Tariffs and Inflation Stressing You Out? Fight Back!

I recently taught a new class titled Inflation-Fighting Strategies For Older Adults. Little did I know when I submitted a course proposal for the class in July 2024 that the U.S inflation rate would continue to remain “sticky” and that the country would be embroiled in tariff war that is estimated to be like an average tax increase of more than $1,900 per American household in 2025. What to do?

Consider these inflation-fighting strategies:

 

Groceries- Use store brands, eat more meatless meals, stock up on sale items, eliminate high-cost, high-calorie “junk” foods, use coupons and double coupons, join supermarket rewards clubs, buy local seasonal produce, build “impulse buys” into your shopping list so you stay within budget, use grocery shopping apps, and make recipe substitutions (e.g., applesauce instead of eggs for baking).

 

Eating Out- Drink water instead of a soft drink or alcohol, share an entrée or dessert, eat appetizers as a meal, select BYOB restaurants for meals with adult beverages, take advantage of value meals and “early bird specials,” join restaurant rewards clubs, and bring take-out containers for leftovers.

 

Gasoline- Drive less by consolidating trips, use apps like GasBuddy and Waze to find cheap gas, pay with cash if gas is cheaper, join a fuel rewards program, check tire pressure and lighten loads, and carpool with others to reduce miles driven.

 

Road Trips and Vacations- Pack food and beverages in a cooler, stay at hotels with free breakfast, get hotel coupons at rest stops, travel with a group and share expenses (e.g., a beach house), travel on planes and trains at “off peak” times, join hotel and airline rewards programs, and take daycations (one-day trips) and staycations (a vacation spent in your local area instead of traveling somewhere).

 

Utilities- Adjust your thermostat to be a little warmer in summer and  cooler in winter, turn down the water heater, unplug items not in use, take advantage of off-peak hour electric rates, change HVAC system air filters regularly, wash most laundry in warm water, and empty drier lint traps.

 

Clothing- Shop department store sales and use coupons, join retailer loyalty programs to earn rewards, shop at thrift and consignment stores, shop for deals online, and make clothing repairs and alterations to extend the life of your wardrobe.

 

“Big Ticket” Items- Decide whether you can wait out inflation and “tariff turmoil” for items like cars, electronics, furniture, and houses. If not, use the Rule of Three worksheet to compare three alternative vendors for products and lenders for loans. Be sure to ask about discounts (e.g., Veterans).

 

Insurance- Play “what if” (i.e., I increased deductible, changed the policy amount, etc.) with you insurance agent, double-check policy discounts that you qualify for, shop around for coverage (using the Rule of Three), and sign up for auto-pay or online billing statements.

This post provides general personal finance or consumer decision-making information and does not address all the variables that apply to an individual’s unique situation. It does not endorse specific products or services and should not be construed as legal or financial advice. If professional assistance is required, the services of a competent professional should be sought.