How to Deal with Inflation?
After the Covid-19 pandemic, inflation has drastically increased. The war in Ukraine has made it even worse. We have witnessed rises in consumer demands and supply-chain issues. We have experienced a significant increase in prices for basic commodities such as gas, food, housing, etc.
We certainly cannot impact or stop inflation however, we can limit its impact by focusing on our habits and ways to save money. Farmers Insurance has prepared a few tips to save money that can help with limiting inflation’s impact.
First, make a budget. Begin by tracking how much you are spending each month and hold yourself accountable for your financial decisions. In some areas, you may be spending more than you think. Try to reallocate your spending to different areas, invest money, or save it based on your budget and financial needs.
Secondly, If you spend more at grocery stores than needed., try to stick to a list of what you need and take advantage of coupons whenever you can. A trick that you may have already heard of, is to avoid eye-level shelves. On those shelves, there are usually higher-priced items and if you look above or below you will often find similar, lower-cost products. As well, leaving the kids at home when you go grocery shopping is a great way to limit unnecessary spending.
Third, make extra money with a side job. There are a variety of different ways you can make some extra money, depending on commitment and how much you want to make. You can take a look at jobs such as food delivery driver, ride-share driver, online writer, virtual assistant, graphic designer, online tutoring, etc. to help increase your monthly income.
Investing is certainly one of the best ways to fight inflation’s impact financially and get a better rate of return on your money. Traditional savings accounts will most likely not follow inflation trends and won’t provide larger rates of return on your investment. Don’t leave all your money in a savings account and start searching for investment opportunities that can bolster your finances.
Finally, take advantage of available insurance discounts! Give us a call today and find out more about our insurance options.
Find what works best for you to save money in your daily life, whether it’s making a budget, saving at the grocery store, investment opportunities, or finding a side job.