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While inflation may be cooling, some families are still seeing their checkbooks hit hard

By Justin Farmer, WSB-TV
By Justin Farmer, WSB-TV

ATLANTA — There are signs that inflation may be cooling down, at least recently, but not before it hits many families’ checkbooks hard.

Channel 2′s Justin Farmer introduced us to an “extreme coupon-er” who figured out some tips and tricks to help with budgeting.

It started for Cierra Michel when inflation surged, and she got worried about her bank account.

“Being able to pay for everything that I need for that month, period. I’m not knowing if I have to be between getting groceries or paying a bill that month,” Michel described.

To save money, Michel and her family turned to extreme couponing.

“It’s a lot of math and it’s a lot of time, so if you don’t have time to do it, it’s not for everyone,” Michel said. “But if you do have time, it’s a great way to save.”

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If you’re not into couponing, there are other ways to save.

Kimberly Palmer works for personal finance company Nerd Wallet.

“Inflation is causing so much stress on families,” Palmer said. She shared ways to cut down on spending. They include:

  • Minimize restaurant spending
  • Prepare for grocery shopping by making a shopping list and sticking to it
  • Delay purchasing some items for 30 days to see if you really need it
  • Avoid saving your information when shopping online to make it harder to “click and buy”

“You have to enter that information every single time you want to check out,” Palmer said. “That makes it harder to make those impulse purchases.”

Palmer also said that setting aside 20% of your take-home pay is a good rule of thumb, and recommended canceling unnecessary subscriptions.

Do an audit, and get rid of everything you just don’t need.

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