After a trying few years for most, we are now experiencing record-breaking inflation. The prices of goods and services are going up, leaving it hard to stay within budget. These three practical tips are just a starting point to alleviating the financial stress that comes with inflation.
1. Gauge your personal inflation
Where are you spending more? If you have budgeted in the past, you probably can tell where you are struggling to stay within budget. Let’s just say it is groceries and you spend nearly $200 more a month. Now work backward and figure out how you can either make up that $200 elsewhere or get savvy while grocery shopping.
2. Reduce your interest rates
Historically, high inflation is coupled with low-interest rates. Whether it is your mortgage rate or your credit card APR, you may be able to save money. There are great refinancing tools online to help you figure out if the cost of refinancing your home for a lower interest rate is worth the monthly savings. As far as your credit card APR goes, call your provider and see what they can do for you.
3. Increase your income
The average household will spend over $400 more a month to keep up with the rising inflation rates. So, how you can make that back? Here are a few ideas to get you started:
1. Take an inventory of what you own and sell things you no longer use.
2. Start a side hustle you’re passionate about!
3. Know your worth and ask for a raise.
Bonus tip? Help your workforce
Financial stress can impact job performance. 82% of employees say they are more engaged at work with access to Immediate. Contact us if you are ready to better your bottom line by offering earned wage access and financial wellness benefits for free.
Written by: Catie Bell, Director of Marketing at Immediate