16 Jan 5 Tips to Limit The Impact of Inflation On The Household Budget
The new year is here, and with it, new goals and resolutions. Among these, it is important to pay special attention to our finances. We can’t escape inflation and rising prices, but we can limit their impact on our household budget. Here are five tips that could be useful for doing so.
1. Save on groceries
In 2023, it is expected that the average family could spend on food “up to $16,288.41, or $1,065.60 more than in 2022.”
Apps like Reebee allow you to view flyers online and save time and money. Make a list of what you need (it’s a classic tip, but it works if you stick to it!) and don’t deviate from the plan you have made. Choose your grocery store; chains like Super C, Walmart or Maxi are good places to find low prices. Prioritize store brands to save even more.
2. Look for sales and deals
Subscribing to allsale’s newsletter allows you to receive weekly sales and deals on various items such as men, women and children clothing, shoes and boots, winter coats and accessories, cosmetics, furniture, appliances and more.
You will be informed at all times of end-of-season sales, warehouse sales, online sales, store clearance sales, outlet stores and more!
3. Avoid unnecessary debt
Debt can quickly become a burden. Credit cards can make purchases easier, but they can also lead to significant debt if not used responsibly. Avoid spending more than you can repay each month.
4. Establish a budget
By knowing your income and expenses, you will be able to see where you can save money and where you can reduce your expenses. List all your regular income, then identify your regular expenses (rent, bills, loan payments, groceries, etc.) and your variable expenses (outings, vacations, etc.).
Track your expenses by noting them as they occur. This will help you better understand where your money is going and spot unnecessary expenses. Applications such as Mint, Fudget, Spendee or even Hardbacon are available and easy to use for this purpose.
5. Make thoughtful purchases
Before making a purchase, also ask yourself the following questions: do you really need this item? Can you afford it? Can you find a similar product for less? Avoid giving in to impulses and wait a few days before making a decision to ensure it is a thoughtful purchase. Opt for quality products that will last longer.