Inflation savings: tackling the ‘ways we waste’

Even if you’re making more money this year, you still don’t have more money. Mortgages, food and car payments are all draining more out of your wallet.  So, we’re breaking down - how to stop wasting money, how to save, and even how to make inflation work for you.

“(How do I) waste money? Probably like eating out, lunch,” said Ross Township shopper, Elizabeth Bruno.

“Probably Amazon, because it’s very easy to spend money on Amazon,” said Ross Township shopper, Tyler Domske.

We all have our weak spots when it comes to unnecessary spending. But, high inflation is putting those bills under the microscope, now more than ever. And that’s why we went to the experts to help fine-tune the family budget.

“I have things I used to buy that have gone up 50, 60%,” said Professor Elaine Luther, who teaches business management at  Point Park University.

And so, I think we still can afford it, but you feel uncomfortable doing it. Professor Elaine Luther teaches business management at Point Park University. When it comes to the “the ways we waste”, she says it most often happens at night. Studies show that 66% of all impulse buys happen in bed, when you’re scrolling through your phone.

“Oh that’s really bad. It’s the equivalent to the midnight television shopping before,” said Luther.

“I like to add it to a cart and think about it  - or i’m trying to do that more often,” admits Bruno.

And what about ordering lunch at work or a quick meal on the go?

“Some of those fast food places that used to have the dollar menu, that’s a thing of the past,” said Luther.

It’s become such an added expense -- even companies like McDonald’s recently admitted, customers are fed up and they’ll have to re-evaluate their prices.

When it comes to “ways to save”, Luther says “be proactive” with companies and streaming services.

“Sometimes what you do is, this is a little cheeky,” said Luther, “But push the button for canceling, because then you get someone who wants to negotiate.”

“I think if you’re paying full price for Sirius, then you aren’t doing it right,” said Domske.

And “shop your closet”, not the stores. According to earth.org, the average American throws out 81 pounds of clothing a year.

Finally, there are ways to make inflation *work for you*.

Look into possible rental properties and investments -

“And that doesn’t mean you go to the jewelry store and buy a gold necklace,” advised Luther. “You maybe want to find a mutual fund or some other investment.”

Luther says, there’s one rule of thumb to always keep in mind.

“If you think on how hard it was to make that money....if you can find a couple of places where you can cut back, you’ll start to see the value of doing this,” said Luther.

Luther says also consider finding a “side hustle”, like walking neighbors’ dogs or getting a part-time job to take advantage of the employee discount.

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