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How to Budget with High Inflation

With increasing prices on essentials like gas and groceries, you may want to consider revamping your budget. With that in mind, here are five budget trimming tips to help you fight inflation at home.

  • Consolidate credit card debt — When it comes to paying off your credit card debt, it may be a good idea to take advantage of balance transfer offers that will allow you to pay them off at a lower interest rate. Promotional rates on balance transfer offers usually expire after six to 18 months. By finding solutions that aren’t too costly now, they will help you eliminate debt over time.
  • Refinance your home — If you haven’t taken advantage of lower interest rates to refinance your mortgage, now is a good time to look. The Federal Reserve has already raised interest rates multiple times this year and has signaled more will come. Finding ways to save on your mortgage could be crucial to your financial success during high inflation.
  • Sell what you don’t need/use — Now may be a great time to hold a yard sale or to start posting items for sale online. Facebook Marketplace is a popular way for people to sell items online. This can help you generate some extra cash. If you have a larger item that costs money to maintain, like an extra car, you may want to consider selling it so you can cut out the extra insurance and tax payments.
  • Cut out unnecessary expenses — Examine your budget and expenses carefully. Maybe you have a magazine subscription you’re not reading or a streaming service subscription you don’t use very often. Ask yourself if you’re getting your money’s worth. It may be time to cut those out of your budget — at least temporarily. You should also look at small expenses. If you make a daily trip to the coffee shop, those purchases can add up quickly. On the other hand, cutting them out of your budget can add up fast.
  • Change how you shop — The rising cost on basic necessities, particularly grocery items, has hit many people hard. Look at your grocery list for potential changes you can make. Switching from name brand items to store-brand products can provide some instant savings. You could also cut back on items that have been hit hardest by inflation. Buying less of these types of products will have a positive effect on your budget.


To learn how West Bank can help you take control of your finances, contact us today 515-222-2300.

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