Country singing icon Dolly Parton once said, "You can be rich in spirit, kindness, love and all those things that you can't put a dollar sign on." Now, that may be true, but most folks still have bills to pay, keep a roof over their heads and want to afford three square meals a day. It's not easy making ends meet during these inflationary times. How can individuals get some relief?

 

The Worst Is Really Over?

It depends on the financial experts you listen to, but it appears that the wild rollercoaster inflationary ride during the summer of 2022 was the worst. In other words, hang on, it has peaked, and although prices remain high, inflation is beginning to moderate. You can handle this ride and make it work for you.
 

Check Out Bank Incentives

High-interest rates have been tough to swallow when you look at auto loans, mortgages and credit cards, but there is a silver lining at the banks, and maybe your institution is boasting some decent options. For instance, check out the high yields on savings, CD accounts and I-bonds. These bonds are low-risk and worth considering. The current bond composite rate is 4.3%, according to U.S. Treasury Department. This rate applies to the first six months for bonds issued from May 2023 to October 2023. So, if you bought I-bonds on May 1, 2023, the 4.3% rate would be in effect until Oct. 31, 2023.

I-bonds may not seem so spectacular, but they're still competitive and pay more than the typical savings account. Also, some online banks are offering one-year certificates of deposit with annual percentage yields between 5% and 5.25%. See if your bank is offering incentives.
 

Look For Inflation Relief Checks

Not every state in the country is doing this, but if you reside in California, Colorado, Maryland, Massachusetts, New Mexico, New York, Oregon and Vermont, lucky you. These eight states are sending out Inflation Relief Checks. The amounts vary, but generally speaking, these residents can expect several hundred dollars to a couple of thousand dollars.

For example, in Massachusetts, Bay State individuals who make less than $75,000 a year will receive $600 checks. Families with children can expect $1,200 checks.

That doesn't mean that your state not listed above won't change its mind. Inflation still remains a concern for most Americans, and you, too, could receive a direct payment at some point in 2023.
 

Grocery Shop at the Best Budget Stores

Prices are still sky-high and making it extremely difficult to stretch a dollar and buy nutritious foods. Grocery experts recommend the following:

These markets have something for everyone and have made the top lists for best-budget buys. They include Aldi, Walmart, Kroger, Winco Foods, Trader Joe’s, Lidl, H-E-B, Market Basket, Sam’s Club, Costco, Dollar Tree and Amazon.

Not only that but stock up on sales. If you see an item you like that is on sale, buy several, freeze the ones you need to, and stockpile your pantry.

Shop at more than one market to take advantage of different sales at each place. Also, learn to plan your meals for the week around what's on sale and what's already available in your freezer and pantry.
 

Adjust Your Lifestyle; Spend Smarter

Every household can make some tweaks to keep spending in line and offset the increase in the price of goods and services that folks are all facing. Take inventory of your habits, and cut back where you can. Maybe for your family, digital subscriptions are high, so look for offers where you can save on family deals. Or when it comes to travel, tickets at off-peak times may be best for staying on budget.

How about asking your boss for a pay raise? You have nothing to lose.

You could expand your income stream with a side hustle. Or maybe you have a room to rent or a garage large enough to store someone's motorcycle during winter, etc. You could sell used items on places such as eBay or Posh. There are tons of possibilities out there for earning extra money.

You're not facing inflation alone. Higher prices surround everybody these days, but there are promising signs out there with lower prices for gas, used cars and apparel. Even egg prices have fallen after record highs. There's a light at the end of the tunnel.