Remember To Do These 7 Things To Fight High Inflation
The U.S. is in full fighting-high-inflation mode.
The Federal Reserve recently hiked interest rates to the highest level since 2008. Unemployment rates are on the rise as well, with Gross Domestic Product growth expected to slow to a meager .2% this year.
High inflation also means that it’s a challenging time for Americans. The cost of food and clothes continues to increase with no clear end in sight. Investors are worried. The struggle is real.
But there are several things the average consumer can do to protect themselves against high inflation. Here are 7 things you can do today to fight high inflation.
7 Tips For Dealing With High Inflation
1. Cut Costs On Essentials
Living through a period of high inflation doesn’t necessarily mean making major spending adjustments but finding ways to cut costs at the grocery store will go a long way. A tweaked food budget will be a big help.
Take a look at your recent grocery store spending and see if you can adjust a monthly budget to better fit suggested averages. For example, for men between 19 and 50, a low budget is around $275 a month and a moderate food budget is about $350.
Meal planning, mainly centered around inexpensive staples such as potatoes, rice, or beans, is another good way to beat high inflation. And give generics a try. Many are of similar quality to their brand-name equivalents.
2. Ask For A Raise
Increasing your monthly income is perhaps the best way to fight high inflation.
It’s also not typically easy to do. But in the wake of the Great Resignation, you may have more leverage to ask for a salary bump, especially if you can show that you had increased duties and responsibilities during the past year.
If a raise is out of the question, employers may offer other ways to cut costs. They may help you cover daycare costs or offer one-time bonuses.
3. Get A Side Hustle
About 45% of Americans report having some sort of side gig to supplement their full-time salary, everything from working for rideshare companies to selling handmade crafts online.
Such jobs are usually manageable since they can fit in easily within someone’s schedule; they often mean it’s up to you when to work and not.
4. Don’t Neglect Your Savings
Periods of high inflation often make saving money particularly difficult but ignoring your savings will often do more harm than good.
Even if you aren’t able to save as much each month as you had been before high inflation, staying consistent with a savings plan — even just $20 or $50 a month — will help you not only be able to address financial emergencies quicker but also keep you on the right track to meet your financial goals.
5. Reconsider Transportation Options
Yes, the cost of a gallon of gas continues to decrease, but chances are transportation makes up a good portion of your monthly budget. During high inflation, consider alternative modes of transportation that can save you money.
Is there a bus route on your commute? Could you bike around town to run errands? Can you join a carpool a few days a week?
6. Target Utility Bills
Electricity, heating/air conditioning, water, gas — these bills aren’t going away during high inflation. But what you can do is be more conscientious about the amount of energy being used.
Using a programmable thermostat helps the average homeowner save 10% yearly. Waiting to use the dishwasher until it is completely full or the washing machine until you have a full load also can help you save significantly over the course of a year.
7. Find Help To Cover Financial Emergencies
Financial emergencies can seem especially insurmountable during times of high inflation. A major hospital bill, last-minute but unavoidable travel, and home repairs all come with hefty price tags.
A title pawn is designed to help you cover such emergencies quickly and easily. By using your vehicle’s title as collateral — don’t worry, you keep your car for the loan duration — you may qualify for a title pawn of up to $15,000 at Alabama Title Loans, Inc.
Just head to our homepage to begin. Once you submit the short title loan inquiry form, one of our representatives will give you a call to review the required items needed to secure a loan and help you through the rest of the process.
It often takes as little as 30 minutes to qualify for a car title pawn with Alabama Title Loans, Inc.
And once you qualify and are approved for a loan, you can get the cash you need that same day or the following business day.
Get Started Today
High inflation can bring high stress, but a title pawn from Alabama Title Loans, Inc. can help ease the pain of dealing with a financial emergency. To get started, just head to our homepage, give us a call or visit us today.
Note: The content provided in this article is only for informational purposes, and you should contact your financial advisor about your specific financial situation.