Thursday, March 17, 2011

Simple Ways to Survive Inflation on Life’s Daily Necessities

By now, you may have heard about the imminent inflation that will occur over the next coming months. According to Wikipedia, inflation is a general rise in price of goods and services in an economy over time. At this writing, the current national inflation rate is about 1.6% and that means prices have already risen on necessities you shop for regularly such as clothes, food and gasoline.

The increases in prices are here to stay, but how much necessities will continue to rise is unknown because it is still early in the year. It is obvious though that with inflation on the rise the value of money depreciates, so here are some tips to get more for your buck when you practice how to save, stretch your money, and avoid unnecessary purchases. These tips are not new and although you may have heard them before they are certainly worth repeating because they can be applied on most shopping trips.

1. Buy on sale and never pay retail again. Everyone loves a good sale, so no matter where you shop or what you shop for, a good way to practice savings and smart shopping is to avoid paying full price for anything and everything. “What goes up must come down” and being patient is how you practice this old adage to reap the rewards. Since most retailers’ offer savings through discounts and coupons on their goods, it is in your best interest to be familiar with these special sales to help you save money.

2. Always compare prices. When you take the time to carefully compare prices, while you shop around for those things you need, it helps you get the lowest price possible. Yes, it may take a while when you do start comparing prices, but it is okay because it helps you spend wisely. Any quality time put into your purchase is valuable and money well spent.

3. Avoid impulsive shopping. The best way to avoid impulse shopping is to make a list and stick with your budget before you go shopping. Remember to buy what you need and not what you want. Most importantly, do not use plastic to pay for purchases, instead pay with cash because it can help you stay out of debt, avoid interest rates, and to make better choices while you continue to track your spending.

Even though prices have gone up, you have the option to avoid paying retail price on anything if you shop on sale, compare prices, and stop impulsive shopping through practice. Think about it, the more hands on saving you acquire the better your love for saving grows and the easier it becomes to appreciate the value of money. The little changes you make in habits of saving and stretching your dollars can make a difference in your daily shopping on life’s daily necessities.

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