13 Inflation Hacks to Protect Your Financial Life in an Economic Downturn

by Lyle Solomon
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Women are facing the most formidable financial challenge in 2022 due to inflation in the US

The purchasing power of average Americans is being reduced by the rising cost of commodities like food and gas. Paychecks are not enough to keep up with the increasing prices. Grocery bills have gone haywire, and many parents don’t know what to do.

It seems impossible to advance.

Small and large money-saving tips can have a tremendous impact.

Despite a 40-year inflation-high, you may still add breathing room to your budget.

inflation in the us

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1. Do a budget audit and look where you are spending unnecessarily.

Every penny counts, especially during inflation. A budget audit can help you understand where your money is going. Revisit your budget plan and look at where you can reduce your expenses.


2. Avoid grocery delivery and opt for pickup instead

Delivery of groceries is both highly convenient and pricey. Your shopping price may quickly increase by $20 to $30 due to tips and fees on an Instacart delivery.

Try pickup if you want to escape the grocery delivery price trap.

Choosing supermarket curbside pickup is a significantly less expensive choice that is still quick and simple. Additionally, you won’t be tempted to buy arbitrary extras in the shop, which is an intelligent method to stick to your grocery plan.

Additionally, rather than scanning the shelves, it is simpler to identify the product with the lowest price per unit if all options are displayed on a single page.

Numerous retailers, such as BJ’s Wholesale Club, Aldi, Target, and Walmart, provide accessible or affordable pickup services.


3. Find out which day the local grocery store marks down items.

Items about to expire at a grocery shop are typically discounted on a particular day of the week. A brilliant technique to get meats, bread, and vegetables at a reduced price is to ask a store clerk what day and hour they mark down things.


4. Go meatless or buy in bulk

Nowadays, everything is more expensive, but the costs of meat, poultry, and fish are high; the Consumer Price Index shows that meat prices increased by 14.2 percent in May compared to the same month last year.

Penny-pinchers all over the country are giving up meat due to expensive cuts. One effective strategy to reduce costs is eliminating meat for one or two days a week and replacing it with less costly options like beans and lentils.

Do not forget about eggs. Numerous inexpensive supper ideas that feature eggs are available.

Look for more significant portions of meat (such as family packs of chicken breasts or ground beef that weighs three pounds or more) to go on sale if you aren’t quite ready to give up your meat-eating habits.

Purchase a few packages at once, divide them into 1-pound portions, and freeze them.


5. Create multiple income streams

Try to diversify your sources of income, whether you are a working or stay-at-home mom, to ensure that you will always have money flowing in.

This is the perfect time to start a side business or do a part-time job. When there is uncertainty, having various income streams is quite valuable.

You can use a website like Etsy to market your handmade goods. Additionally, you can sell used furniture and apparel on auction websites like eBay or online consignment shops like Thredup.

You are using assets that are merely losing value to earn money while cleaning your home. Several moms have excess baby gear, and if you have something valuable, you can almost always sell it.


6. Reduce Portion Size

Dinner should be served on tiny plates with fewer servings. You become more conscious of what you’re eating and are less inclined to discard food leftovers. Additionally, it’s excellent for your waistline.


7. Verify the cost per unit

The shelf in the grocery shop has a tag for each product, and the “cost per unit pricing” is located in the upper left or right corner. This is the most accurate way to compare costs, especially when making large purchases.


8. Take advantage of fuel reward programs.

Join a gasoline rewards program to receive discounts on your regular gas station purchases. You can save money by participating in several grocery store gasoline rewards programs.


9. Cancel non-essential memberships and subscriptions

Membership fees and monthly subscriptions quickly add up. Eight dollars there, six dollars here. You quickly find yourself shelling out $80 on a variety of subscriptions that you might not even use.

Want to reduce expenses quickly? Some apps may be used to manage your subscriptions, and some can even be used to cancel subscriptions or bargain for lower prices.


10. Accept your crock-pot life.

Bulk cooking in a slow cooker can save money and time if you attempt to feed a family.

Another excellent method to use ingredients in your kitchen before they spoil is to make large amounts of soup and freeze some later.


11. Settle your debt

For many moms, settling debt is their least financial priority. But that is a wrong financial move. After covering living expenses, they should use the money to settle their leftover high-interest debts, which would help save more money in the long run.


12. Build an emergency fund

After covering living expenses and paying off debts, set aside money for building an emergency fund in a high-yield savings account to grow slowly and gradually. As the price increases, you may feel tempted to withdraw money from that savings account. But remember that the money is there for a purpose, and it will come in handy in times of emergency.


13. Consider Switching to a One-Car Family

No car payment or gas. No need for fresh tires in the winter or a car insurance fee. No tolls or parking fees.

You might not need a second car as often as you think, given that telehealth visits, work-from-home jobs, and same-day delivery on Amazon are all here to stay.

And switching to a one-car household could result in thousands of annual savings.


The final verdict

The ultimate inflation hack to survive an economic downturn is spending less and making more money; these 13 hacks can help you do so.

Best of luck!



  • Lyle Solomon

    Lyle Solomon has extensive legal experience, in-depth knowledge, and experience in consumer finance and writing. He has been a member of the California State Bar since 2003. He graduated from the University of the Pacific’s McGeorge School of Law in Sacramento, California, in 1998 and currently works for the Oak View Law Group in California as a Principal Attorney.

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