Many people are familiar with the term “inflation,” which refers to the general increase in prices for goods and services over time. However, shrinkflation may be a new concept for you. Shrinkflation is the sneaky phenomenon of products shrinking in size while prices remain the same. Companies often do this to save money, leaving consumers feeling ripped off.
If you’re affected by this phenomenon and need extra cash to keep yourself afloat until the next payday, requesting a payday loan can help. Various online lending platforms provide hassle-free and fast loans directly transferred to your bank account.
This post will delve into five ways that you can combat shrinkflation and keep your savings up! With some effort and research, you can protect yourself from the negative impacts of shrinkflation.
Buy Generic Brands
The first way to combat shrinkflation is to buy generic brands. Generic brands are often just as good as name-brand products, but they cost less money. You can often find a generic product precisely the same size as the name-brand product! This way, you can save money without sacrificing quality or quantity.
Calculate the Unit Price
You can also combat shrinkflation by calculating the unit price of products. The unit price is the cost of a product per unit of measurement (usually per ounce, per pound, etc.). When you know the unit price of a product, you can compare it to other similar products to see which one is a better deal. This is especially useful when products are shrink-wrapped together in different quantities.
Purchase in Bulk
When you purchase in bulk, you can often get a lower price per unit than if you were to buy the same amount of the product individually. This can be a great way to save money, especially if you can find a good sale on bulk items.
Use Cashback Apps
You can also use cashback apps. These apps give a percentage of your purchase price back in the form of a rebate. Some of the most popular cashback apps are Ibotta, Ebates, and Swagbucks. Using these apps, you can recoup some of the money you would have otherwise spent on shrinkflation.
Take Advantage of Sales
The fifth and final way to combat shrinkflation is to take advantage of sales. Sales are a great way to get the products you need at a lower price. Time your purchases around sales for you to save some money.
In conclusion, shrinkflation is a serious and sneaky problem, but it doesn’t have to put a dent in your wallet. There are several ways to fight shrinkflation, including the tips stated above. The government can also regulate prices to prevent it. It is important to remember that shrinkflation affects us all, and we must work together to combat it. With vigilance and action, we can protect ourselves from the eroding purchasing power of our currency and keep our hard-earned money from shrinking away.
John is a financial analyst but also a man of different interests. He enjoys writing about money and giving financial tips, but he can also dive into relationships, sports, gaming, and other topics. Lives in New York with his wife and a cat.