Important Steps to Blunt the Impact of Inflation on Your Family

• Author: Kelly Cooke
• Posted: 2023-11-24

Since pandemic lockdowns caused severe bottlenecks in the global supply chain and the economy became overheated, inflation in the United States has climbed to an unsightly annualized rate of over nine percent. Most average Americans have been forced to take significant steps to lower costs for their families to stay financially afloat. Here are some things you and your family can do to blunt the impact of inflation on your wallet.

Eat Out Less

Due to rising labor and ingredient costs, restaurant prices around the country have risen drastically since the start of the pandemic in 2020. For example, at many popular fast-casual restaurant chains with loyal and vast customer bases, the prices of simple dishes like burritos and sandwiches have risen by a factor of several dollars apiece. However, corporate profits made by the chain restaurant industry have ballooned since people began dining out again after the acute phases of the pandemic, largely because price increases have gone beyond what was solely necessary to cover their increased costs. To avoid needing to pay such inflated prices on regular meals, limit eating out only to special occasions, as home-cooked meals remain much more cost-effective than those from restaurants. Moreover, home-cooked meals provide for the best family time at the dinner table.

Drive Less

In the summer of 2022, gasoline prices reached their highest national average level in history, with motorists seeing prices at the pump often north of five dollars per gallon. The gigantic spike in gas prices was caused by a combination of pandemic-related supply shocks and geopolitical strife related to affairs in eastern Europe. While gas prices have fallen far from their peak, it is unlikely that they will ever reach the low levels of the late 2010s. Therefore, you and your family can save a lot of money by reducing the mileage that you drive. Specifically, commuting by public transportation is the most cost-effective method of local travel if it is available and convenient in your area. If your city has available park-and-rides and mass transit options that can take you directly to work, the cost of riding public transportation and the time saved by avoiding traffic will make it worth ditching your car. Moreover, if you have the option to telework from home, you do not have to deal with the stress and expense of travel at all. Finally, in order to save time and gasoline that would be consumed by trips to the grocery store, consider subscribing to reasonably-priced grocery delivery subscription services and ordering essentials in bulk.

Shop for Reasonable Clothes

Understandably, most people enjoy shopping for higher-end clothing. Psychologically, buying and receiving new possessions of that nature give most people a boost that cannot be replicated by any other situation. However, higher-end retailers are raising their prices quickly due to supply chain challenges and the aforementioned increases in the overall cost of labor. While not as fancy, the clothes sold at big-box stores are generally of similar quality to those of their more expensive counterparts, while having a much thinner price tag. Certain big-box store chains carry their own store brands of clothes that employ talented designers but sell high-quality clothes at fractions of the prices of their competitors. By spending less on clothing essentials, you can allocate more space in your budget to other items that have experienced large price increases due to inflation.

Eat Less Meat

Meat products have been one of the biggest victims of this current period of inflation. Specifically, staples like chicken and beef have seen their prices skyrocket faster than the general rate of inflation across the whole economy. While chicken and beef are important sources of protein, there are many plant-based alternatives that provide similar amounts of protein without breaking the bank. For example, beans, lentils, and chickpeas are healthy options that you can put in many different culinary creations in your kitchen instead of meat. Many grocery retailers sell large packages and small cans of high-protein vegetables for good prices, so you can still maintain your healthy protein intake while saving money. Not all vegetable prices have been able to withstand the pressure of this current inflationary economy, but overall, shopping for natural whole plant-based protein is sure to ease the pressure on your budget.