Inflation Hacks

I've noticed expenses and cost of living within the last year has changed drastically. My car insurance rate went up, co-pay for my daughter's and I doctors visit went up. My subscriptions for my live streaming, grocery bill etc, has gone up. I hear conversations and watch videos of how the inflation is affecting people's finances and day to day living. This is concerning because inflation can cause emotional distress and physical health issues if a person doesn't have the right strategies and techniques to overcome the obstacles of inflation.

Saving & Budgeting

Set a budget and stick to it. Create a realistic budget for your back-to-school shopping and stick to it. ...

Start early and plan ahead. ...

Take inventory of what you already have. ...

Shop during tax-free holidays. ...

Buy in bulk. ...

Use price comparison tools. ...

Consider secondhand options. ...

Choose quality over quantity.

To live modestly during inflation, focus on disciplined budgeting, reducing daily expenses, and increasing your income

. These actions help you manage finances and prevent your purchasing power from eroding as prices rise. 

1. Master your budget

A clear budget is the foundation of modest living during high inflation.

• Create a detailed spending plan: Track all your income and expenses to see exactly where your money is going. Apps and banking tools can simplify this process.

• Distinguish needs from wants: Prioritize essential expenses like housing, food, and utilities. Cut back significantly on non-essentials, such as subscription services, dining out, and other forms of entertainment.

• Identify spending triggers: Recognize and plan for the small, tempting purchases—like a daily coffee—that can quickly add up. 

High-interest debt is especially costly during inflation, as central banks often raise interest rates.

Prioritize high-interest debt: Focus on paying down high-interest credit card debt first, as this can become significantly more expensive.

Avoid taking on new debt: Curb discretionary spending to avoid accumulating more debt.

Use rewards credit cards wisely: If you can pay off your balance in full each month, use rewards cards to get cash back or other benefits on your spending.

Increasing your Income

Turn Your Hobby Into A Business. If you have a hidden talent or passion you'd gladly spend more time working on, you can probably find a way to use your skills to turn a profit. ...

Ask for a Raise. ...

Teach What You Know. ...

Rent Out a Room. ...

Go Back to School. ...

Look for a New Job. ...

Networking can significantly improve your career prospects and open the door to higher-paying career paths. It also allows you to contribute to your professional community by sharing new ideas and resources, and providing support to others in your field.

Attending conferences and professional events will help you develop relationships with industry leaders and peers. Set out to meet people: Introduce yourself to other participants and discuss shared interests and experiences. Focus on making genuine connections rather than trying to impress others or angling for a quick advantage. Remember: Networking should provide value to all parties

Hopefully these Inflation Hacks were helpful..What are your thoughts about this topic. What are some things you're doing to stay afloat in the midst of this inflation.Feel free to share your ideas in the comment section Thanks for stopping by.while you're here check out the topics on this website 🥰🫶🏽