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Summertime often brings the hopes of outdoor adventures and gatherings. But the season can also bring a slippery slope for our finances, due to higher utility bills and inflation. And although the recent U.S. wholesale prices for June show inflation may be easing up, Rubeela Farooqi, chief U.S. economist at High Frequency Economics, says consumers would not see a drop in prices anytime soon.
According to the U.S. News and World Report, the government reported consumer prices in June rose just 3% over the previous 12 months. This is considered the mildest pace since early 2021. However, Farooqi notes consumers wouldn’t see lower prices in stores until the end of this year, going into 2024. But fear not, with a strategic approach and a few savvy summer saving tips, you can navigate this vibrant season while keeping your budget intact.
Grocery Saving Tips
1. Try Meal Prepping:
Meal prepping is not only beneficial for your wallet, it can also help you maintain your health. When you already have your meal prepared, you are less likely to grab fast food. Harvard University’s School of Public health states the best way to start meal prepping is to pick a designated day to plan your menu. You should then discuss with your family what types of food they like to eat. You can also start a monthly or weekly calendar to record meal ideas and recipes. Click here for more tips on meal prepping.
You just returned from the store, only to find you already had the item you recently bought. It happens to the best of us. The best way to avoid this is to check your pantry while making your grocery list. You can even use apps such as Allrecipes and Epicurious to track items you already have.
According to Reader’s Digest, pre-chopped produce costs more than buying the whole veggies and doing it yourself. This process can be more time consuming, but it will also help you save money. It’s also important to make sure you are properly storing your produce. Click here for more tips on storing produce.
Google maps shows stores are generally less crowded on Wednesday evenings. This will allow you to be less distracted when shopping. Reader’s Digest also notes U.S. supermarkets start weekly specials on Wednesday as well.
Electricity and Air Conditioning Saving tips
If you’re heading out, go around your home and unplug anything you’re not using. This will help ease your electrical prices.
First Financial states they are affordable and will allow you to automatically set preferred temperatures for different times of the day.
Turn the AC up when you know you’ll be out of the house and turn it down when it’s time for bed. It’s also important to make sure your filters are clean, since dirty filters restrict airflow. Paschal Air Plumbing and Electric states most air filters should be changed every three months. But depending on the type of filter and your air quality, you may need to change them more often. Another way to use less AC is to close your shades. This will keep the heat out and your home cooler.
For more saving tips this summer click here.
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