To stretch your money, you may need to be more strategic about your spending. Learning how to prepare for periods of increased inflation might help you reconsider the way you spend—and potentially discover money to save

What's Causing Inflation?

The COVID-19 epidemic wreaked havoc on the global economy, interrupting supply networks and causing massive shipping delays. Prices are rising as many items are in low supply, and delivery costs rise. Labor shortages and growing consumer demand have only worsened this dilemma.

You may have noticed a significant spike in the cost of a vehicle, food, or oil over the last few months. According to the Bureau of Labor Statistics (BLS), fuel prices have increased by 48 percent, and energy prices have increased by 32 percent in the last year. Used vehicle costs have climbed by 35% this year, while new vehicle prices have increased by 12.5%. Food prices have also risen by roughly 9% in the last year.

Macroeconomic cycles take a backseat to the issues people face every day for families living on a tight budget with little room to spare. There is no set timeline for when prices will return to normal, a lot hinges on how quickly the global supply system gets back on track.

How Can You Prepare Your Utility Usage for this Summer?

While inflation will almost certainly affect your bottom line somehow, it may be worth making some minor adjustments to your budget and spending patterns in the coming months to accommodate it. Planning and self-awareness about your expenditure might help you identify savings opportunities. If you don't already have one, this is a fantastic time to begin.

Use Fans and Ventilation to Cool Your Home

• When you leave a room, turn off the ceiling fans. Fans create a wind chill effect, which cools people rather than rooms.
• Use the bathroom fan to remove heat and humidity from your home while you shower or take a bath. Spot ventilation in your laundry room may also be beneficial. Ensure that fans in the bathroom and kitchen are vented to the outside (not just to the attic)

Run Your Cooling System Efficiently

• Schedule frequent cooling equipment maintenance for best energy efficiency.
• Keep lamps and TV sets away from your room's air conditioning thermostat. The air conditioner may run longer than necessary because the thermostat detects heat from certain appliances.
• Regularly vacuum your air intake vents to remove any dust accumulation. Make sure that no furniture or other things are impeding your registers' ventilation.

Consider Other Options

• If you can, take advantage of daylight instead of artificial lighting.
• Consider lighting options that operate at cooler temperatures.
• Wash full loads of clothes and dishes for better efficiency.

Stop Hot Air From Leaking Into Your Home

• Seal cracks to prevent warm air from leaking into your home.
• Add weatherstripping to seal air leaks around doors and windows.

Utilize a Home Energy Monitoring System to Track Your Energy Usage

Using an energy monitoring system like PowerX connects to your home and allows you to track your energy usage in real-time. It aids in the identification of energy hogs who squander your hard-earned cash. You’ll see your consumption reduce when you learn how your appliances and household consume energy so you can make your home greener.