Inflation Survival Kit: How to Thrive When Times are Tough

It’s been said that tough times don’t last, but tough people do. Well, if you’ve checked your grocery bill or filled up your gas tank lately, you might be questioning the entire saying. With inflation making us rethink everything from our coffee habits to our grocery lists, it seems like these "tough times" have rented an apartment in our wallets. But don’t worry! Just when you think your budget might crack under the pressure, we’ve put together an inflation survival kit that will help you weather the storm—and maybe even have some spare change at the end of the month.

Revamp Your Meal Plan: The Power of Bulk and Basics

When grocery prices skyrocket, it’s time to shop smarter, not harder. Start by making a plan around affordable staples like rice, beans, and seasonal produce. Bulk buying can also be a lifesaver. Invest in a membership to a warehouse store, and stock up on non-perishables like canned goods, grains, and frozen veggies. Sure, you might not eat gourmet every night, but it’ll keep your belly full and your wallet happier.

Pro Tip: Learn the art of meal prepping! Not only does this save time, but it can also help you avoid costly impulse purchases when you're too tired to cook.

Shop Smarter: Discounts, Coupons, and Alternatives

We’re not talking about extreme couponing here, but every little bit helps. Shop around for deals, check out discount retailers, and always look for store-brand products, which are usually cheaper than name brands but just as good. Apps like Honey or Rakuten can also automatically apply coupons and cashback offers when you shop online. Additionally, thrifting and second-hand shopping have become cool again—and it's kinder to both your budget and the planet.

Pro Tip: Consider switching to a “cash-only” system for non-essentials. When the cash in your wallet runs out, so does your spending. It’s a simple way to stick to your budget!

Invest in Skills, Not Stuff

Instead of spending money on things, invest in skills that can help you save. Learn basic car maintenance, like how to change the oil or a tire. Pick up cooking skills to avoid the temptation of expensive takeout. Even learning to sew can save you from having to replace clothes as often. Not only will this cut down on expenses, but you’ll also feel empowered knowing you can handle life’s little challenges.

Pro Tip: YouTube is your best friend for free tutorials on almost anything. From fixing a leaky faucet to making bread, there's a video for that.

Set Savings Challenges: Make it a Game

Saving money doesn’t have to feel like deprivation—it can actually be fun if you turn it into a game! Try doing a “no-spend week,” where you only use what you already have. Or, set a weekly challenge to cut $5 off your grocery bill. You’ll be amazed how making small cuts can lead to big savings over time.

Pro Tip: Keep a visual reminder of your progress, like a savings jar or a chart, to stay motivated and track your achievements.

Reduce Subscriptions: Trim the Excess

We live in a world of subscriptions, from streaming services to subscription boxes. Take a close look at all the monthly services you’re signed up for and ask yourself: “Do I really need this?” Downgrading or cutting out even one or two subscriptions can free up more money than you realize.

Pro Tip: Use a subscription tracker app like Truebill or Bobby to help you identify and cancel those sneaky recurring charges you may have forgotten about.

Automate Your Savings: Set It and Forget It

In times of inflation, it’s easy to spend every dollar you make, but saving should still be a priority. Automate a portion of your paycheck to go directly into savings, even if it’s a small amount. Over time, these small deposits add up, providing you with a buffer for unexpected expenses or price hikes.

Pro Tip: Many banks offer “round-up” programs that round up your purchases to the nearest dollar and automatically put the difference in your savings account. It’s a painless way to save a little extra!

Closing: Navigating Inflation with a Smart Kit of Skills and Strategies

Inflation may be inevitable, but it doesn’t have to leave your wallet gasping for air. By making a few simple changes, you can take control of your budget and find creative ways to stretch every dollar. Remember, this inflation survival kit isn’t just about cutting costs—it’s about learning new skills, being resourceful, and finding community solutions. As we ride out these tough times together, you might just find that thriving during inflation is possible with the right mindset and a dash of humor.

DISCLAIMER: This information has been prepared by Kondwelani Kalinda who is a Associate investment Advisor iA Private Wealth Inc. Opinions expressed in this article are those of the Associate investment Advisor only and do not necessarily reflect those of iA Private Wealth Inc. iA Private Wealth Inc. is a member of the Canadian Investor Protection Fund and the Canadian Investment Regulatory Organization.

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