It seems like barely a day passes without seeing headlines about rising prices. Regardless of what’s causing it (inflation, supply chain problems, corporate greed, etc), the end effect for the consumer is the same: higher bills. How are you dealing with rising prices right now? What changes are you making to your habits and your budget? (Do you have a feeling that your company is affected in a strong way — are you seeing budget cuts or layoffs? Is that causing you to make even bigger changes to your personal budget?)
{related: not sure what to do first/next in your personal finance journey? here’s our money roadmap}
How I’m Dealing with Rising Prices
My credit card bill has been crazy for a few months now, without any major purchases — but I’ve realized that if I merely walk into a grocery store it seems to be $150 or more. So it sounds silly but I’m trying to avoid “just running in” to stores, and to focus on eating down the pantry and freezer.
Another thing I’ve been trying to do for a while now is to avoid checking out the instant I see something or think of something I or my family need — instead, I let things sit in the cart for a while. I close the tab. A lot of times I forget about the purchase entirely — and if I remember I can always buy it later.
Some other things I’ve done over the years to help control spending include
Really scrutinizing my credit card bill, maybe even categorizing my spending into categories — doing it by hand makes me appreciate it more than just seeing it on Mint.
Getting rid of charges — particularly recurring ones — that I think I need but really am not using (particularly if I can sign up again without fuss). I was amazed when I returned to Netflix after a two year hiatus to find that my queue was still in tact.
Getting rid of “lazy” expenses. In my law firm days, I took a cab to work almost every day because I didn’t want to spend the extra 20 minutes it took to take the subway.
Focusing on a daily budget. For example, if I’ve said I don’t want to spend more than $X each day, and I know I’m already slated to meet friends for dinner or otherwise spend money that day, I may defer my online purchases to the next day.
Trying to find other outlets beyond my credit card. I tend to be a bit of a stress spender, and sometimes going for a run or getting an extra hour of sleep is what I need more than that new blouse or that Starbucks latte.
Sometimes you may need to do a bit of self analysis (or, hey, therapy) to figure out why you’ve lost control.
How about you guys — how are rising prices affecting you? What changes and cuts are you making in your own budgets?
{related: financial tips for new lawyers (or other women in their first high-paying jobs!)}
Stock photo via Stencil.
Kat
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