How to beat inflation - part 1
Published: Jun 15, 2022
Updated: Jun 29, 2022
Years ago I came across an interesting inflation-beating tip called “The Poor Man’s Strategy.” The name is based on the fact that anyone can do this.
Buying ahead #
The idea is to buy non-perishables now that you know for sure you’ll need in the future. Of course, you’ll stay within your budget to do this.
Here are a few examples:
- Hiking boots
- Notebook paper and pens
Once you put your mind to it, you’ll think of all sorts of things. You could categorize these by use (e.g., automotive) and/or by cost.
Sorting + prioritizing #
One popular idea is to create cost tiers, and to work on one exclusively before moving to another. For example:
- Tier 1: low-to-moderate cost items
- Tier 2: pricier items (e.g., automobile tires)
Tier 2 is likely where most people will spend their money. Here are some examples to get your creative thinking going:
|bulbs||soap, shampoo||shoes||laundry detergent|
|fluids + lubricants||razor blades||socks||cleaning fluids|
|windshield wipers||toothpaste||underwear||trash bags|
|cabin air filter||saline solution||tees||light bulbs|
|battery||make-up||jeans||fix-it items: duct tape, glue,
nails, caulking, etc
It’s kind of a fun exercise. Once you list your “must-have” non-perishables, you can sort the items by priority.
Buying ahead can be as simple as: you need trash bags, found a great sale price, and buy 2-3 instead of 1.
Also: think about getting some silica gel tins to keep tools and other stored items free of moisture.
I hope this is helpful!