How Are You Dealing with Rising Prices?
It seems like barely a day passes without seeing headlines about rising prices. Regardless of what's causing it (inflation, supply chain problems, corporate greed, etc.), the end effect for the consumer is the same: higher bills. How are you dealing with rising prices right now? What changes are you making to your habits and your budget? (Do you have a feeling that your company is affected in a strong way, e.g., are you seeing budget cuts or layoffs? Is that causing you to make even bigger changes to your personal budget?)
{related: not sure what to do first/next in your personal finance journey? here's our money roadmap}
How I'm Dealing with Rising Prices
My credit card bill has been crazy for a few months now, without any major purchases — but I've realized that if I merely walk into a grocery store it seems to be $150 or more. So it sounds silly but I'm trying to avoid “just running in” to stores, and to focus on eating down the pantry and freezer.
Another thing I've been trying to do for a while now is to avoid checking out the instant I see something online or think of something I or my family need — instead, I let things sit in the cart for a while. I close the tab. A lot of times I forget about the purchase entirely — and if I remember I can always buy it later.
Some other things I've done over the years to help control spending include
Really scrutinizing my credit card bill, maybe even categorizing my spending into categories. Doing it by hand makes me appreciate it more than just seeing it on Mint.
Getting rid of charges, particularly recurring ones that I think I need but really am not using (especially if I can sign up again without fuss). I was amazed when I returned to Netflix after a two-year hiatus to find that my queue was still intact.
Getting rid of “lazy” expenses: In my law firm days, I took a cab to work almost every day because I didn't want to spend the extra 20 minutes it took to take the subway.
Focusing on a daily budget: For example, if I've said I don't want to spend more than $X each day, and I know I'm already slated to meet friends for dinner or otherwise spend money that day, I may defer my online purchases to the next day.
Trying to find other outlets beyond my credit card. I tend to be a bit of a stress spender, and sometimes going for a run or getting an extra hour of sleep is what I need more than that new blouse or that Starbucks latte.
Sometimes you may need to do a bit of self analysis (or, hey, therapy) to figure out why you've lost control.
How about you guys — how are rising prices affecting you? What changes and cuts are you making in your own budgets?
{related: financial tips for new lawyers (or other women in their first high-paying jobs!)}
Stock photo via Stencil.
Going anon bc I was just laughing about this with a coworker, but I’ve cut out a bunch of random ‘just for fun’ purchases out of sticker shock. Like a bag of mini pumpkins was going to be $15! No. I don’t care if it is Decorative Gourd Season, Motherf.ckers, the only squash sitting on my countertop is the delicata that’s going to be roasted as a side dish for some soup.
When it is $6 for a box of crackers, I just forgo the crackers.
Crackers have been KILLING me. I’ve cut out all of those kinds of packaged foods. On the flip side healthy food is also more expensive so I am finding myself eating more store brand carbs like bagels, box pasta, etc which isn’t ideal. A single serve ice cream bar was $6.50… it’s crazy
Clipping coupons, meal planning, and crying in the grocery store. So, same as always.
I tried switching to the cheaper medications after my insurance company moved all my meds into higher tiers this past year.
Then I got really sick because there was a reason I was on the more expensive meds, so now it’s all GoodRX. Maybe there are doctors out there somewhere who have time to play the appeals game, but my doctors were only one for one round of it.
Sorry didn’t intend this to be a reply. Though I have definitely cried in the pharmacy before.
You’re not kidding about drug prices, holy moly! My expensive SSRI recently got a generic and it’s still over $100 without insurance, and I’m struggling to get the prior authorization. GoodRX is going to give me a better price almost every time anyway.
Ask your doctor’s office if they have samples of the SSRI you’re taking. I managed for three years that way when I didn’t have any insurance at all.
I have kept up my pandemic inspired meal planning for a week at a time and shop weekly to a list.
I’d love for this to be a thread in a morning post since those seem to get the most traction…
I do pretty well (75k in Philly, single/childfree, live alone). I moved into my apartment September 1 (previously was living with roommates) and so just the higher expenses of buying random one-off things, restocking my kitchen, buying stuff for the apartment, etc. has been really rough on my budget. I’m in grad school part time so all of my extra money is already going to that, so things feel very, very tight.
I had COVID earlier in the month and though I had plenty of food and offers from friends to drop off groceries, I did end up getting takeout several times which really impacted my budget. I thought I’d save money by not leaving my apartment for 10 days but it was a wash.
I try to eat well but not lavishly but omg groceries are truly insane right now! It is mind blowing. I don’t have a car or easy access to an Aldi but I was visiting my parents in the suburbs last weekend and went with my mom. Even the Aldi prices seemed high. Aldi used to be cheap, now it feels like Aldi prices are just what Acme/Giant prices were 2 years ago.
I’m also trying to be mindful of my utility usage, have cut way back on shopping, and only spend money on food/drinks out when I’m socializing (so no takeout, no coffees or pastries, no buying lunch at work).
I did learn which grocery store you go to really matters. I usually buy my groceries at the store closest to my house which I would consider an average grocery store (neither budget nor upscale) But I was lazy one day and got groceries from Instacart from somewhere slightly more in the suburbs and even through Instacart it was cheaper than the city grocery store I was using!
– Moved a lot of my shopping to Costco. Meal planning and no random buying.
– Eat out far less. Takeout/delivery never.
– Try to plan fun free activities (beach, picnics, free shows, etc.)
– Plan my longer car trips (gas is insanely expensive in California right now!) and plan where I will fill up (Costco or ARCO).
– Not much new clothes shopping/only replacing items as they wear out.
– Really asking myself if things are a need or a want. And then I am allowed to shop online, which means that I am allowed to put in in my cart and think about it for a few days, and if I don’t remember or want it after a few days, I didn’t actually need it.
– Shopping my closet
– Trying to do my holiday shopping now, in dribs and drabs, while stuff is on sale.
– Creating a list of stock up stuff for black Friday so I can minimize expensive purchases of one-off items that I need, but not often. Examples are batteries, printer paper, etc.
– No travel for the foreseeable future other than a car trip for Thanksgiving to see family.
– Drinking down my wine cellar/NO NEW BOTTLES. Winnowing the wine clubs I’m in.
– Checking all of my media (Roku channels, prime channels, online mag/newspaper subscriptions) and other recurring payments and getting rid of what I haven’t been using enough/putting some channels on a schedule, so I only keep them for like 2 mos a year.
– Reading more! It’s free! I’m entertained. It’s good!
– Shopping my car insurance for a cheaper rate.
I thought I would be married with kids by 40 but…nope. So I am recognizing the silver linings of my single life in these hard times. I have so much compassion for parents, anybody dealing with elder care, folks who “got lucky” buying a house in 2020-2021 and now their RSU-focused comp is down by 30% and they are going to be sunk by that plus daycare for the new baby, etc. I think we are about to see tech workers forced to sell their homes.
I am donating more, both money and stuff. I am tipping even more generously. I am thanking my lucky stars that I spent years being frugal and have years of expenses in cash. I am making smart purchases for things that might get more expensive soon. I am indulging in cheap and free hobbies, like walking and reading. I am getting ready to help family and friends more, not knowing their precise situations. I am deciding to visit family instead of taking a vacation “away.” I am staying home again for my birthday, instead of taking a trip – though I can technically afford it. And adding more gratitude. And thinking of younger versions of myself that didn’t have a chance to position themselves like I have, and looking for more ways to be generous.
this is a ray of sunshine
Yes to tipping more!
When DH and I plan meals for the week, we try to use up one random (i.e., leftover/no plans for it) item from the pantry or freezer in each meal. Right now, we have an absurd amount of pearled barley, of all things, if anyone has recipe suggestions for that.
We also leave 2 meals unplanned, so one night DH gets creative and uses up odds and ends from ingredients in the freezer, and one night we have leftovers.
We buy fewer fun/impulse items at the grocery store.
We’ve switched from takeout pizza to frozen pizza, at least most of the time. We really only get takeout when we’re sick or have something going on where there’s no time to cook and no food in the house, like getting back from a trip or something.
Mushroom barley soup!
Barley risotto
Pearled barley with pesto is one of my favorite lazy dinners.
Like others, I 100% structure weekly meal plans around what needs to be used up; something I’ve done since being a poor law student and then a new grad working in public interest. This week it’s some frozen tortellini, odds/ends of veggies, and a jar of butternut squash pasta sauce. Veggies get sauteed in onion and garlic, and blended with jarred sauce.
Pizza Fridays have coincidentally become premade crust + sauce + toppings. My FIL has taken this on because he loves to cook and my kids LOVE his pizza. Takeout was running us $50 for two 18″ pizzas + delivery fees from our local place. The semi-homemade version probably costs <$20 total.
I can't believe how much groceries cost. I'm always like "Oh we didn't buy much" and the bill comes out to $125+. For context, we live in a major city in TX that is Medium-High COL.
The biggest tip I have, if you eat meat, is to buy meat when it’s on sale and make use of your freezer. We stock up when we see a bargain (chicken breasts on sale at our regular store are cheaper than at costco) and pre-portion it out, wrap and label in freezer paper and then ziploc bags. It also helps us have a good variety of meats to circulate through.
Google “grocery price book” and learn to shop sales and it’s amazing how much money you can save. It works for everything in the store, not just meat.
I know you know this, anon a mouse. Talking to everybody else!
I had always meal prepped and shopped with a list, but now I”m a lot pickier about what I’m buying. I’ve cut back on a lot of fun but not necessary groceries and recipes, sadly.
I always did most of my shopping at thrift stores and TJ Maxx type stores, so that hasn’t changed but I’m definitely shopping less.
I am purposely making recipes that freeze so I can use my freezer on nights I have no time or energy to cook rather than getting takeout. I pretty much cut out all takeout, sadly.
I’ve also forced myself to cut out buying all coffee and snacks when out.
I’ve cut back on my subscriptions dramatically. I didn’t get rid of my car, but gave up my parking so I keep my car at my parents’ house rather than in the city with me.
I cut back on taking the bus/subway and walk anywhere that’s less than 2 miles away.
Kat, it is ridiculus! The food I buy in the store has gone up so much it is lucky I have the cash to pay for it. I buy dry cereal and I just paid $5.99 for the same box of Fruit Loops that I used to pay $2.99. That is doubel! Dad says this is what inflation is all about. DOUBEL FOOEY!
I am annoyed because for the first time in my 8 years since graduating undergrad this is the first time I have a decently paying job AND I’m not also in grad school so hypothetically I should finally have time and money for myself and yet I do not… I’m back to living like a early 20s hill staffer (not really, but close) because of inflation
I am lucky that we haven’t been impacted much. Our biggest non-discretionary expenses are daycare and groceries/takeout. Daycare finally raised price this year, but it was after several years of tuition freezes so overall I don’t think it’s kept pace with inflation and we’ll be done paying for it in less than a year anyway, so I don’t feel like I can complain too much. Groceries and takeout are probably slightly higher, although truthfully I haven’t noticed it too much. We live in a LCOL area and most of our takeout meals are still pretty budget friendly (<$40 for our family of three). I am also trying to tip more and donate more since we are in the fortunate position of not having to cut back.
1) Grocery shopping at Walmart. 2) Really paying attention to prices—e.g., $3.79/pound is a good current price for organic chicken breasts. 3) Stocking up on items that are well priced (like chicken breasts) and keeping them in a chest freezer.