INDIANAPOLIS (WISH) — Experts from Purdue University are sharing insight on how to cope with inflation. They say now is the time to consider reducing expenses and saving money where possible.
As Americans are working against the fastest-rising inflation rate in 40 years, Arron Lawry, an assistant professor at Purdue, is offering shoppers saving tips. He recommends buying items on sale and foregoing name-brand items is an excellent way to start saving money.
“It’s no longer taboo to purchase generic brands or private label brands. Don’t be afraid to dabble in those private-label brands and generic products. They are often of similar quality, and you can save a ton of money in the process,” said Lawry.
Shopping online has its benefits, too. Lawry says many people turn to Amazon, but it’s only sometimes the cheapest. Instead, he recommends using search engines like Google to find the best deal and compare prices. Lawry says another area to consider is streaming services. He recommends using apps to track your spending.
“The Rocket Money app will take a filter to your savings and checking account and see where you are spending your money for apps. Many Millennials and Gen Zs tend to download a lot of stuff without considering the recurring expense that will accrue,” said Lawry.
Also, consider creative ways to make products and items in your home last longer. For example, use refillable soaps and detergents.