The Bureau of Labor Statistics March Consumer Price Index (CPI) report suggests inflation may be sticking around for a while, with rising shelter, food, and energy prices. The Money Coach Founder and CEO Lynnette Khalfani-Cox joins Yahoo Finance's Wealth! for savings tips that won't completely disrupt your lifestyle.

Khalfani-Cox urges her clients to focus on a "switch and save strategy." This strategy doesn't ask savers to stop spending altogether but to choose a less pricey alternative to existing purchases. For instance, Khalfani-Cox says that opting for a prepaid over postpaid phone service can result in hundreds of dollars in savings.

Factor a "fun fund" can also remove guilt from the financial equation and ensure you aren't spending more than you earn.

For more expert insight and the latest market action, click here to watch this full episode of Wealth!

Editor's note: This article was written by Gabriel Roy

Video Transcript

Inflation? Still president-- or present-- excuse me-- around for a while yet, at least that's what the latest inflation data is signaling. And that's hard on everyone's wallets. Shelter prices rising, coming in just under 5% year over year in a rise there. And then additionally, you're seeing food and energy prices both up 2% since last year. But there are a few ways to cut down on your spending that won't completely disrupt your lifestyle. So let's bring in Lynnette Khalfani-Cox, who is the Money Coach founder and CEO.

Lynette, great to see you. Thanks so much for taking the time here. I mean, after a report like this today, everyone wants the tips on where savings can turn into earnings here. So where is the number one spot that they can start?

LYNNETTE KHALFANI-COX: Well, one of the things I always tell people to do is to focus on a strategy that I call "Swith and save." And so, this is really all about doing something smarter with your money. The stuff that you're already spending on and making wiser choices to get a cheaper alternative. Because frankly, it's-- a lot of experts say, well, stop doing this or scrimp and save and sacrifice, and that just doesn't cut it for a lot of people, right? So there's many categories where you can use this switch and save methodology.

So if you have, for example, a smartphone and you're about to spend $1,000 or so on that smartphone, maybe you think about going from a regular postpaid phone to a prepaid phone resource out there for you. Straight Talk Wireless has affordable plans and those phones that are cheap for you to get. You'll save $1,000 almost for your family plan.