With many costs skyrocketing due to inflation and supply chain issues, many of us are feeling that strain on our wallets. We spoke with a financial expert and a couponer for some tips on how you can stay on budget despite rising costs.
The first step to staying on budget is making one.
“You need to make sure you know where all your money is going,” said John Ryan, a financial advisor with Mediate Financial.
Ryan has worked in finance for three years and says avoiding credit card debt right now is crucial.
“Most of those come with variable debt, and with interest rates rising, that makes it much harder to pay off because those rates will rise also,” Ryan said.
He recommends the 50, 30, 20 rule.
“Fifty is your needs, 30 is the wants and 20 goes into savings,” he said.
Brooke Brady has been couponing for three years and says she’s saved her family thousands.
“On a grocery shopping trip, I would say I save about 20 to 30 percent, but if it’s an essential item shopping trip, I can usually save 30 to maybe 60 percent sometimes,” Brady said.
She recommends stocking up on expensive items that have a long shelf life.
“Food that lasts a very long time, any hygiene items really, laundry items,” Brady said.
Brady says she might spend a few hours a week planning her shopping trips. But there are couponers on social media who break down their deals and tell you which stores to go to, which coupons to clip and even what days to buy.
“A lot of big name stores have an app that you can download and you can get coupons and have them directly on your phone. All you need is your phone number and your coupons go automatically into the register,” Brady said.
You can also download apps that give you cash back on purchases and specific items, which helps save even more.
