New year, new budget. It’s no secret that prices have been increasing on goods and services. The Consumer Price Index is up 6.8% year over year. With higher prices, budget adjustments may be necessary. During periods of inflation, there are ways to save – you just have to find them. Here are a few basic tips:
- Mortgage Refinance
By refinancing your mortgage loan, you have the potential to save on your monthly mortgage payment which makes more room for other monthly expenses. You can call or text Bridge at 800.434.7300 to see what you qualify for.
- Focus on Energy Efficiency
You can save a lot of money on fuel, heating, and cooling costs just by making a few easy adjustments. According to the U.S. Department of Energy, you can curb energy costs by sealing air leaks around windows and doors, servicing your HVAC system, using a smart thermostat to schedule less heat or air conditioning for times that you won’t be home, keeping vehicle tires properly inflated, and carpooling.
- Smarter Grocery Shopping
Grocery prices have increased by 5.4% from October 2020 to October 2021. Here are a few ways to save on the cost of food:
- Swap out brand names for generic brands
- Buy in bulk if it results in a lower price per unit or serving
- Include more meatless meals into your diet
- Shop local farmers markets for produce
- Include more pasta or rice-based meals – pasta and rice are both low-cost staples
- Take advantage of coupons, sales, and fuel points
- Shop with Bridge’s Visa Cashback Credit Cards to earn cashback rewards
These are just a few ways to save and adjust to periods of inflation. Bridge is always available to help fill the financial needs of members. Follow us on social media to stay up to date on all of our latest offerings.
Source: https://www.forbes.com/advisor/banking/how-to-budget-for-inflation/
