After two years of the pandemic, most of us want to get out and enjoy a little fun this summer. For many, that means some sort of travel, whether it’s to a far away destination, a family reunion, a romantic getaway or simply some place other than your own town.
But the reality is, inflation is taking a bite out of our purchasing power. In order to be able to splurge on the things you enjoy, you may need to look for ways to cut back in other areas.
The first step is to identify how you are spending your money. Create a budget listing all your fixed and variable expenses and required savings.
Next, prioritize what is most important to you and see if there are ways you can save on necessities. For example, try less expensive or store brand foods, cleaning products and hair products. You may discover that there isn’t a big difference in the taste or quality.
Small household changes, like meal planning and buying in-season produce can also help minimize waste and expenses. When it comes to larger ticket items, research online and compare prices and features before making a purchase.
Lastly, when you set up recurring bills, go out to restaurants or for entertainment, make the most of it with a travel reward card, like the BMO Ascend World Elite Mastercard. Earning points on everyday purchases will help you save in the future.
With a little upfront planning and smart spending, you can lessen the impact of inflation on your budget.