7 Bills To Get Rid of During Times of Inflation

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While inflation is often treated as just a fact of life, the past few years have seen extraordinarily high rates of inflation that have changed the financial landscape, driving up prices without a lot of relief.

With a new presidential administration already making sweeping changes, it’s unclear whether inflation will keep cooling or if it might start to skyrocket again.

One way to be prepared for increasing costs is to look at the bills you can reduce or cut altogether. Here are some suggestions.

Cable and Expensive Phone Plans

Cable is becoming something of a dinosaur in the streaming era and more expensive for those who still use it. Cable packages can range from $50 to more than $120 per month, and it’s worth asking yourself if you really need it. In this case, you may trade out for just a couple streaming services that give you as much as you need, or look for free services like Pluto TV.

Additionally, you might be overpaying for your phone service. First, compare plans with other providers — maybe you can get more individual phones on a better plan or find one that offers better rates for things like roaming or international calling. 

High-Interest Debt Payments

There’s never a good time to carry high-interest debt like credit cards, but high-inflationary times also reduce your purchasing power, so debt becomes a double whammy.

Do your best to pay down, pay off or consolidate high-interest credit card debt by picking a repayment method that works for you. If possible, you might be able to do a balance transfer to a card with a 0% APR for the first year or some set time period, but prioritize paying it off as soon as you can.

Unused Subscriptions and Memberships

Truthfully, many people may not even realize all the little subscriptions and memberships they’re paying for but not actually using. From streaming entertainment, such as Netflix or Disney+, to magazines and news subscriptions to cloud storage and apps, there are likely at least a few of these that can go.

Excess Auto Expenses

While you might not be able to do anything about how often you drive or how much it takes to fill your gas tank, you can search for cheaper gas and avoid costly premium gas if your car doesn’t need it. Apps like GasBuddy, GasGuru or AAA’s TripTik can help you find the cheapest gas in your area.

But you can also pare back on things like car washing and detailing (DIY it at home), extra roadside assistance if it’s covered by your insurance or your credit card, and even look into finding a cheaper auto insurance.

Pricey Grocery and Food Expenses

High inflation is a time for frugality, which might mean adopting a whole new approach to how you shop for groceries and meal plan. The most immediate cuts should include things like meal kit services, food delivery services (which come with additional fees) and dining out. 

Plan your meals in advance so you only shop for what you need for the week, when possible, and opt for store-brand and bulk over name-brand and single purchase items. Shift your shopping to stores known for their low prices, like Aldi, Costco or Sam’s Club.

Extended Warranties and Insurance Add-Ons

If you’ve still got the option to cancel unnecessary extended warranties on electronics and appliances, go for it — every extra dollar saved can go back into an emergency fund.

Also, revisit your insurance policies for coverage you don’t need, such as travel insurance or extra roadside assistance.

By just taking a concerted look at how you spend, you’ll likely find ways to immediately cut back, giving you the financial stability to weather any coming high-inflationary periods.

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