High Inflation Savings Tips

We hear it all the time: gas, groceries, flights and more are costing more than ever. High inflation can create significant pressure on retiree and family budgets. If you haven't tracked your spending in a while, now is a good time to look again. Small increases in many categories can add up over time and create debt where we hadn't had it before. To help trim costs, consider the following savings tips across five key spending categories. 

1. Groceries

• Use store apps and loyalty programs to monitor discounts and specials, and consider building your weekly meal plan around what’s on sale. Take advantage of digital coupons to save even more and stock up on items you regularly buy.
• Buy store brands. The quality is often identical, and savings can be significant.
• Shop once a week on senior discount day or order your groceries online. Fewer trips = fewer impulse buys. 

2. Gas 

• Save at the pump with apps like GasBuddy or Waze that provide real-time prices and locations. Use grocery store fuel points or credit card rewards, if available.
• Fill up early in the week since prices may often rise ahead of the weekend, as early as Thursday.
• Combine errands. Fewer cold starts = less fuel burned.

3. Housing

• Compare homeowners and renters’ insurance costs/coverage. Premiums can vary widely between companies.
• Consider turning unused space into income by renting out a room or basement apartment if zoning regulations allow. Consult with your professional tax and legal advisors first to determine if this strategy works for you.
• Appeal your property tax assessment. Many homeowners never challenge it and overpay as a result.

4. Utilities

• Insulate and seal drafts. Weatherstripping and caulk are inexpensive ways to help reduce heating or cooling loss.
• Use smart thermostats. Even a 2 - 3 degree adjustment may help reduce energy bills.
• Switch to LED light bulbs, which use up to 80% less energy.
• Unplug “vampire” electronics like chargers and TVs that draw power even when off.

5. Travel & Entertainment

• Travel off-season or mid-week. Flight and hotel rates often drop dramatically off-peak. Use apps like Google Flights and Hopper to track price drops.
• Leverage memberships like AARP, AAA, and senior discounts on travel and entertainment.
• Seek out free or low-cost entertainment, such as parks, museums, and community theater. In Albuquerque, our local libraries have free passes to museums that you can check out and use. 

To learn more about strategies to help manage income and expenses in retirement, contact the office to schedule a time to talk.