Inflation has hit a new high, and it could cost you.
Households are paying more for gas, food, and housing overall.
Why are prices so high?
Inflation reached a 7.9% increase in February. That increase doesn’t include the surge following the Russian invasion of the Ukraine. However, the invasion did impact gas prices. The price for groceries has also been on the rise. Housing costs have increased too. Find more information here.
What can I do to save?
Housing and groceries are some of the biggest expenses. The average person spends about $431 a month on groceries. How much you spend depends on family size and where you shop. Here are some tips on how to save:
- pay with a grocery rewards card
- sign up for the grocery store’s loyalty program
- clip coupons
- join a wholesale club (like BJ’s or Costco)
- stick to your grocery list
- avoid pre-packages items
- compare prices online
- buy generic brands
- bring your own bags
There are also steps you can take to save on gas too. Most people are paying more than $50 to fill their tank. Try these tips to save:
- signing up for a Costco membership could save you up to 30 cents per gallon
- use an pp like GasBuddy or Gas Guru to find the cheapest place to fill up nearby
- sign up for a fuel rewards program to earn cash back
There are ways to save on your housing costs too. If you have a mortgage:
- try to refinance to a lower rate
- rent out a room
- move somewhere smaller
- find somewhere with lower property and school taxes
- move further from the city
If you rent:
- get a roommate
- move to a cheaper place once your lease is up
- negotiate- your landlord might be open to this if you have good history with them