adjusting budget during inflation

How To Adjust Your Budget During High Inflation

Inflation is at an all-time high, and Americans are struggling to stretch their paycheck to cover basic expenses. People aren’t even asking “Can I afford a vacation?” Now, it’s “Can I afford to buy all my groceries?” or “Where do I get money to buy gas?”

It doesn’t look like prices are going to go down any time soon, so you have to adjust your budget during inflation and look for ways to save in every spending category. In this article, we’ll give ideas on what you can do to save on the most basic needs.

Here's How To Revise Your Grocery, Electric, and Transportation Budget

Adjust Your Food And Grocery Budget 

Here’s the bad news: experts say that all food prices are up by about 11 to 12%, and some staples like eggs have even gone up by almost 40%. So, the only way to keep your food budget during inflation from skyrocketing is to learn how to cook cheaper meals.

1. Look For Meat Substitutes

Beans and pulses, tofu, TVP (textured vegetable protein), soy curls, and other meat substitutes are a lot cheaper than meat. And luckily, you can use them to make your favorite food. Just check out some vegetarian recipes, like sweet and sour tofu, lentil burgers, TVP nuggets, etc.

You can also use TVP or soy curls as a filler, mixing it with meat so you get more mileage out of every pound.  

2. Use A Meal Plan

With meal plans, you only buy the ingredients you know you’ll use, and you can calculate how much you’ll spend on each meal. You can also prepare your meals in advance—like chopping ingredients the night before, or cooking in bulk and freezing—so you save time and money.

3. Try Generic Brands

Many groceries carry a “house brand” or generic brands of common goods like laundry detergent, dishwashing soap, toilet paper, etc. You may also want to use a multi-purpose product like bleach, so you don’t have to stock up on different kinds of items.

Even if you only save a few dollars on each item in your cart, that adds up—and can really help your budget during inflation.

budget notebook and paper with text adjust your budget during high inflation

Keep Your Electricity Budget Under Control 

Not-so-fun fact: even before the economic crisis, the average electricity bill of a Tennessee household was already the 7th highest in the country. Now that energy prices are soaring, that bill is going to get even higher.

To pull the plug on those prices, you have to figure out ways to save electricity.

1. Switch To LED Lights

They consume less electricity and last longer, too. You can start by replacing the light that you use most often, like the one in the dining room or kitchen.

2. Unplug Appliances When You’re Not Using Them

Some appliances that have digital displays or are connected to WIFI (i.e, microwaves, speakers, TV) go on standby mode, so they still use electricity even when you think they’re off. That includes unplugging your laptop when your battery is fully charged!

3. Improve Home Insulation

Simple fixes like getting blackout curtains or repairing damaged window seals can help control the temperature of your home, lowering your heating and air conditioning costs.

Put A Brake On Gas And Transportation Expenses 

You don’t have control over gas prices, but you can make a full tank last longer. Use these tips to lower your transportation budget during inflation.

1. Plan Your Trips

Do all your errands in one day, and figure out the most efficient route. This may mean synchronizing the family’s schedules. You can use an app or hang a whiteboard where everyone can write down their plans.

2. Use The Bike

It’s cheaper, it’s good for your health, and it helps the environment—this is one of our favorite ways to manage your budget during inflation because everybody wins.

apply for payday loans tennessee

Ran Out Of Cash Before Payday?

These budgeting tips can help you stretch your paycheck to cover your most important expenses despite the inflation. However, emergencies can happen. You may have a sudden expense, or your paycheck is delayed. When that happens, you can take out a payday loan.

Payday Loan Basics

A payday loan is a short-term loan that you pay off when you receive your next paycheck. At Tennessee Title Loans, Inc. you can borrow anywhere from $100 to $400 the same day you need it. Unlike other loans, you can apply even if you have bad credit or no collateral.

This loan also has very minimal requirements. You just have to show a state-issued ID like a driver’s license, your latest pay stub, and a blank check from an active account that is in your name. Once they’re verified and your loan is approved, you just have to sign a few papers and you’re done.

Raise The Cash You Need For Emergencies

It gets harder and harder to stretch a paycheck, especially with a rise in the cost of living. So, if you need money for urgent expenses, you can apply for a loan right now.

Just fill out the online form, and a few minutes later a branch representative will call to explain how payday loans work. Then, submit the documents at your nearest Tennessee Title Loans, Inc. branch. If the loan is approved, you get the money the same day or the following business day.

Contact us and start your loan request today.

Note: The content provided in this article is only for informational purposes, and you should contact your financial advisor about your specific financial situation.

Daniel Dewitt

Daniel Dewitt is a lifetime blogger with a finely-honed ability to break down, analyze, and interpret economic trends for the layman. He's fiercely invested in spreading financial literacy and helping everyday people gain the tools they need for their own economic success.