How to beat Inflation
Inflation is certainly the thing that hurts our wallets the most seeing as when it changes, all prices change along with it. When it rises, your monthly grocery trolley turns into a basket and getting from home to work suddenly costs double as much as it had before.
Inflation is unfortunately something we all have to live with but there are creative ways around it. If you can start saving a bit of money each month, you are already ahead of the game.
Adapt and Sacrifice
The first key to beating inflation is acceptance. Accept that the food prices are rising and that you won’t be able to afford the luxury brand you have always used. Consider buying cheaper brands.
You would be surprised to find out that sometimes the only difference between a cheap and an expensive brand is the packaging and the country it comes from. Cheaper brands can be just as effective if not more so.
Is it necessary to eat a rump steak every other night? Consumers have been drawn more and more towards chicken seeing as it is versatile and cheaper. Let’s just quickly compare how far 2 cuts of steak and a whole chicken can get two people.
The two enjoy their steaks and perhaps the lady of the couple will have a few bites left for breakfast whereas with a whole chicken, which comes in at almost half the price, will more often than not last through dinner and lunch sandwiches. Bonus? The dogs can eat the bones afterwards.
This is your chance to be creative and cut back on unnecessary luxuries. Changing over to different food can also be a healthier choice. Think of ways to make your food last longer and buy products that are versatile, like pasta, chicken, potatoes and mince.
Buy a home
Okay so this sounds a bit radical for most and obviously counts towards those people who can afford to buy a home at this stage. We are merely highlighting the benefits of owning a home and how it can help you beat inflation.
Property remains one of the most valuable investments and depending on where you live, owning a home can be cheaper than renting. At least you know that when you are finished paying, you will become the sole owner of the home in the end. You are working towards an end goal and not just paying rent every month. When rent rises, your mortgage payment will look a lot better.
Drive less or start a Driving club
One thing that never makes sense to either the environment or people’s personal finances is when five people all show up to work in their own car. There are so many people stuck in traffic who all sit alone in their cars. Imagine if three people drove to work together, that’s two less cars on the road.
Environment and traffic aside, if you and two other friends decide to split the petrol cost and take turns in driving each other to work, it will make a sizable difference to your bank balance. Let’s say you spend R 1000 on petrol getting to work each month. If you split that between three people, you only have to pay R 333.33. How is that not beneficial?
Do not let inflation drive you into debt. Join the conversation! Visit our social media pages for some more tips and tricks on how you can save money and beat inflation.