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Inflation busters you can take to cut expenses
FOX 26 Consumer Reporter has some Smart Sense steps you can take today to cut your expenses during high inflation.
HOUSTON - Inflation has now surged to 7.5% over the last year, the highest since 1982. We know you're feeling sticker shock on nearly everything, from meat to produce to gas to cars.
MORE: Inflation surges in December to highest rate since 1982
Here are action steps you can take today to cut your expenses:
First, review your spending and look for at least one expense you can cut.
"Do you really need 14 streaming services? Probably not. Let's cut it down to 13," said personal finance expert Dan Rocatto with Credible.com.
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The biggest sticker shock is at the grocery store, where prices are up 5.8%. Experts say plan your meals around low-cost items, stick to a shopping list, and look for sales.
"Maybe you go generic, coupons, loyalty app," said Rocatto. "One of my favorites is to make sure you use the right credit card. Some credit cards pay 5% cashback on groceries."
Use your grocery store's app, as well as other money-saving apps, such as Flipp or Coupon Sherpa, and cashback apps like Ibotta, Fetch Rewards, or Checkout 51.
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Some stores, such as Giant and Kroger, offer loyalty cards with food and gas discounts. Kroger offers $0.03 to $0.20 cents or more off per gallon of gas, depending on how much you spend on groceries.
Speaking of gas, apps like GasBuddy and GetUpside help you find the lowest gas prices near you, and you can link a checking account or credit card and get discounts when you buy gas.
RELATED: Tips to cut costs as inflation reaches 7%, fastest pace in decades
Shell, Exxon, Chevron, and some credit cards offer discounts on gas, as well. You can also upload gas receipts to an app called Trunow for cashback.
When shopping online, use shopping browser extensions, such as Capital One Shopping, Honey, and RetailMeNot, that will find you the lowest prices and coupons and discount codes.
"If you’re the last human being that still has not refinanced your mortgage in the last couple of years because rates are still near historic lows, now is a great time to lock in that long-term financing," said Rocatto.
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Refinancing a mortgage can save you one to two hundred dollars a month.
And if you have credit card debt, take advantage of 0% APR balance transfer offers while they last, and pay down as much debt as you can to reduce your monthly bills.