David Brindley, the deputy editor of AARP Bulletin, recently shared some valuable tips from the 15th edition of “99 Great Ways to Save.” These tips aim to help consumers save money during times of high inflation. One suggestion is to postpone home improvement projects until winter. Contractors are often less busy during this time and may offer discounts to secure work.
“A lot of contractors are really busy right now, but in the winter, they’re looking for work. So not only will you get their full attention, you’ll also likely get a discount,” Brindley explains. Another way to save is by buying used items, especially sports equipment and refurbished cell phones.
“Cellphones are getting more expensive, but you can buy a used, fully refurbished cellphone that’s perfectly functional, typically under warranty, and save hundreds of dollars,” Brindley notes.
Tips for saving during inflation
Regarding shopping habits, studies have shown that people who shop for clothes while hungry tend to make more impulse purchases.
Brindley advises having a snack or a meal before going clothes shopping to avoid this. Checking retailer apps before shopping can also lead to savings. According to Brindley, one in three significant retailers offers discounts and unique benefits through their apps.
In addition to these tips, the “99 Great Ways to Save” list includes advice on moving money from low-yield to high-yield savings accounts, timing home renovations for the winter months, and booking Christmas flights early for the best deals. Brindley also suggests teaming up with friends or family to buy groceries in bulk, split the cost, and take advantage of “buy one, get one free” deals. For those facing urgent financial needs, withdrawing up to $1,000 annually from a 401(k) or IRA without the 10% penalty (if under 59.5 years old) can be an option.
These practical strategies from David Brindley and the AARP Bulletin team aim to help consumers navigate high inflation and make savvy financial decisions in their everyday spending and larger financial planning.
