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The high inflation the country is experiencing right now is tough for so many people!

Gas especially has risen considerably in just the past few weeks: the average price of regular gas has risen in the United States from $3.54 per gallon on February 23  to $4.34 per gallon as of March 30 (the day this post was written).

(You may want to check it when you read this post as it’s updated each day.)

Yet it’s important to note that this is the average across the U.S. Gasoline prices in your area may be higher or lower: Georgia’s latest gas price (as of March 30) was $3.928 per gallon, for example.

The price for food/groceries – another household budget critical to your family’s financial health – also has risen considerably in the past few months, rising about 7.9 percent between February 2021 and February 2022.

The good news is that some experts “anticipate that inflation will ease meaningfully in 2022: Many expect it to finish closer to 3 percent.”

Yet, unfortunately, according to that link, “economists regularly predicted” price gains would decrease quickly last year, “only to have those projections foiled as booming consumer demand for goods collided with roiled global supply chains that could not ramp up production fast enough.”

So there’s that: economists predicted lower costs this year but the year surprised us all!

Fine! Whatever! So how do we actually cope with all this?

Below are some personal finance hacks that are proven to help you make ends meet when your ends are frayed and weakening fast.

Will these be pleasant? Fun? Easy? No! But these are extraordinary times and require above and beyond actions to stay ahead.

• Make a budget.

We’ve discussed this here before. If you don’t want to take the time to a formal put one together, at the very least, add up how much money you make each month and write it down.

Then…

• Pay for everything in cash. (The only exceptions are bills that MUST be paid online.)

What happens when you have to take $10s and $20s and actually hand it over to someone? You notice how much you’re spending. Your wallet or billfold can “feel” the absence.

Paying cash helps you really see where you’re spending your money. It can help you decide if the caramel mocha you buy at McDonald’s every day is really worth it. (Side note: sometimes, it is. You need to treat yourself to a few small things, after all. Really!)

Using a cash-only system often is a real eye-opener and helps you see the reality regarding how much money is going out compared to how much is coming in.

Some people take their paychecks and turn them into cash. They then divvy up the bills in envelopes marked “food,” “gas,” “rent,” “savings,” etc. You also should have an envelope for “fun.”

This process, by the way, actually has a name: the envelope method. Try it, you may find it works very well to help you watch your spending

When you pay with the cash you’ve budgeted for purchases, it can be a real eye-opener while also keeping you in reality as to how much cash is going out vs. coming in.

• Consider trying the $5 bill system.

This is a relatively “fun” challenge: Whenever you receive a $5 bill in change, keep it. Put it in a special envelope and don’t touch it.

If you come up short at the end of the month, having that stack of bills can be a lifesaver for your budget. If you’ve don’t run short, use it to splurge on something fun for yourself or your family. (You also could “roll it over” to use for next month’s expenses. Just a thought….)

• Make a grocery list and stick to it!

This also includes household items such as toiletries, etc. that you might get at Target/Walmart that aren’t food items.

Check grocery store flyers (and deals online) for weekly sales. Plan your menu via the sales for that week or even month.

Aim to purchase groceries just once a week. If you run out of something, wait until the next week to replenish.

The U.S. as a whole wastes 80 billion pounds of food every year, about 30 to 40 percent of the country’s entire food supply.

This comes to about 219 pounds of food waste per person.

You undoubtedly do have something to eat in your refrigerator or pantry, even when your family wails that you don’t.

• Stock up on canned goods.

These often are pretty affordable/inexpensive and can help you get through a week where your family is complaining that there’s nothing to eat.

• Run errands just once a week.

This will help you save on gas and therefore save on money. If you can do these errands before or after work one day a week (they’re on your commute route), all the better.

• Take a look at the low-cost grocery stores.

Aldi is well-known in this sector, as is Grocery Outlet. You also may have local stores near you that sell overstock products at great discounts.

You might also consider using lentils and chicken instead of beef for protein.

Finally, buy food in bulk whenever possible. This is easy enough to do for lentils, rice, beans, etc. Even canned soups, sodas, and so on.

• Consider buying other goods in bulk.

Inflation probably will continue to go up, at least for the next few months. If you see a big bulk item sale (such as those on toilet paper, paper towels, canned goods, etc.) consider spending a bit more now so that you can save in the longer run.

• Look into temporary/contract or part-time work.

Companies in all business sectors are practically begging for team members right now. This especially is true for contact centers and logistics/e-commerce/light industrial businesses.

In fact, our clients in these sectors truly are eager to hire folks for long- as well as short-term assignments, many of which are second and third shift.

Such work could be perfect to help you and your family earn some extra income to weather this inflationary period and/or put aside a lot of money in savings.

Take a look at our current openings and apply to those that appeal to you.

You also may contact us to learn more.

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