What Low-Income Households Can Do When Prices Rise Faster Than Pay
Does it feel like prices are rising faster than your pay lately? Just when it feels like there’s breathing room in the budget, gas at the pump skyrockets to over $4 per gallon in most states.
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Between March 2025 and March 2026, wages outpaced inflation by a slim margin, just over one-quarter of a percentage point, according to USAFacts.org. But it hasn’t felt like it, especially for lower-income households.
Fortunately, here are a few steps you can take to maximize your income, spend less and maybe even set aside some savings — even when prices at the grocery store, gas station and everywhere else are high.
Use Cash-Back Apps
With gas and food prices so high right now, apps like Upside, which pays cash back at gas stations, restaurants and grocery stores, can put money in your pocket. Some restaurants offer as much as 45% back, so you can treat yourself without guilt.
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Shop Your Closets
Need a new outfit for a work event? Shop your closet instead of Amazon. You might be surprised what you can pull together.
If you can’t find anything you love, consider a clothing swap with friends. Make it a potluck where everyone brings an app or beverage and try on clothes together.
Consider a No-Grocery-Shopping Week or Month
Just like you can shop your closets, shop your pantry or freezer to put together meals for as long as you can. You may have to restock essentials like bread, milk and butter. But frozen or canned vegetables can take the place of fresh produce and you might be surprised by the protein you have in your freezer or pantry that can make full meals.
Don’t Buy in Bulk Unless You Know You’ll Use It
It’s no secret that shopping at wholesale clubs can save you money. That $5 rotisserie chicken can stretch for three meals if you’re creative. But don’t buy in bulk unless you’re sure you’ll use the food before it expires or you have enough freezer room to safely store meat, poultry and seafood. That giant double bag of cereal isn’t a bargain if half the bag goes stale before you use it.
Similarly, watch out for those giant variety packs of chips, cookies or beverages. Inevitably, there is one flavor no one likes in the package (we’re looking at you, Funyuns Flamin' Hot). If you’re throwing away one-quarter of the box, you’re not saving money.
Consider shopping with a friend and splitting portions if you can’t resist the lure of Costco and BJ’s bargains.
Consider a Side Gig With Low Start-Up Costs
Side gigs like driving for Uber or Lyft, food delivery or Instacart shopping might make sense if you have spare time and a reliable car that gets decent gas mileage. But factor in ongoing expenses (like gas and wear-and-tear on your car) for any side gigs, along with taxes you’ll have to pay. “Earn more, spend less,” is typically good financial advice. Just make sure your side gig fits your lifestyle and won’t nudge you into a higher tax bracket by a slim margin, which could put money in your pocket now but leave you with a dreaded bill at tax time.
Look Into Monetizing a Hobby
Is there something you are good at and love to do that you can turn into a side business? Maybe you have a knack for spotting garage sale finds and can turn a profit on Facebook Marketplace or eBay. Or you make adorable seasonal wreaths that people will pay money for on Etsy. Have a knack for organizing? That’s a skill you can monetize.
If you follow a passion that also happens to be an in-demand service, you might be surprised that you can earn more than pocket change.
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This article was provided by MoneyLion.com for informational purposes only and should not be construed as financial, legal or tax advice.
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