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Coping With High Inflation

Coping With High Inflation

Sharpen Your Consumer Skills

 

There is no denying that inflation in this period of time is affecting all of us. We must make many consumer decisions and we do not know what may come tomorrow.

The first thing you need to do to re-think how you handle your finances is by writing out simple possibilities that can let you economize, or use what you have for the best of your needs and wants.

There are more resources available beyond finances within your reach, and these include, but are not limited to: knowledge, energy, skill sets, personal property and connections, community resources, special interests/hobbies, time, tools, and technology. So, in order to economize, it’s important that you:

  • Substitute – swap out expensive resources for ones with a lower price tag. If you are within a short distance, walk or bike instead of drive, play board games or do other at-home activities instead of watching television, plan purchases and avoid splurging, and be creative when cooking with ingredients, this is a great way to save on food expenses.
  • Conserve – avoid waste, whether it be food, disposable items, electricity, or clothing. Use up leftovers before making more food, turn off lights when exiting a room and control your thermostat (don’t leave windows open when AC is running, etc.), if a disposable item is in good enough condition, it may be okay to re-use, and learn to mend clothing so that you don’t have to buy more.
  • Use – find new ways to use your resources. You can plant different foods in containers, use the Internet to learn new skills (like mending clothing!), get creative and find new ways to use otherwise wasted items, or create a compost pile
  • Cooperate – use the people around you – family members, friends, community – to get the most out of yours and their resources. You can swap out different items or resources, or get together to create something that will help all parties involved.

If you have multiple people in your household, this is a great opportunity for everyone to brainstorm different ways to save money and decide what alternatives can be tried to be implemented.

It’s no secret that it may be difficult when making changes from normal habits in order to effectively economize. This process can still be helpful and relieving!

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