toilet paper, diapers, pet food, freezer bags, batteries, paper towels, and canned goods. Check the per-unit price vs. the sticker price to ensure the bulk deal results in savings.
Look into a high-yield savings account
If you’re able to save income each month, consider putting it into a high-yield savings account. Your money will grow a little faster than a checking or regular savings account that offers low or no interest. As inflation spikes, so do those interest rates, and that means you’ll earn a bigger percentage on savings in your account.
This article is for informational purposes only, you should not construe any information provided as legal, tax, investment, or financial advice. No reader should make any investment decision without first consulting their own financial advisor and conducting their own research and due diligence.
TRN00035 Rev. 12-2022