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How to save in the midst of inflation

Photo By: Konstantin Evdokimov on Unsplash

Inflation is at an all time high and the money we have is not increasing in its value. Money is only as valuable as its purchasing power and lately its spreading really thin. With the Coronavirus pandemic causing job losses, and those who are fortunate enough to have kept their jobs having to live within very limited budgets, saving has become much more important than its ever been.

Food is that one expense that we can never live without and the best way to maximise on your spend is to keep your eyes on some specials, for example. The No Frills Flyer has some really amazing value for money buys and they also have a point system so you can use those to purchase when cash is tight. They have tomatoes at 99c/lb and 8kg Rooster Scented Jasmine Rice at $10,99. Good deals for products you will use frequently.

Below, we are going to give you some tips to save money despite inflation.

  1. Stock up on food staples

Buy as many non-perishable foods as you can; be sure to check the expiry date so you know that the shelf life is decent. This will take care of your needs for a while as buying in bulk not only makes things cheaper but it means your money can go to other expenses in your next spend. Make sure it’s your basics like pasta, rice, canned tomatoes, baked beans, and other items like that. Another way to manage your food spend is to buy vegetables and fruits that are in season as they are generally cheaper as well. If you are able, use coupons when you buy, and be sure to keep an eye out on specials that are run by the different stores on food items. Do not forget to check the expiry date when you buy so that money is not wasted on items that won’t keep.

  1. Do your budget and stick with it

While this may seem like an obvious point, a lot of people, because of the very little they have, may struggle with seeing the need for a budget. Knowing how much you have and how you will spend will make it easier to keep track of your expenses which will in turn help you make better purchasing decisions. A budget acts simultaneously as a guideline, and lifestyle audit tool, so outside of letting you know what you’ve spent and where, it will also help you assess the importance of your expenses. Make the budget and stick with it.

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Photo By: StellrWeb on Unsplash

  1. Make a list for your spending

This is especially important for grocery shopping. Going into the supermarket or any kind of store without knowing exactly what it is you need will lead you to spend more money than you intended and it will also take up more time than necessary. A list will keep you on track and also ensure that you don’t forget anything important. As long as you stick with it, you will be ok.

  1. Shop sales/special deals

This is another great way to save money and the really nice thing is that sales and specials can be on any items at all. Month-end specials, mid-month specials, end of season sales, or even closing down sales usually have some really good deals. Decide first on what it is you need and be patient and vigilant in finding the right deal for that item. Compromise where you can as well so that you can live within your budget until that changes.

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Photo By: Artem Beliaikin on Unsplash

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