You’ve probably heard that inflation is at a 40-year high. According to recent data from the U.S. Bureau of Labor Statistics, the consumer price index rose 7.9 percent in the past 12 months, which means that everything is getting more expensive. And if you’ve been tracking your expenses lately, you’ve probably noticed.
For many consumers, this current period of inflation is the highest it’s been not just in 40 years, but in their lifetimes, with many still figuring out how to cope with rising prices. Some consumers are cutting back on discretionary purchases like travel and entertainment, while others are looking for ways to save on essential expenses like groceries, gas and utilities. Either way, consumer spending is changing.
If you’re looking to combat inflation by cutting costs, it’s smart to start with monthly bills, which could mean adjusting your thermostat or canceling subscription services. But what about your monthly phone bill? It might be time to consider switching to Visible, an all-digital wireless carrier that offers a single plan with multiple ways to save.
Want to know more about how to save on phone plans? We’ll explain all of the ways Visible can help you save money while staying connected — but first, let’s take a look at how high inflation could affect not only your bottom line but also your future.
How the high costs of inflation affect consumer spending
If it feels like many goods have gotten more expensive in the past year — well, they have. According to Consumer Reports, 92 percent of U.S. adults have seen higher prices at the gas pump and more than 80 percent of adults report higher prices on groceries. A Bankrate survey taken in February 2022 confirms this data, with 81 percent of surveyed participants experiencing price hikes at the grocery store. Further, economists are predicting that 2022 will be another year of decades-high inflation.
The Federal Reserve is seeking to tame inflation by raising interest rates and has already done so once this year. The Fed plans another six rate hikes this year.
Rising prices are likely to affect many consumers. Bankrate’s rising prices survey indicates that 3 out of 4 adults are already experiencing some form of financial stress as a result of high inflation, and the pressure might not go down until prices start to drop again.
Many consumers have already begun adjusting their spending habits in response to the higher prices. A recent report from Morning Consult indicates that U.S. consumers are spending less on discretionary goods like restaurants and clothing to put more money toward essential expenses. Some adults have even cut back on personal care expenses, such as beauty products, salon and spa services, which might help your budget but is unlikely to relieve your stress.
How to save money during inflation
With high inflation affecting nearly every area of spending, many consumers are wondering how they can save money — especially if they’re hoping to put extra cash toward a vacation, a down payment or an outstanding credit card bill.
If you want to know how to save money during inflationary times, start by figuring out how inflation is impacting your budget. Then, look for ways to lower your expenses. You might switch from name brand to store brand products when grocery shopping, for example, or take up cooking instead of picking up takeout. You could take public transportation and save money on gas — or, if public transportation isn’t available where you live, consider carpooling.
Some of the most significant ways to save money during periods of high inflation are by lowering your monthly bills. Since these bills get paid every month, even a few dollars in savings adds up quickly. And since essential services like electricity and telecommunications are unlikely to disappear from your budget, figuring out how to keep your costs as low as possible could save a lot of money over time.
That’s where Visible comes in, which means we’re finally ready to look at how Visible can help you save money on your phone plan.
How Visible’s phone plan can be of service
Visible can help you save on the costs of wireless and phone service — two essential expenses for most consumers — allowing you to still have some money left over for discretionary spending.
The U.S. all-digital wireless carrier wants to reimagine a wireless service that’s simple and accessible to all. That means a single-line plan with multiple ways to save. Visible offers radically simple and fundamentally accessible wireless service that helps you stay connected to what matters most.
Get unlimited data, talk and text powered by Verizon’s 5G network, for as low as $25 a month — the amount every new customer pays for first month unless they sign up for Visible’s Party Pay program. Join up with friends and family who want to lower their monthly phone and wireless bills — all under one line of service. With four or more Party Pay members, the plan costs $25 a month; otherwise, three or more members pay $30 a month, and two or more pay $40 a month. The difference between the Party Pay program and a traditional family plan is that each member is billed separately. Plus, users can keep their existing phone numbers or create new ones.
Right now, Visible is making it even easier to save. Get a $50 virtual gift card when you bring your phone to Visible and make three monthly payments. When you buy an eligible device and make three monthly service payments, you can get up to a $200 virtual gift card. Some restrictions apply, so read the details before signing up. For Visible’s limited-time offers, check out its most up-to-date deals page.
The bottom line
Inflation is back — and it might make many of your everyday expenses a little more expensive. That’s why it’s important to look for as many ways to save money as possible, especially on essential items like phone and wireless service.
Want to know how to save on phone plans? When you sign up with Visible, you gain access to a simple, accessible phone plan that’s designed to help you maximize both your connection and savings. That way, you can stay connected without being burdened with high costs.