Expert tips to help adjust your budget for inflation
Revisit budget categories to look for places to trim
Published: Oct. 4, 2022 at 3:26 PM CDT
InvestigateTV - With everyday expenses likely costing more every month because of inflation, now is a good time to re-visit your household budget.
When we think of adjusting our budget, we often think of trimming things out. But there are some things you can’t trim like your groceries and your light bill.
Elizabeth Renter, a data analyst with NerdWallet, said what you’re really looking at is how to afford those additional items.
Renter shared several ways to trim everyday costs:
- Streaming services: Either temporarily pause a subscription or end ones you don’t use often
- Cell phone plans: Review competitor rates or choose a less expensive plan from your current carrier
- Insurance policies: Shop around for a lower rate or ask your provider if there are discounts available
- Gym memberships: Consider dropping your plan for a year
- Car: Consider putting off a new purchase
- Groceries: Truly price compare and try generic brands
- Dining out: Research restaurant offers
If you need further assistance, Benefits.gov has a large list of resources, including state programs that could help.
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