These days, we’re all feeling the impact of rising prices, from the grocery store checkout line to the gas pump. Sometimes bills and worries can add up quickly. Before either gets out of hand, plan ahead and develop your own inflation strategy with the help of technology, the cooperation of some like-minded people, and a bit of discipline.

• Energy efficiency. Rising fuel prices hit us on the road and at home. To keep your driving costs down, check in with co-workers, neighbors, and other parents to see if you can carpool to and from work or activities for your kids. Try out some fuel apps that can alert you to low prices in your area; some also offer cash back for fuel and other purchases. At home, contact your energy company about doing a home energy audit that can find costly inefficiencies. Many energy companies will perform these audits for free, and their weatherization tips can help you lower monthly energy costs.
• Super shopper. With today’s online shopping capabilities, there’s not a lot you can’t get delivered to your door. Get even more out of online shopping through available apps that offer cash back or other rewards when you purchase items you would be buying anyway. Also check out secondhand clothing and thrift stores such as Poshmark, ThredUp, and Queenly for gently used clothes at a fraction of the retail price; you may also be able to earn some extra money by cleaning out your own closet.
• Subscription smorgasbord. Our myriad of home entertainment choices may give us more choices, but those monthly or annual subscriptions can be difficult to keep track of while they silently chip away at our household budgets. Make sure you’re getting the most out of your subscriptions by conducting an audit and doing away with the ones you don’t frequently use or downgrading to a lower service. One auditing app picks up on subscriptions you have on autopay. And don’t forget to review any subscriptions for your phone apps, as well!

Additionally, Fidelity, Transocean’s 401(k) administrator and investment partner, has some great reminders for getting back to the basics of budgeting:

• Be intentional with your spending. Separating the “needs” from the “wants” is a good first step to finding ways you can cut; remember, the cuts don’t have to be permanent, although you may find that once you do without something for even a short time, there will be many things you don’t miss!
• Don’t spend what you don’t have. Having available credit on your credit cards doesn’t mean you have money to spend. If it doesn’t fit into your cash budget, don’t be tempted to rack up credit card debt to buy it. Interest on credit balances gets expensive, and it’s a good idea to set aside whatever extra you can to pay down any lingering credit card balances.
• Revisit your budget as often as necessary. Budgeting is not a one-time activity. Change it as often as you need to—especially now, with prices continually on the rise.
• Mind your retirement savings. Remember that costs are likely to be even higher once you retire, so don’t be tempted to reduce your retirement savings as a cost-cutting measure. Instead, think of it as your weapon in the future fight against inflation.

While inflation may be out of our control, we can control our own household finances. Getting a firm grasp on our financial situations and making adjustments can go a long way toward making us feel like we are forging ahead, despite the current environment.

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