Budgeting for inflation – tips for careful spending

Oak Hill, WV (WOAY) Inflation affects the price of pretty much everything, and as prices continue to rise, many families may face financial strain. According to Family & Community Development agent Lauren Weatherford at WVU Extension, the next time you sit down to pay bills and budget could be the time to take a good look at what you are spending and where.

  • First, honestly assess how much you are spending right now, and on what. A clear picture can help you and your family make important choices between wants and needs.
  • Also be sure to keep track of your food and grocery spending by keeping receipts or checking your card records.
  • Eating at home can be healthy and save you money.
    • Planning out your meals ahead of time can help you make intentional grocery lists and avoid eating out.

Tried-and-true saving advice is generally still helpful as well:

  • Research upcoming sales and discounts to buy necessities at lower prices.
  • Plan out your shopping to avoid tempting impulse buys.
  • Keep in mind that store brands are cheaper than name brands and are often made the same way.
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