If you’re like many people, the sky rocketing inflation has taken a toll on your budget and ability to save for the future. Some people are struggling with day-to-day living expenses, while others are able to make it each day but are worried about their investments taking a hit. So what can you do about it? Here are a few tips.
Reassess Your Spending
Now is the time to relook at your budget and areas of unnecessary spending. If the higher prices of gas and food are causing you to run out of cash each month, dip into your savings or go into debt, it’s important to redo your budget or start using one.
When redoing your budget, look for spending items that are not really necessary like the monthly subscription to a magazine that never got cancelled or that gym membership that you rarely use. Going out to eat and buying expensive coffee every day can also really add up. All of that said, experts recommend that you allow for a few splurges each month to keep your spirits up.
Increase Your Income
If after you do your budget, you realize that you are still in the red just for essentials and there is no wiggle room, it’s time to find another source of income. Here are some ways to do that:
Ask for a Raise – Many employers realize that inflation is making it hard for their employees to make ends meet and are willing to offer “cost of living” raises to keep employees.
Find a New Job – If your employer is not open to giving you a raise, it’s a great time to find a new job. The market is currently in favor of those looking for a job, which is causing employers to increase pay to be competitive in hiring.
Start a Side Gig – There are many opportunities in this day and age to make extra money on the side and some of them can even be fun and based around your hobby. Here are some ideas:
Start a Youtube channel around your hobby – Love doing makeup or gardening? If you’re not already a Youtube user, jump on and start watching what others are doing and then find an angle you can address that no one else is doing.
Try a multi-level marketing sales position – While you have to be careful and do your homework to choose the profitable opportunities, some multi-level marketing positions can provide a decent amount of money on the side.
Provide a service to help people – Whether it’s lawn mowing, dog sitting, house siting, running errands, or babysitting, these types of services can provide a significant amount of money on the side.
We hope you found these ideas helpful. If you need further assistance specific to your situation, be sure to reach out. We have resources to provide free counseling and special programs to provide loans to get people through hard times.