It’s no secret that inflation has exploded over the last few years. Food prices alone have increased a whopping 25% between 2019 and 2023.
Overall inflation during the same period reached 20.6% in the U.S. That can make budgeting harder than ever, especially if you want to keep up with other financial goals like saving money or paying off debt.
But you don’t have to completely overhaul your lifestyle to make up for inflation. Incorporating small changes in your spending habits can help reduce financial stress.
As you’ll see in the examples below, the compounding effort of making a few changes at the same time can make quite a difference to your budget.

#1: Enroll in gas rewards
Gas prices have risen significantly, increasing by 14% in 2024. Joining a gas rewards program can help you save money.  
When you sign up, you earn points every time you make purchases in specific categories and use your loyalty card. These points can then be redeemed for savings on fuel. 
Estimated savings: Each gas rewards program varies, but here’s an example. At Kroger, you can earn Fuel Points on groceries, prescriptions, and gift cards and redeem them within the month after they’re earned. The maximum discount is $1 per gallon. On a 12-gallon fill-up, that could save $12 per month or $144 per year.  
#2: Close credit cards with annual fees 
Even if you don’t have an interest-bearing credit card balance, your card could still cost you money.
Many creditors charge an annual fee, especially large issuers. In fact, 27% of large issuers come with a fee, averaging a whopping $157 annually. Only 9.5% of small issuers charge an annual fee, which averages $94 annually. 
Estimated savings: $94 to $157 per year for each canceled card with an annual fee. 
#3: Schedule dining out in advance 
43% of Americans order takeout at least once a week, while 39% dine in at restaurants the same amount. For many people, that’s at least eight meals purchased at a premium price rather than at lower grocery store costs.
In the U.S., the average price for a meal at an inexpensive restaurant is $20.  Multiplied by eight potential meals out each month, an individual could easily spend $160 on dining out.  
There’s major potential for savings by swapping out some of those meals with something easily prepared at home.  
Instead of taking away the social aspect of eating at a restaurant, plan those events in advance or cap the number of times you go out each month. That way, you’re consciously spending instead of making last-minute plans that can derail your budget. 
Estimated savings: If you cut your dining-out expenses in half each month, you could save $80 per person. In a four-person household, that turns into an extra $320 saved monthly, or $3,840 per year. 
#4: Join a local “Buy Nothing” group 
The Buy Nothing Project connects people in local communities to gift items without any cost or strings attached. You can download the BuyNothing app or search for local groups on social media platforms like Facebook.  
From furniture to clothing and plenty in between, you can avoid spending on some items by being an active group member. Plus, you avoid paying for both the cost of the item and the sales tax. 
The amount of money you can save depends on how frequently you monitor posts in your local Buy Nothing group and what items you’re seeking.  
Estimated savings: It can vary, but here’s an example of kids’ clothes. A UK study revealed that the average annual spending on clothing and footwear is $483.73 per child. Someone with two kids who sources 25% of their children’s clothing in a Buy Nothing group could save $242 yearly (as of July 8th, 2024). 
#5: Lower your cell phone bill 
You can save money on your cell phone bill each month in a few ways, which can add up over time. For starters, check if your carrier offers an autopay discount. Verizon, for example, provides a $10 discount each month with paperless billing and paying with either a bank account or Verizon Visa Card. 
Another way to save money is to opt for a prepaid carrier, which may offer lower plans depending on where you live.  
Estimated savings: $120 a year with autopay discount. Research prepaid carriers for pricing and coverage options in your area.  
#6: Explore free events 
The average American spends $3,458 on entertainment, which is approximately $288 per month. A family of four could then spend around $1,152 per month.
By discovering free events in your area, you could cut that number back to soften the impact of inflation on your overall budget.  
Consider swapping one weekend with a free event instead of a paid activity. Many cities have free museums, festivals, and parks that are just as fun as places that charge for admission.  
Estimated savings: By cutting back entertainment costs by 25%, the average American family could save $72 per person each month or $864 each year. 
#7: Lower your subscription creep 
Between streaming services, apps, and software plans, many businesses have adopted the subscription model rather than offering a one-time purchase.
This means it’s easier than ever to sign up for a service and stop using it after a while. Often, you may not even realize you’re still paying for an unused subscription.  
Not only are people signing up for more subscriptions, but the cost can quietly increase without noticing it. In one survey, 48% of respondents said they forgot to cancel a paid subscription after the free trial expired. Subscription prices can also increase over time with little notice. 
The average American’s subscription costs vary by generation. Millennials have the highest monthly expenses at $119. Consider using an app to identify all of your subscriptions. Some will even help you cancel them and charge a small percentage of your savings.  
Trim, for instance, is free to use its cancelation service, or you can upgrade to get them to negotiate lower bill payments on your behalf.
If successful, they charge 15% of your annual savings. Rocket Money is an app that charges $6 to $12 per month, but it’s also free to have the app identify all of your subscriptions for you.  
Estimated savings: Consider slashing your subscription expenses by 25%. For the average Millennial, that would save $29.75 per month or $357 per year. 
#8: Adjust your HVAC temperatures 
The average monthly electric bill for Americans is $138. Spread over 12 months, that’s $1,656. While not everyone uses electricity for all their heating and cooling needs, you can reduce your utility spending by implementing a tip from the U.S. Department of Energy. Here’s what they recommend. 
By adjusting your thermostat by seven to 10 degrees for eight hours a day, you could save up to 10% on your bill each year. In cold months, you’d lower your thermostat and in warm months you’d increase it.   
Estimated savings: This inflation-busting hack could save the average consumer around $13.80 per month or $165.60 per year.
Small wins help beat inflation 
Creeping prices make it harder to stretch your budget to cover expenses and meet your savings goals. But with a few intentional changes to your spending habits, it’s possible to bridge the gap. 
By adding up all the maximum savings in each of our examples above, the total annual savings come to more than $6,000. Get inspired to start with just one or two tips and see what difference they make in your bank account.

Written by Lauren Ward | Edited by Rose Wheeler
Lauren Ward is a personal finance writer who is passionate about helping people simplify their financial decisions. Her work has been featured in outlets such as USA Today Blueprint, CNN Underscored, and many more. She lives in Virginia with her husband and three children.

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