3 Tips For Surviving Inflation
Whether we like it or not, and it’s clear that we do not like it, inflation is here. The prices of gas are skyrocketing, and the price of everything else is going up at a frighteningly steady pace.
Alberto ThompsonJun 28, 202211 Shares519 Views
Whether we like it or not, and it’s clear that we do not like it, inflation is here. The prices of gas are skyrocketing, and the price of everything else is going up at a frighteningly steady pace.
Learning to survive inflation can be a tough road. Suddenly, people are finding themselves needing to dip into their savings to cover the usual bills, and everyone’s budgets are tightening up.
You can survive inflation, but it’s going to take a dedicated plan and a change to your usual routine. That’s why we’ve compiled these 3 tips for surviving inflation. Let’s take a look at how you can make some changes to help get through this rough patch.
Develop New Sources of Income
Developing new sources of income doesn’t necessarily mean running out to get a second job. Sure, if you have the time, then that’s definitely an option. But it’s not the only option.
There are a ton of side hustles out there that can help you bring in a little extra money each month. You could try your hand at writing, designing, or even making videos on Youtube. In this day and age, there’s no shortage of earning opportunities online.
If you decide to go all-in on this method, then you’ll need to learn how to set up a companyproperly. This can be a simple process, but it can also be timely. For those really in a bind, there are other options to consider.
Homeowners always have the option of getting a reverse mortgage. A reverse mortgage means that a company pays you for your home. You won’t have to pay this back while you’re living in the home, so it’s a great option for those who need a little extra money each month.
Try out a reverse mortgage calculatorto see exactly how much money you’d be able to make from this. It’s a free tool that will give you a good idea of whether this is an option you’d like to pursue.
Reassess Your Spending Habits
It’s estimated that over 80 million peopleare being affected by inflation, and it’s having a big impact on their spending habits. People are spending less on non-necessities than they were a year ago, and that trend is likely to continue for some time.
Reassessing your spending habits is one of the key ways for you to survive inflation. How many streaming subscriptions do you currently have? How many of them do you actually use? You’ll need to limit what you’re spending on your money on until things level back out.
That doesn’t mean you have to give up every recreational activity that you enjoy, but you may have to change how you enjoy them. Several subscription services have different tiers, where you pay more for streaming without ads.
This may be the time to save a little money and deal with the ads. If you’re spending too much at the grocery store, take a look at why. Are you only buying name-brand items? Can you replace some with generic versions?
There are plenty of ways you can save money by taking stock of your spending habits and developing a plan that cuts down on your spending. Remember, you can always go back to your old habits and favorite streaming platforms once things stabilize again.
Be Strategic With Your Purchases
How and when you buy something matters just as much as what you’re buying. It’s time to start searching for deals everywhere you go. Grocery stores always have coupons available, either online or in-store, and you should be using those to your advantage.
Deals often come around after holidays as well, when stores are trying to sell off the last of their specialized merchandise. You can capitalize on these deals to save yourself money on decorations or gifts the following year.
There are also plenty of browser extensions available (for free!) that will scour the internet for discount codes and coupons whenever you go to make a purchase. Using some of these extensions could save you a lot of money in the long run.
Another strategy is to buy in bulk. You’ll often get a discount or pay less per product when you buy in bulk. This does require more money upfront, but remember, this is about being strategic. Buying in bulk will save you money in the long run because you’ll be paying less per product, and going to the store less, which saves your gas.
Final Thoughts
It can be easy to feel nervous and overwhelmed when inflation hits. It’s hard to watch your savings account decrease steadily each month, but there are ways to survive inflation. You can develop new sources of income, reassess your spending habits, and be more strategic with your purchases.
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