What Are Your Plans To Fight Inflation Over The Long Term?

OneEyedDiva

OneEyedDiva

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Location
New Jersey
I'm "piggy backing" off @JonDouglas's recent post but I've actually been meaning to start this thread for a couple of weeks. Have you considered how inflation will impact your budget? What specific things will you do to counteract its effects? I….
~Eat out much less
~Rarely buy clothes; when I do it’s from my favorite consignment shop (I've found new garments there).
~Cut cable and landline phone; just paying for internet, streaming and cell phone.
~Eat a lot of meatless meals (never was much of a meat eater).
~Don’t have car expenses (I read that probably saves over $9,500 a year)
~Shop at Dollar Tree for some items
~Buy many items in bulk at Costco; always shop sales at supermarkets
~Take full advantage of cash back rewards, including keeping track of bonus category months for each card
 

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- growing our own vegetables and either canning them or storing them in our cold room 🥔
- catching more fish and freezing it 🐠
- buying extra things on sale to store for later by buying in bulk
- putting more money in RSP’s so we get tax rebates
- investing the rest
- maybe get a reverse mortgage if we ever need extra
- check for deals
 
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Murrmurr said:
I might have to quit smoking. Or die from it really soon. Or smoke something else. Or vape?
My budget's already pretty tight. I might have to start transferring money from savings every month. :(
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I can't speak for everyone, but I think we'd love to see you quit smoking and, most probably, live longer. Cold turkey is the (just git er done) way to go, BTW. Don't ask me how I know.
 
We will cut our travel. I already squeeze the meal budget by getting multiple meals out of cheap cuts of meat made 5-star tasty. There's no need for more clothes and nothing much else we need to buy, having put money into where we live several years ago.
 
OneEyedDiva said:
What Are Your Plans To Fight Inflation Over The Long Term?
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I'm not sure how long term "long term" is, of course economists don't know either, so I guess I'm in good company.
Well, for sure I'm not buying any construction materials, especially wood products, prices have gone through the roof(so to speak).
Price always dictates[to me] whether or not I buy, and/or in what quantity. Aside from that, I can't cut discretionary spending much further than the level it is currently.
 
I plan to make no changes. When gas prices hit $4 under Bush 43, I did not change my driving habits. Seems to me that a lot of the inflationary talk is media driven and political. During the Great Recession, I didn't have to change my spending habits because I'm a minimalist.

~Eat out much less ... I don't eat out by choice. I prefer home cooked meals.
~Rarely buy clothes; when I do it’s at my favorite consignment shop.. I only buy what's needed
~Cut cable and landline phone; just paying for internet, streaming and cell phone. Don't have cable, nor landline. Don't stream.
~Eat a lot of meatless meals (never was much of a meat eater). I eat 90% veggies, small pc of meat.
~Don’t have car expenses (I read that probably saves over $9,500 a year) .. I get maintenance when due so my car can continue to treat me well.
~Shop at Dollar Tree for some items ... I avoid these type of stores. Just don't see the value.
~Buy many items in bulk at Costco .. I'm a member and like limited items as a single person.
~Take full advantage of cash back rewards, including keeping track of bonus category months for each card .. I take full advantage and use my cc for almost all purchases.
 
Well, I'm boycotting China made products, so buying cheaper is not an option.
Since i have no husband to feed, I won't spend much on food.
i live pretty simply, and have no fear of living without things.
I'm good.
My goal is tobe independent of possessions. i want to be possessed only by myself.
 
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It depends on how long term we are discussing. Eventually we will get rid of one car. We have 2 that are paid for. When one goes, we will not replace it. Right now, we just take care of them so they hopefully will last.

We will eventually travel less.
 
Nosy Bee-54 said:
I plan to make no changes. When gas prices hit $4 under Bush 43, I did not change my driving habits. Seems to me that a lot of the inflationary talk is media driven and political. During the Great Recession, I didn't have to change my spending habits because I'm a minimalist.

~Eat out much less ... I don't eat out by choice. I prefer home cooked meals.
~Rarely buy clothes; when I do it’s at my favorite consignment shop.. I only buy what's needed
~Cut cable and landline phone; just paying for internet, streaming and cell phone. Don't have cable, nor landline. Don't stream.
~Eat a lot of meatless meals (never was much of a meat eater). I eat 90% veggies, small pc of meat.
~Don’t have car expenses (I read that probably saves over $9,500 a year) .. I get maintenance when due so my car can continue to treat me well.
~Shop at Dollar Tree for some items ... I avoid these type of stores. Just don't see the value.
~Buy many items in bulk at Costco .. I'm a member and like limited items as a single person.
~Take full advantage of cash back rewards, including keeping track of bonus category months for each card .. I take full advantage and use my cc for almost all purchases.
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It seems your minimalism is working for you. That's great. Of Dollar Tree you said :I avoid these type of stores. Just don't see the value." Bee...Everything at Dollar Tree is a dollar or two for a dollar. I very much see the value. I'd rather get nice greeting cards 2 for $1 than pay $4.99 each like the ones I see at other places that sell them. I have 5 grandchildren who had graduations and of course, birthdays. My BFF and I always send each other cards too. Some of DT's card are $1 each. I got reading glasses and sunglasses there for $1 each. Walgreens may charge $10 or more. I started buying foaming bathroom cleaner at DT. I was paying $3 or more for a can of Dow then realized that they removed the claim that it disinfects. So now I've saved at least $1 per can (DT's brand comes in slightly smaller cans). Same kind of savings for ammonia, other cleaning products and light bulbs, just to name a few items. I've gotten some very cute, well made knee socks there too. Amazon wanted $9 for similar socks. I got clear shower curtain liners, decent quality. Other stores wanted $5 and up.
 
Might put some of my retirement money into these things I had never heard of until recently (because until retirement started to loom ahead of me I'm afraid I didn't pay any attention to investments). I wonder though if the retirement year type of fund that my money is in might already have a portion in TIPs? I watched a YouTube video about some university endowment fund that has performed well, and the video said they have 15% of the money invested in these:

"Treasury Inflation-Protected Securities, or TIPS, provide protection against inflation. The principal of a TIPS increases with inflation and decreases with deflation, as measured by the Consumer Price Index. When a TIPS matures, you are paid the adjusted principal or original principal, whichever is greater."
 
That's a good question. If I can find a mobile in a park that works for me, I may be OK.

I shop at thrift stores. Books, clothes, dishes, kitchen items, decor items.

I don't like to eat out. Haven't eaten meat in 30 years, eat plant based. I love carbs. I can make dinner out of bread if that's all I have.

I don't know. I just hope I can make it.
 
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