Defeat the Dreadful Forces of Inflation

Play defense! Defeat the dreadful forces of inflation             

If you’re worried about the effects of inflation on your wallet . . . or   your savings . . . think Superbowl. Like the Cincinnati Bengals, you might be the underdog, but you could still win the game.

Any good coach would say, “Stay strong. Believe in yourself. Refuse to give in to more powerful forces.”

Just as good football coaches lay out winning strategies for their players to overcome deficits on the field, you can also circumvent    the formidable forces of economics during inflationary periods. Here are a few tips:

Don’t buy anything unless it’s on sale. Why pay $100 for something that will eventually cost only $75? Whether it’s groceries, clothing, furniture, appliances or anything else, everything goes on sale from time  to time. Be patient. Keep an eye out for ads promoting specials on the things you need. Shop for next year’s clothes at the end of this season when they’re all marked down. Stock up on everything from soup to nuts when your local grocery store lowers prices. Buy enough to last until the next sale, and you’ll never pay the going rate – no matter how high inflation rises.

Financial Planner Grandville, MI | Advanced Asset Management | inflation

Bargain whenever you can. Anyone over 50 has bargained for a better deal on an automobile. Younger people aren’t accustomed to relying on their negotiation powers, but it’s worth a try when prices are high. Most big-ticket items, like houses, cars, furniture, remodeling or building services, even medical or dental procedures can be bargained, or talked down in cost. Dickering for the best rates may seem a little outdated today, but customs and fashions often resurface to suit the times.

Barter for goods and services. If you have any personal or professional skills that others could use, consider offering your product or service in exchange for whatever you need. For example, if you’re a retired teacher who wants her house painted, look for someone whose family needs tutoring in reading or math. That person could be could be a current college student, or the parent of a frustrated fourth grader. One effective way to barter today is by posting your needs on social media sites. Detail what you are willing to trade. Example: “I’d like to swap my rarely-used, deluxe baby stroller for a tricycle in good condition for my tot. Message me if you want to make a deal.”

Be shrewd about what you purchase. When the cost of anything is outlandish, another smart thing to do is quit buying it. Find a replacement fruit, for example, when apples cost more than you’re willing to pay for them. Be stingy with gas if the price per gallon goes too high. If enough people do that, prices will eventually come down. If you play strategically . . . you can beat inflation at its game!