- Rising inflation rates are making everything more expensive, forcing consumers to reassess their budgets.
- This year I decided to only buy items on sale, which helped me save money.
- This article is part of “My Financial Life,” a series helping people live better and spend better with their money.
With the rising inflation rate making everything more expensive, people’s wallets are under serious pressure. Many people are looking for long-term ways to save money and increase their financial security. I’ve been looking at how I spend my money and looking for ways to save or spend it more wisely.
You could make lifestyle changes to save money by cutting out spending altogether — skipping movies, eating out, buying new clothes — but also by not eating at home. (W.K. Kellogg CEO Gary Pilnick even suggests eating cereal for dinner.) For most of us, that’s just not realistic, let alone desirable.
If you’ve already cut back on your streaming services, cut back on food delivery, and stopped using your local dry cleaners, what else can you do?
My answer is simple: I don’t buy anything at full price. I resolved to save money on everything I buy next year, and it has helped me cut back on my spending significantly. I’ve become more intentional with my money and ask myself if I really need each item I buy.
Use coupons to save money by spending less
I’m not a big coupon person, but my favorite grocery store has a flyer with sales every week that comes in handy when buying big-ticket items like meat and seafood. With the Memorial Day and Independence Day holidays approaching as we head into the summer, these flyers come in handy when planning budgets for barbecues and parties.
I also have a Costco membership and save money by buying things I know I’ll need in bulk, like paper towels, toilet paper, and dish soap, so I don’t have to go to the grocery store every week.
Keep an eye on furniture price fluctuations to get the best deal
I’m the kind of person who really has to love each piece of furniture I own, and I value both its functionality and appearance. I recently moved and needed some new furniture. Instead of rushing out to buy, I’m taking my time and waiting until I can find it on sale. For example, my new sofa retailed for $695, but instead of buying it right away, I waited two months and bought it when it was on sale for 40% off.
Also, many furniture and home decor websites allow you to get email or text notifications when items go on sale, which I do. I have sale notifications set up for bookcases and side tables. Of course, if you give a company your email address or phone number, you’ll get marketing notifications, but that’s fine if it can save me $300 on a sofa.
Find the best sales and buy only timeless clothes
It’s easy to justify spending a lot of money on clothes because, although you need them, you don’t need them every month. When I decided to only buy clothes that were on sale, I also created a capsule wardrobe. All of those clothes can be mixed and matched with each other, allowing me to create multiple outfits with fewer sets of clothes.
You can add more if you want, I have a list of items I want to add to my summer wardrobe: a blazer, a linen shirt, a new swimsuit, etc. The most important thing for me is that I can buy everything on sale.
I’m not a full price shopper, but I don’t always pay close attention to what I spend my money on. Planning ahead has taught me that I don’t need things right away, and it has made me more thoughtful about my spending choices. And it’s helped me stick to my savings goals.
Even though everything around me has gone up in price, I can still enjoy my lifestyle. I don’t have to sacrifice my joy, I just have to pay less.
