AARP Offers Money Saving Tips to Help Fight the Pain of Inflation

(KNSI) — The latest figures show the U.S. inflation rate is at 9.1% – the worst in 40 years, and that may be forcing many to rethink how and where they spend their money.

The AARP is offering up its top money-saving tips.

Food prices are up 10.1% from last year, so experts say using cheaper protein in your dishes can impact your wallet. Beef prices are up 16%, while poultry prices saw a moderate increase and were less expensive to begin with. Meal planning, using an app to shop around, buying store brands, using coupons, designating a leftovers night, and having an “eat me first” spot in your fridge can also cut down on waste.

Neil Wertheimer is the deputy editor of the AARP Bulletin and says paying attention to how you drive can ease some of the pain at the pump. “Everytime you brake, you waste the gas you just used to get to your current speed. The more you can coast or avoid the surging and slowing of crowded traffic, the higher your gas mileage will be. Get in the habit of accelerating gently, coasting toward red lights and stop signs, and trying to use the brake a little less.”

Keeping tires properly inflated, using the correct tire, downloading an app to help find cheap gas prices, and proper car maintenance can also help with increasing a vehicle’s gas mileage.

The Consumer Price Index showed energy costs jumped a whopping 30.3% between April 2021 and April 2022, and each small change Wertheimer says can add up. Turning off a device doesn’t stop it from using electricity, so he suggests unplugging device chargers, televisions, computers, cable boxes, and game consoles – anything with an indicator light. According to the Department of Energy, the modern home has many devices that suck electricity even when turned off, costing an average of $100 per year.

Upgrading to LED lighting, covering windows in the extreme heat and cold, and cashing in on rebates and tax credits will also equal money in your pocket.

Wertheimer adds, “Frugality is wise all the time, but this is a moment where if we all bring an active frugality mindset, it can make a big difference without much sacrifice.”

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