Inflation is at a record high and money isn’t going as far as it once did, so consider these five tips to combat rising costs.

Simone Del Rosario Business Correspondent

From TikTok to gas hacks: 5 money saving tips to fight inflation

May 06, 2022

Simone Del Rosario Business Correspondent

By Simone Del Rosario (Business Correspondent), Emma Stoltzfus (Video Editor)

Inflation is on a tear, markets are volatile and consumer dollars aren’t going as far as they once did. It sounds like a perfect time for some valuable penny-pinching tips in this week’s Five For Friday.

#1: Cash stuffing

Popular video-sharing app TikTok has turned the old-school “cash envelope system” on its head. “Cash stuffing” — what people are calling it on social media — is the budget hack of spending only physical cash on expenses. Simply decide on a budget, divide the cash into envelopes representing different expense categories and don’t veer from the process. Roughly half a billion views with the #cashstuffing hashtag can’t be wrong, right?

#2: Check unit prices

On the next trip to the grocery store, be a savvy shopper by comparing unit prices — not the sticker price. Let’s say there are multiple laundry detergent bottle sizes at a variety of price points. Simply check the unit prices on the shelf sticker to determine the better deal.

#3: Join a Buy Nothing group

Consider joining a local Buy Nothing group where people simply give away items they no longer need. That’s right, everything’s free. Two women from Bainbridge Island, Washington, started the nonprofit to create a “hyperlocal gift economy.” No one’s making any money, not even Facebook, where the majority of groups are hosted.

#2: Visit a pawn shop

Pawn shops do brisk business during tough times, so not surprisingly, they’re seeing more foot traffic lately. Sell jewelry, musical instruments and electronics or pawn stuff for a quick loan against an item. Customers can reclaim it once they’ve paid back the loan plus interest. According to National Pawn Brokers, 85% of Americans do end up reuniting with their cherished belongings.

#1: Gas, gas, gas

While most won’t be able to lower the average $4 price tag, there are ways to eke out a little bit more from each fill-up. The GasBuddy app will help you find the nearest station with the best prices, while Upside app will give you cash back when fueling up. On a very basic level, drive smoothly: A light foot on the break and accelerator pedals will put more time between each fill-up.

SIMONE DEL ROSARIO: Inflation on a tear and your dollar just isn’t going as far as it used to, a perfect time for some penny pinching tips to stretch your dollar in tough times. Check out these five in this week’s Five for Friday.

Coming in at number five – the old-school cash-envelope system has been turned on its head… by TikTok? “Cash stuffing” is the budget hack of spending only *physical cash on expenses. Decide your budget, divide the cash into envelopes representing different expense categories, and then…be very disciplined. Roughly half a billion views with hashtag cash-stuffing can’t be wrong. right?

In the fourth spot, be a savvy shopper by comparing unit prices – not the sticker price – on your next trip to the grocery store. Say you’re shopping for laundry detergent and there are multiple bottle sizes at a variety of price points. check the unit price on the price sticker on the shelf. I do this myself and it’ll get you the best deal every time.

Coming in at number three, consider joining a local buy-nothing group. That’s right- everything’s free. Started by two women out west looking to create a “hyper-local gift economy,” people simply give away items they no longer need. No one’s making any money, not even facebook where the majority of groups are hosted.

In the two spot, visit a pawn shop for some fast cash. This biz gets popular during tough times, and pawn shops are seeing more foot traffic lately. Sell your jewelry, musical instruments, electronics or pawn your stuff for a quick loan against your item. You can reclaim it once you’ve paid back the loan plus interest. Most Americans do end up reuniting with their cherished belonging.

And the number one way to pinch your pennies while fighting inflation – save on your gas bill. While you won’t be able to lower the average $4 price tag, here are some tips to eke out a little bit more from each fill up: apps like gas buddy will find you a nearby station with the best prices. Upside gives you cash back when fueling up, and on a very basic level – driving smoothly will give you more m-p-g’s.

This economy’s erratic enough – no need to drive erratically too. That’s your Five For Friday. I’m Simone Del Rosario for Just Business, I’ll see you Monday.