8 tips to save money during inflation

Inflation is a real challenge for families trying to stay on top of their finances. When prices start rising faster than your paycheck, the “little things” can add up quickly. If gas prices jump or your oat milk latte costs as much as dinner, you may need to reevaluate your everyday spending.

The good news is that with a few smart habits and a little creativity, you can keep your budget on track (without cutting out all the fun stuff).

Here are our best tips to save money during inflation that the whole family can get behind.

1. Start with your “non-negotiables”

Before you slash your streaming services or skip your weekly takeout night, take a good look at the essentials. This probably means rent or mortgage, utilities, groceries, transportation, and healthcare. These are your “must-haves,” and knowing exactly what they cost helps you figure out where you can cut back.

Use a budgeting app or even a simple spreadsheet to see all of the numbers in black and white. Greenlight’s built-in Spend and Save categories make it easy for kids and parents to set spending limits, track categories, and learn how to make thoughtful choices, all in one place.

2. Shop smarter, not less

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Groceries cost more these days. But you don’t have to leave the store with half-full bags. A few simple shifts in how you shop can help your budget stretch a lot further:

• Start by planning your meals before you head to the store

• Choose store brands to avoid the name-brand price tag

• Use cashback and rewards apps to get a little money back with each trip

• Buy the things you use regularly in bulk

Explore more ways to cut costs at the grocery store. 

3. Negotiate and cancel (without guilt)

Most of us don’t think of negotiating as part of everyday life, but there are plenty of places you can push back on prices. It’s totally okay to ask for a better deal, and even more okay to cancel stuff you’re not really using. Here are some places to start:

• Make a quick call to your internet or phone provider. You’d be surprised how often they drop your rate just for asking.

• Review your subscriptions and cancel the ones collecting dust (yes, even that gym membership you meant to use). 

• Scan your credit card statements for those sneaky auto-renew charges that slip through unnoticed.

There are more chances to negotiate than you might think, and most of them don’t require much more than a phone call or a few clicks.

4. Look for passive ways to save

Automate, automate, automate!

Not all savings have to come from big decisions or constant effort. Sometimes, the smartest money moves happen in the background. Automating your savings, even a small amount each week, helps build a cushion without requiring much thought. Some banks and apps, like Greenlight, allow you to round up each purchase and deposit the extra change into savings, which can add up quickly.

Leverage compound interest

You can also make compound interest work in your favor, especially for kids learning to save. With Greenlight, your child can actually earn up to 5% on savings*, and even earn 1% cash back** when they spend, giving them real-life experience with how money grows and rewards smart choices.

Shrink your bills

Another low-effort win is cutting down your utility bills by using energy-saving settings on appliances, turning off lights when you leave the room, and unplugging chargers when they’re not in use. 

5. Swap, borrow, or share before you buy

Before heading to the store or clicking “add to cart,” pause to ask: Do we really need to buy this new? Inflation can be the perfect nudge to lean into your community. Maybe a neighbor has a bike your child can use for the summer, or your local parent group has a stash of gently used sports gear or party supplies.

Kids’ clothes, tools, lawn equipment … there are so many things we buy that could easily be shared or swapped. Organize a neighborhood swap day or check local buy-nothing pages. It’s a great way to save money and connect with others doing the same.

6. Consider small ways to boost income

If you’ve already cut back and things still feel tight, you could also look for ways to bring a little more money in. That doesn’t mean you need to take on a second job or upend your whole routine. Sometimes it’s as simple as …

• Selling things you no longer use

• Hosting a neighborhood yard sale

• Helping your teen find a summer job, like dog walking or babysitting

It’s not just about what goes out, but how it comes in. Even a small boost can make a difference, and it’s a great way to get your family thinking about money from both sides. 

7. Get your family in on the plan

If you’re making changes at home, involve your kids! It’s one of the best real-life ways to teach them about money, and it helps them feel like part of the solution.

You can start by explaining what inflation means and how it affects your household. Then, you can talk about why inflation is so high. Tying it all back to the trade-offs you’re making can help it sink in with kids.

To make it more hands-on, set savings goals as a family and brainstorm ideas together to reach them. Giving everyone a say makes it feel more like teamwork and gives your kids some real-world money exposure.

8. Shift your mindset

One of the most powerful things you can do is reframe saving money as something positive. Instead of thinking, “We can’t afford this,” try “We’re choosing to save for something better.” Whether it’s a vacation, college fund, or a safety net, goals make saving feel worthwhile vs. restrictive.

Inflation might make your dollars stretch thinner, but with a little intention (and a few family money talks), you can outsmart it. Saving money during inflation isn’t about going without. It’s about getting creative, staying informed, and making values-based choices that work for your family.

Teach money skills for life. Kids learn by doing — and Greenlight’s all-in-one family app helps you weave money management into daily life. Try Greenlight, one month, risk-free.†

*Greenlight Core families can earn 2% per annum, Greenlight Max families can earn 3% per annum, and Greenlight Infinity families can earn 5% per annum on an average daily savings balance of up to $5,000 per family. To qualify, the Primary Account must be in Good Standing and have a verified ACH funding account. See Greenlight Terms of Service for details. Subject to change at any time.

** Greenlight Max and Infinity families can earn 1% cash back on spending monthly. To qualify, the Primary Account must be in Good Standing and have a verified ACH funding account. See Greenlight Terms of Service for details. Subject to change at any time.