The current inflation rate is 2.4%, which is considered to be not high. Some context: The inflation rate reached 9.1% in June 2022, higher than it had been since November 1981.
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Certainly, we’ve come a long way in taming inflation over the past couple years, but Americans are still feeling the burn. The inflation rate has dramatically fallen, but prices on everything from food to housing remain steep.
The team at Ramsey Solutions, Dave Ramsey’s site, recently published a blog on the topic of lingering inflation and explored a number of ways to take the sting out of inflation. Here are five money-saving tips the Ramsey team recommended.
Prioritize Wants Over Needs at the Grocery Store
By now, you probably have a good idea of wants versus needs. Wants, unlike needs, are negotiable. You can get by without them. Perhaps you’re already adhering to a budget that firmly distinguishes wants from needs. If that’s the case, and you’re still feeling the pinch of high prices, now is the time to ask how you can hone your needs down even more.
This may sound impossible if you’ve already cut out the Netflix, your morning lattè or the DoorDash lunches. But have you taken a look specifically at your grocery spending? Here’s where you can probably find some fatty wants to trim.
“You need food for breakfast, lunch and dinner – you don’t need chocolate chip cookies, kombucha and $15 pre-cut organic watermelon,” the Ramsey Solutions team wrote. “If your grocery budget is being blindsided, it’s time to have a serious conversation with yourself about which groceries you need and which ones you don’t.”
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Shop at Inexpensive Grocery Stores
Another way to curb inflation at the grocery store is by shopping at one that is objectively less expensive than its competitors. For example, you’ll almost certainly spend more at Whole Foods than you will at Aldi or Trader Joe’s.
“If you really want to cut back on your grocery bill, you have to rethink where you shop,” the Ramsey Solutions team wrote. “In the U.S., some of the cheapest grocery stores are Aldi, Market Basket, WinCo Foods, Food 4 Less, Costco, Walmart and Trader Joe’s.”
Use Apps To Track the Cheapest Gas Prices
Even if you don’t have to commute to work, you probably still need to get around town and for many Americans this means by car. Keep the cost of gasoline as low as possibly not only by embracing public transportation or carpooling, but also by using apps to find the cheapest gas prices.
“You don’t have to waste gas driving around town looking for a good deal,” the Ramsey Solutions team penned. “Just use an app like GasBuddy or Waze to find the cheapest gas prices in your area.”
Adjust Your Thermostat and Don’t Run Appliances Unless Full
High inflation also drives up our utility bills, so it’s important to do all we can to cut back on energy usage. To do this, the Ramsey Solutions team recommended both turning down your thermostat by seven to 10 degrees when you’re not home and limiting use of energy-sucking appliances like dishwashers and washing machines. Only use these when they’re full.
Relocate To a Cheaper Place
The cost of living varies across states and cities. If you’re struggling to get by and can afford to relocate, it’s probably time to think about moving to a cheaper place — especially if you work remotely or are retired.
“Nobody likes moving,” the Ramsey Solutions team wrote. “But if you can find cheaper rent 15 miles outside of town – suck it up and make the move.”
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This article originally appeared on GOBankingRates.com: Dave Ramsey’s Team: 5 Money-Saving Tips To Beat Inflation
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