Inflation is something that scares a number of people. Wages simply are not keeping up with inflation even though some corporate profits were at record highs last year. Gas is the perfect example, as even though it has decreased in the previous month in terms of price, it is still around double the last year’s price. A proactive approach to inflation is very important. You do not want to wait to act until you are facing financial peril. Below are a few tactics that you can use to help survive financially during times of raging inflation.
Picking Up A Temporary Gig
The freelance path is the most convenient way to earn. With an internet signal, there are several gigs that you can complete. Building a reputation on the freelancer platform you are using is imperative. Putting up example projects if you are a web designer or copywriter can help attract new clients. Platforms also provide protection as there are some business entities that routinely stiff freelancers on payment.
The service industry needs employees, so a part-time job could be an option. The truth is that some employers in the service industry need employees so badly due to under compensating their workforce. The pandemic showed a number of those in the service industry how poorly they were being treated. With rising gas prices and lengthy commutes, an online gig is likely your best option.
Renting Out a Room Or Your Entire Home
Living near family can be very convenient if you rent your home on Airbnb. Earning money from an investment that you pay for monthly can help offset costs. Renting out a room is not for everyone as finding a roommate to get along with can present a challenge. Family members seem to be moving in together due to rental prices increasing. Coming together during this time can reduce costs so everyone can survive financially. You would be surprised as to how much you save when splitting household bills among a few additional members.
Reducing Costs Where Possible
The creation of a budget is always going to be very important. The budget is something that some households do not have for several reasons. You might even find a few costs that you didn’t realize were still deducted automatically. The truth is that there are likely subscriptions that you might have forgotten about that are enrolled in auto-renewal. Cutting cable has been a very popular way to reduce costs in the last few years. Streaming services can cost a fraction of the price without sacrificing your quality of entertainment. Gas is something that can be mitigated by having an electric or hybrid vehicle. The cost per gallon is well under a dollar when you consider the power it requires to charge a vehicle like a Tesla.
Decreasing the entertainment budget can be as easy as eating out at establishments with great daily deals. Taco Tuesday is a perfect example of a great day to find deals at various restaurants. Loyalty programs can also be a great way to save on each purchase. Sales can make it more affordable to feed yourself in times when groceries are grossly overpriced. You would be surprised as to how much you can save simply by shopping for sales or eating out for a specific deal.
Downsize Your Living Accommodations If Necessary
The housing markets are raging in some states like Florida or Arizona. Selling a home could be the best decision that you have made. You do not know when these prices will decrease in the upcoming months. The prices went up so quickly that home prices could drop and regulate themselves. Looking into a reverse mortgage (as seen here https://reverse.mortgage/calculator) can be the best choice. Getting cash from a home that you own and already live in without having to move out is a great opportunity.
Remote work has played a huge role in the migration out of expensive and large cities. People are flocking from states with high taxes in favor of states like Texas and Florida that do not have a state income tax. Remote jobs allow people to live around the world with the ability to make an income. Relocation to another country could save you thousands in expenses per month. These savings can also be coupled with an increase in your quality of life. Freelancer hotspots include Thailand and even Bulgaria which has incredibly reliable internet connections.
High inflation is not something that you want to approach lightly. Increasing prices while maintaining the same income level presents so many challenges. Changing during this time to more conservative spending habits can do all the work for you.