How to beat inflation - part 1
Published: Jun 15, 2022
Updated: Oct 20, 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
- Batteries
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:
| Car | Personal care | Clothing | Household |
|---|---|---|---|
| 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 boxes 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 a bit helpful! True - the title should’ve been “How to mitigate inflation” because unless you have an account at Universa, you’re not going to actually “beat” inflation.
But sometimes small actions can make a big difference.