One of my acquaintances loves to complain about inflation and price increases. Every time I speak to her, it’s a tirade about the prices of eggs, laundry detergent, gas, fast food, subscriptions, or some other good or service. This has been going on for a year. I’ve tried to help, offering advice on how to cut costs in certain areas. My advice is always met with some version of, “No, I’d have to change X, Y, or Z and I don’t want to do that.”
Now, you have to understand that this person is not a fan of change in any area of life. For as long as I’ve known her, she’s always eaten the same things, worn the same clothes, kept her calendar the same year to year, and so on. If a favored product is discontinued or unavailable, a meltdown ensues. (Covid shortages and cleared shelves were a lot of fun.) I think consistency is a source of comfort for her and I can certainly understand that. However, that need for consistency severely limits her ability to dodge and deal with price increases.
The key to avoiding price increases in just about any area is flexibility. Outside of things like property taxes and prescription drugs that you need to stay alive (expenses which are much harder to change), most price increases can be avoided/mitigated if you’re willing to change your habits.
Here are some examples:
Gas: You can drive less (say no to some activities, combine errands, etc.), carpool, or use public transit. Yes, you will need to adjust your patterns and deal with a bit of inconvenience, but you can save a lot of money. On the more extreme end, it might be to your benefit to downsize a vehicle, get rid of a car entirely, or switch to electric.
Food: Try switching to store brands/generic, or to a cheaper store. If you eat out, try cheaper restaurants or cut down on the number of times you visit. Other ideas: Buy in bulk, meal prep ahead of time, or swap expensive foods for less expensive alternatives. This may mean eating some things you are unfamiliar with, or trying some unfamiliar places, but you can’t keep the exact same grocery habits and expect to save money.
Subscriptions: If your streaming TV subscription price goes up, you can dump it and do something else with your time. Or, you can turn it off and on as needed instead of keeping it all the time. Subscriptions for things like software, streaming music, or navigation can be dropped, or you can try free alternatives. (GIMP instead of Photoshop, for example, or the free version of Spotify or Pandora.) Has a membership gone up in price, like a gym? Switch to a different gym or exercise at home. You will have to make some adjustments to your routine, but the savings can be significant.
Services: Optional services like cable TV are ripe for change. Cancel or downsize your package. “But what will I do?” you ask. Pick another free or cheap hobby like reading, walking, or writing. In many areas you have a choice of providers for things like phone, internet, trash, or even electricity. If you have access to different providers, try to switch to a cheaper service. If your insurance goes up, look at different carriers. Many offer discounts to new customers. At the very least, call your service providers and ask for discounts. Yes, this will require some work on your part and likely some rearranging of things like auto bill pay, but the status quo isn’t going down in price. You have to search for the cheaper alternatives.
Utilities: Often you can save a lot of money simply by adjusting your usage. Turn the thermostat up/down a degree or two, or take shorter showers. Run the washer less often, or turn off some excess lighting. This is another area that people resist changing because they don’t want to be uncomfortable or sacrifice that luxuriant shower. However, you might find that the discomfort isn’t as great as you think, and making that long shower a true luxury instead of a nightly occurrence might make it more special.
Housing: This one typically requires some more extreme changes, but since housing is generally the largest expense for most people, it can be a huge money saver. You can move to a lower cost of living area, or perhaps move closer to work to save on gas. Maybe your house is too big and you can downsize, resulting in savings across the board. Switching from renting to owning (or vice versa) might result in a savings. Taking in a roommate is also another option.
There are many more strategies for almost every spending aspect of your life, however it’s up to you to make the changes. Being a creature of habit offers a comforting, consistent existence, but it doesn’t help you when it comes to cutting costs. Successful cost cutters are willing to change, eliminate, or experiment with products, services, and stores. They’re flexible and adaptable.
Most people recoil from the potential work or discomfort involved in changing established patterns, however cost cutters embrace those changes. If you’re afraid of change, always remember that changes don’t have to be permanent. When a swap doesn’t work out, you can always go back to the tried and true, or try something else. If giving up a favorite thing makes you too uncomfortable or proves to be an insurmountable inconvenience, go back to the way things were. Just be aware that if you refuse to change, your budget won’t change, either.
Read More:
- How to Stop Inflation Induced Over-Spending
- 10 Ways to Stay Frugal During Inflation
- Seven Ways to Lower Your Cost of Living
Jennifer Derrick is a freelance writer, novelist and children’s book author. When she’s not writing Jennifer enjoys running marathons, playing tennis, boardgames and reading pretty much everything she can get her hands on. You can learn more about Jennifer at: https://jenniferderrick.com/.
Comments