You have undoubtedly noticed that prices are going up on everything, not just gas. It seems that every time I go to a restaurant or grocery store I am paying more.
According to Carol Roth, in her recent post on Blaze News, “Roth: Creative ways to combat inflation,” there are some creative ideas you might want to try to stay ahead (and keep more money in your pocket). Carol begins:
American families are paying, quite literally, for the reckless monetary, fiscal, and other policies enabled by government over the past two years. That cost is estimated by some economists to be an additional $5,200 per year, not exactly the kind of money most Americans have lying around. Even if you do, you would rather be investing that money than seeing your purchasing power erode.
I have been asking people the kinds of things they are doing to save money and help their families thrive, or at least survive financially, during this incredibly difficult economic time. I hope that you may find one or more tips you can apply to make your financial situation better as costs remain elevated.
Lock in pricing
Inflation means that your money buys fewer goods and services as prices increase or what you buy decreases in volume (also known as “shrinkflation”). For items you believe will continue to go up in price, try to lock in pricing today, so you aren’t paying even higher prices in the future. Talk to goods and service providers and see if they will give you a discount for bulk purchases or paying in full today.
Carol shares ideas her followers on Twitter suggested in the rest of the post. You can read that here.