Top 5 Ways to Save Money and Cut Costs During Inflation
Live the good life and cut back without sacrificing
The rising costs of inflation have many of us asking how we can save money and cut costs without feeling like we’re sacrificing or missing out. At Rock Valley Credit Union, we always say that we’re here to help you no matter where you are on your financial journey. And today is no exception!
We want you to live, live well and have fun! Below are our top five tips to cutting back and saving money during high inflation, so you can still make happy memories this summer.
Rework Your Budget
Now is the time to take a look at your budget and identify goods and services you no longer need. Here are some examples of low-hanging fruit that could save you money during the rising costs of inflation:
- You may have subscribed to several streaming services at the height of the pandemic. Are you still using them? Inventory your subscriptions and cancel what you can live without.
- Can you carpool to work? Or better yet, bike!
- Buy generic or store brands. The savings will add up when you choose the cheaper alternatives out there.
- Do you meal plan? You should! The prices of some grocery items are going noticeably up, while other items are not. A vegetarian night might be good to add to the mix, or think about how to repurpose leftovers to create a new meal the next day. Also…we’re totally calling you out on having a freezer full of food. Take time to inventory your freezer shelves…you might have a full meal that is ready to be eaten!
Check out this budget generator to see where you can cut costs!
Challenge Your Friends to the 30-Day Rule
With the 30-day savings rule, you defer all non-essential purchases for 30 days. Instead of spending money on things you might not need, you take 30 days to think it over. Write down the wanted transactions, and revisit them at the end of the challenge. You will be amazed by the things you no longer think you need!
An added bonus to this challenge is inviting your friends and family to take part! Not only does this help with accountability, but more people will be willing to think of fun, free activities to enjoy. Dig out those backyard games, enjoy a walk in the park, or host a potluck.
Consider a Personal Loan Instead of a Credit Card
Maybe the 30-day rule isn’t for you and you have your eye on that beach vacation. We’re totally here for it! It is not uncommon to pay for your vacation with a credit card. If that’s you, you might want to consider taking out a personal loan from RVCU instead. The chances are the interest rate on a loan from RVCU is much lower than the interest rate on your credit card. We want you to enjoy fun in the sun this summer, and we want you to do so in the most cost-effective way!
(P.S. A personal loan is also a great way to consolidate debt and payments and can often save you money by lowering the interest rate on those payments.)
Visit our Personal Loans page to learn more.
Consider a CD for Long-Term Savings
If you have money in savings, it’s a good idea to consider high-yield savings accounts like Certificate of Deposits (or CDs). CDs provide you security, predicable and higher returns, and a fixed interest rate. You get to decide exactly how much you want to invest and for how long. This is a savings option with higher returns – allowing you to kick back and watch your money grow.
Check out our Certificate of Deposits to learn more.
Seek Help
The past two years have been challenging for many of us – whether we’re worried about health, the state of the world, gas prices and groceries, and our overall finances. The Rock Valley Investment Services team is here to be your partner in planning. They will study your goals and finances and support you through whatever challenges — and triumphs! — you might have ahead of you.
Contact a member of the RVIS team to get started today.
For more information about saving money and cutting costs during inflation, feel free to send us a message in our chat feature during regular business hours, contact us online or call our Member Contact Center at (815) 282-0300.
