How to Overcome Sticker Shock as We Navigate Inflation
Inflation has caused price hikes in nearly every sector. In the last few months, gas, groceries, and countless goods have seen a price rise of up to 10 percent. Unfortunately, experts predict an even steeper climb in the coming months. These dramatic increases have left many shoppers experiencing sticker shock, worried that their money will no longer go as far as it used to.
Rising costs are causing concern and confusion among consumers. Below are four ways to overcome sticker shock as we navigate inflation.
Focus on what you can control
Like with anything else in life, focusing on what you can control can increase your likelihood of success. While you can’t guide growing gas prices, you can change your driving habits. You don’t have jurisdiction over the cost of groceries, but you can revise your family’s meals and menus to adapt to increased prices.
Now is the perfect time to sit down with your family and update your budget. $50 at the pump is not getting you what it used to only a few months ago. A modified financial plan is in your control, and updating those numbers will be critical to overcoming sticker shock when you make your next purchase.
Cut back by getting creative
Cutting back on non-essential expenses is pivotal to establishing new spending habits and adjusting to inflation. Costly family outings and pricey restaurants are inessential expenses to cut back on. That doesn’t mean your family can’t continue to enjoy a fun adventure. It means cutting back to get ahead.
Swap a $100 trip to the movies and instead consider a movie night at home. Microwave popcorn is just as addicting as the $20 bucket they sell you at the theater.
Do your research
Now more than ever, bargain hunting will be vital to saving money and getting ahead of rising prices. If you still receive supermarket circulars in the mail, browse through those ads to spot the best deals on your favorite items. If you have multiple grocery stores nearby, don’t be shy to make separate lists depending on each store’s sale. Don’t forget to make your weekly dinner menu and a specific grocery list before ordering online or heading to the store.
Rely on your resourcefulness
One of the best advantages we have as consumers is having multiple options for many of our favorite essentials. Before completing the online order or heading out to the store, try to think of alternative options for the items you’re about to purchase. Ask yourself whether that evening gown can be borrowed from a friend, if the nightstand is available at a yard sale, or if the soccer cleats might be at a nearby thrift store.
Inflation is a scary topic, especially for middle and lower-class Americans. While we might not have a lot of control over the skyrocketing prices, we have the power to manage our spending and ensure we pull through and thrive in this uncertain economy.
How are you adjusting to rising prices?
