Practice living with less to save
With the inflation rate at 8.6% for the 12 months ended May 2022, the largest annual increase since December 1981, it seems that more Americans are struggling to pay their bills.
The Federal Reserve System is attempting to put on the break of inflation by raising interest rates, hoping to slow down spending by making it more expensive to buy things on credit and taking out loans. It may sound awful but it really is time to get back to the basics and practice living on less. We cannot control inflation or the interest rates, but we can control what happens with our own earnings and hard earned money.
Spending less is not rocket science but it does requires determination and knowledge. Our relatives that lived through the Great Depression learned tricks to help make their money go further. Before you buy, ask yourself, “is there another way to get what we need or want? Can we recycle? Make rather than buy? Share, trade or rent? Or use public services?” Some ideas that you may find helpful are: Plan your meals one week at a time. Take advantage of specials and seasonal foods. Plan meals around featured sale items to cut food cost.
Make a shopping list. When you get to the store, stick to the list. This cuts down on impulse buying.
Make your own convenience foods. The more convenience built into a food product, the higher its price. Brownies from scratch are cheaper and not more diffi cult.
Form car pools for going to work, meetings and taking children to sporting events. According to studies, transportation is actually the second largest expenditure for most American families. Americans spend about 16 percent of their income on it, with monthly costs coming in at a whopping $813 on average.
Walk more, drive less. It saves money and can improve your health. Organize your errands to eliminate unnecessary trips.
Keep track, item by item, of where your money goes every day, week and month. Is your money being spent the way you really want?
If you are interested in learning more cost saving ideas, contact the University of Wisconsin-Clark County Extension at 715-743-5121.
