Tips to help you save as inflation and cost of everything continues to rise
DURHAM, N.C. (WTVD) — Tyree Johnson just moved to North Carolina from Philadelphia and says the price of “everything is going up.”
He works in construction so he needs to be out and about driving.
“You have to budget everything out through the week,” Johnson said. “Before I go into the store, I’d pick up what I want. Now when I go in to buy something, you got to weigh your needs out more than your wants. Like I said, I gotta cut down on the partying.”
Though inflation eased slightly last month, it remains at a four-decade high and makes it hard for folks like Tyree to keep up.
“It takes time for the future of the system because there are so many different factors driving that,” Emma Rasiel, professor of economics at Duke University said. “This is very scary though because this is the first time we’ve seen inflation at these kind of levels like this since the late 1970s.”
Rasiel said there are a number of things you can do to save money like being thoughtful with your purchases at the grocery store. She said you should try and buy generics instead of name brands and if you have the space to buy in bulk, do it for things you know will keep.
She also recommends packing your lunch every day instead of going out for food and making your coffee instead of getting it at Starbucks.
“Discontinue non-essential subscriptions,” Rasiel said. “Are you paying to go to the gym but never go? Be realistic with yourself.”
She also said to cut off the air conditioning when you’re gone for the day and try and stay away from impulse purchases especially online.
“I’d be willing to pay a little more there and sacrifice something for myself,” Hillsborough mom Jennifer Barger said. “Like maybe I don’t need as many tomatoes. I can shift what I eat. Well, maybe my kids not so much.”
Dr. Rasiel said it’s certainly better to put your money in the bank versus under a mattress but keep an eye on the interest rate. If you do have a portfolio, it’s best not to check your account every day and let things even out.