Even in the midst of a recession, inflation is still at work, eating away at your buying power as your salary stagnates and your savings earn next to nothing thanks to low interest rates. The cost of living is on the rise, and consumers everywhere are feeling the squeeze. Here are some ideas for offsetting the effect of inflation by getting the most value for your money:

1. Shop for used goods.

When furnishing your house or updating your wardrobe, consider a visit to your local thrift store or consignment shop. Your dollar will go farther than it would if you were to shop for brand new items, and you can often find exactly what you were looking for.

2. Look for quality.

When purchasing anything, whether its a piece of furniture, a new appliance, or a big ticket item such as a vehicle, be sure to consider the durability and utility of the item. Read product reviews at several websites. Talk to people who have recently purchased a similar item. Be sure that the purchase you make now will be one you are happy with for years to come. When you cannot afford to just go out and buy a new one, it becomes all the more important to buy the right one in the first place.

3. Invest in purchases that pay for themselves.

For example, if you eat a lot of microwave popcorn, consider purchasing a popcorn popper instead. The unpopped corn and oil you put into the popcorn popper will cost considerably less than the individual packages of microwave popcorn.

Another good household investment is a box of spiral bulbs. These light bulbs cost more initially, but will last much longer and use electricity, which will be good for your budget in the long run. Appliances labeled with the EPA's Energy Star logo are another good way to save. These appliances have proven efficiency and will always outperform their less expensive counterparts.

4. Learn to cook your favorite meals.

The cost of eating meals in restaurants can add up quickly. The good news is that finding recipes online is easy. By learning to prepare your family's favorites at home, you can save money and still have enjoyable meals.

5. Put in some elbow grease.

When it comes to home improvement or decorating projects, you can save a lot if you do it yourself. Read about the repairs or upgrades you are considering. If you think you are up to the challenge, then you may be able to save hundreds, or even thousands of dollars, by doing the work yourself.

6. Barter.

Exchanging services such as babysitting, petsitting, yard work, or home repair with a friend or neighbor is a great way for everyone involved to save money. Ask around and find other frugal people you trust.

Learn more about this author, Raven Lebeau.
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