top of page

Your Guide to Beating Inflation With Your Credit Card & More!

According to the United States Bureau of Labor Statistics, inflation in the United States rose 7.9 percent in February of 2022—the highest since January of 1982! This has had an impact on our everyday expenses. This includes increased utility bills, higher gasoline prices, more expensive groceries, etc.

What can be done to mitigate this impact on our lives? The following guide will contain reasonable and practical steps we all can take to make our dollar go farther! We will examine the benefits of responsible credit card use and other remedies that are available.

Beating the effects of inflation means thinking outside the box
Beating the effects of inflation means thinking outside the box. Image courtesy of Unsplash

All opinions and reviews expressed herein are the author's alone and have not been reviewed or approved by any credit card issuer, airline, bank, hotel chain, or other entity. Some of the credit card offers and links appearing in this article are from companies from which we may receive commission or a referral bonus when you click on the link. You do not need to use our links but we appreciate it when you do—it helps support our website!

Select the Right Credit Card!

Do you use a credit card for your everyday purchases? If not, you may be leaving a lot of money on the table. A lot of credit card issuers incentivize using their credit cards by offering miles & points—including large welcome bonuses. Learn more about the benefits of using your credit card versus your debit card in the following post: Why You Lose Money When Using a Debit Card. Credit card rewards and large welcome bonuses go a long way in putting money back into your wallet!

However, with all of the different credit cards available, which product is right for you? At AwardYourMiles, we have created various tools designed to help you in the Award Travel space. This includes our Miles & Points Calculator and our Credit Card Selector Calculator. The Miles & Points Calculator determines the value of the selected credit card in your first and second year of use based on your spending habits. The Credit Card Selector Calculator will provide you with the first-year value of all our credit cards contained within our database based on your spending habits. Try it out for FREE!

"Credit card rewards can single-handedly result in reducing the impact of inflation."

In my opinion, the best credit card to get started within Award Travel is the Chase Sapphire Preferred® Card. The current welcome bonus is 60,000 Ultimate Rewards®! You can apply for this card here! If you would like to learn more about this credit card, please see the following post: Chase Sapphire Preferred—The Best Credit Card Just Got Better!

Consider a Prepaid Plan When Selecting Your Cell Phone Provider

Do you currently have a postpaid plan with Verizon, AT&T, or T-Mobile? Did you know your family could save thousands of dollars by switching to a prepaid plan—such as Mint Mobile?

My wife and I recently purchased two new Samsung Galaxy S21 FE smartphones for ~$470 each! We have been with Mint Mobile for over a year—and love it! Our prepaid plan costs us each ONLY $180 per year. We estimate our savings—over a 4 year period—to be over $3,000 vs. a traditional postpaid plan. You can sign up here! Similar savings can take a bite out of rising inflation costs.

To learn more about how you can save money with a prepaid plan provider, see the following post: How Your Cell Phone Provider Is Taking Your Miles & Points—and How to Get Them Back!

Research GoodRx Before You Pay For Your Prescription(s)

Do you currently have insurance through your employer? Were you told that you will save the most money on your prescriptions by utilizing their mail-order method? This may not be accurate.

Although GoodRx is not insurance, it does allow you to compare drug prices and coupons to help you pay less than the cash price for your prescription. In fact, even though my wife and I have health insurance, we save over $750 per year by using GoodRx as opposed to our health insurance carrier!

GoodRx offers a "free" plan and a paid membership plan—GoodRx Gold—at $9.99 per month. Although we have the paid membership plan, we still use the "free" plan when it is cheaper to do so. To learn more about GoodRx and how it can help you beat inflation, see the following post: Using Your Credit Card and GoodRx to Lower Your Prescription Costs.

Purchase Your Own Modem and Router

AT&T, Spectrum, Xfinity, Cox Communications, WOW!—these are some well-known cable & internet service providers within the United States. Are you using their modem and router? If you are, you could be wasting hundreds of dollars every year.

By purchasing your own modem and router you will avoid paying a monthly fee to lease the equipment—and possibly an additional fee to protect the equipment. In addition, contacting your cable & internet provider periodically to reduce your monthly bill can result in substantial savings over time. By taking these two aforementioned steps, I will save over $500 this year alone!

I have been with WOW! for close to 20 years and have stuck with them for a number of reasons. You can use the following link to sign up and get a $100 Visa Reward card!

For a more in-depth discussion of how to combat inflation using your cable & internet provider, see the following post: Three Easy Ways to Save Hundreds of Dollars With Your Cable & Internet Provider!

Leverage Your Miles & Points for an Award Ticket

Before you redeem your hard-earned miles & points for an Award Ticket, research multiple loyalty programs to make sure you are getting the best price! Although this is a more advanced tip and requires additional work on your part, it can pay out dividends! It is possible to find the same flight for thousands—or even tens of thousands—of fewer miles or points.

To learn more about how you can benefit from this practice, see the following post: An Easy Example of How to Leverage Your Miles & Points for an Award Ticket.

The Bottom Line

Inflation is something that impacts us all. It results in reducing our hard-earned money. But, it is possible to mitigate its effect on our lives. To learn about additional ways to deal with inflation, see the following post: Five Easy Ways to Combat Inflation Using Your Credit Card & More!

Most of us are creatures of habit. It can be challenging to make changes that take us out of our "comfort zone." It may require creativity on our part and we may need to push ourselves to implement these changes. But, the end result—saving hundreds or even thousands of dollars every year—is worth it. And, with a little practice and experience, it can become second nature—like riding a bike.


bottom of page