Last Updated: September 19, 2022|Categories: Credit, Credit Building|

Due to COVID-19, the inflation rate in 2022 has risen to 8.5% in the United States, compared to  an inflation rate of 2.1% in 2017. The U.S. supply chain has been disrupted in a major way, leading to fewer workers, raw material shortages, and transportation disruptions. It could take some time for the economy to restore, so we’ve compiled 10 ways to “beat”  inflation.

Discover 10 Ways To Beat Inflation in 2022

Soaring prices can be attributed to disruptions in the U.S. supply chain. COVID-19 left behind a scarce workforce, depleted raw materials, and delays in transportation. 

According to experts, the annual inflation rate hit a new 41-year high in 2022. This means goods like gas, food, clothes, and travel are more expensive than they were just a year ago.  

Below is a list of 10 ways to beat inflation in 2022 to help circumvent major purchases from within these categories. 

1. Meal Prep at Home

Supply chain issues continue to impact the restaurant industry through a shortage of main ingredients such as chicken, fish, corn, eggs, and even supplies such as cups and utensils. This causes large shipment orders, jammed supply lines, and rising costs eventually passed down to consumers. 

Meal prepping is a great way to beat inflation because it saves so much money instead of eating out. It also saves you money by making use of all groceries you purchase – say goodbye to letting food go to waste and throwing money right in the garbage when your avocados go bad for the third time this month.

To cushion the blow of expensive meal purchases, consider clipping coupons and hitting the grocery store for some budget-friendly shopping. Making meals at home and even meal planning to prepare food in batches can reduce costs, saving you about $50 a month. That adds up to $600 in just one year! 

2. Make a Spending Budget

A spending budget can help beat inflation by anticipating monthly expenses. Although some of your fixed costs might have risen, it’s better to take a look at these numbers instead of turning a blind eye to rising costs. Take note of rising costs to budget accordingly for next month by cutting down on variable spending categories. 

Spending budgets are very different for every single person – what works for one might not work for another. Instead of getting overwhelmed, try these basic steps first: 

How to start a spending budget: 

  1. Calculate your total income
  2. Make a list of your monthly expenses
  3. Figure out all fixed and variable expenses
  4. Add up your monthly income and expenses
  5. Make adjustments to expenses as needed

These steps should help you figure out how much money you have left for spending. With this budget, you can make sure all bills and fixed expenses are taken care of before spending on entertainment, shopping, dining out, and more. 

3. Invest!

Whether you feel more comfortable investing in the stock market or in cryptocurrencies, this is the perfect time to invest your money. 

Most people think it’s a bad time to invest since the market is down. However, right now is the perfect time to invest during this inflation because you’re able to buy stocks or cryptos at a low price and sell them later at a high price once the market improves. 

Three of the best investing apps right now: 

  • Robinhood – Stock and Crypto Trading
  • Webull – Stock and Crypto Trading
  • Coinbase – Crypto Trading

If you want to start investing, these three apps are free to download and a great way to get started.

4. Shop Generic Brands 

When shopping for medicine, certain non-perishable groceries, and personal care items, shopping for generic brands can save money. Over-the-counter drugs are a great example of a product that doesn’t vary wildly from generic to name brand. 

Though brand-name and generic drugs have different names and labels, the two work the same. According to research, generic drugs can be just as effective as the branded alternative. The best part? Generics tend to cost 80% to 85% less than brand-name drugs. If you’re not doing this already, now is a great time to experiment with generic branded products. 

5. Have Budget-friendly Fun

It’s possible to have fun while saving money and sticking to a budget. Here are some ideas for saving money while having fun.

  1. Take advantage of Groupon deals 
  2. Check for discounts during off-peak hours
  3. Attend happy hours for half-priced food and drinks
  4. Have a movie night at home
  5. Bring snacks and food to a local park 
  6. Find free outdoor concerts, comedy shows, or discounted drive-in movies
  7. Host a potluck (each guest brings a home-cooked dish)
  8. Have a game night or DIY night (painting, candle-making)
  9. Make your own cocktails at home
  10.  Create handmade gifts (photo albums, collages)

6. Shop Deals for Big Ticket Items Such as Cars

Inflation has made even big-ticket items like cars and trucks a lot more expensive to buy. If you have to buy a car right now, consider buying an electric car so you can take advantage of any available rebates and tax credits. Otherwise, it’s probably best to sit this one out for a while to see if prices start to come back down. If prices come back down just 10% from where they are today, this could be the difference in several thousands of dollars in savings. 

If you decide to purchase a car now, make sure you have the best possible credit score when you apply for a car loan. Having great credit can lower your monthly car payments and secure a lower APR. If you have less than perfect credit right now, check out these Top 5 Ways To Fix Your Credit Score Fast.

7. Look for promotional or on sale items

Whenever you’re at the checkout counter or shopping online, ask your teller or contact customer service to ask if they have any sales or promotional offers. It doesn’t hurt to ask, right? The worst that could happen is getting no for an answer.

8. Ask for a raise 

Asking your employer for a raise is the best way to let inflation work for you instead of against you. There is a serious shortage of workers right now making it really hard for employers to hire employees. Now more than ever, your employer needs you! Use this to your advantage and ask for a raise in return for a commitment to stay and continue working hard.  

9. Start a side hustle

If you have a passion, skill, or hobby you can monetize, try using websites like Etsy or Fiverr to sell your products or services. Having additional side cash can help you combat inflation, save up money for investing, or even pay off your debt. If it grows, it can even become a second stream of income, or eventually, become a full-time job. If you’re struggling with paying off debt, these resources can help.

10. Shop Thrifted or Pre-Owned Goods 

Facebook Marketplace is a great place to shop pre-owned goods. You can also shop at thrift stores or Goodwill to find free or discounted furniture, home decor, and more. By shopping for pre-owned furniture, you can furnish your new place at a much lower cost and cut wait times by more than half, since supply issues have drastically increased furniture delivery times.

In Closing

You’re not alone – inflation is a global concern in 2022. With these tips, we can make this transition easier. Some experts predict prices will level out by the middle of 2023. Until then, keep finding ways to hang in there!

Monica Bulnes
About Monica Bulnes

Monica Bulnes is a business writer based out of San Diego, California. Monica received her business education from the top #7 best business school in the country, Rutgers University. She has worked in numerous marketing departments, including major multinational conglomerate, Panasonic. Her passion for personal finance and financial literacy is an extension of her passion for health and wellness. Monica truly believes that financial health is just as important as physical and mental health, considering the important role money plays in each and every person’s life. In her free time, you’ll find Monica inspiring the world through Instagram, writing in her journal, or sketching palm trees at the beach. To learn more about Monica and her writing, find her at

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