Things you can do to weather the affects of inflation
Submitted by Carson Now Reader on Mon, 11/29/2021 - 12:05pm
A recent COUNTRY Financial survey revealed about 9 out of 10 (88%) of Americans are concerned about inflation, and rightly so. In October, annual inflation hit a 30-year high. According to the survey Americans plan to alter their spending habits and lifestyle choices and even postpone costly plans that they’ve been making.
With economists predicting inflation may continue well into 2022, Americans say they will cut back in a variety of areas including dining out, buying clothes, delaying home renovations and travel and driving less.
While trimming expenses and keeping a budget are great steps to take to help you weather the effects of inflation, those looking to do more, might consider the below:
Ask for a raise. With labor shortages hitting many employers hard, asking for a raise may be easier than ever. Citing inflation is a good way to start that conversation. Don’t forget about the matching programs your company offers and take advantage of the various benefits and discounts your company offers. If you aren’t, you may be leaving money on the table.
Consider a side gig. Working a side hustle is a popular way to earn extra income these days and even a little bit can help ease the toll of inflation. Working a side hustle doesn’t just have to be a second full time job, but something like meal delivery, dog walking, house sitting or ride sharing. Just make sure you are properly insured.
Sell your stuff. With supply chain issues causing delays and shortages you can get top dollar selling used items that are in high demand. If you no longer use something - think vehicles, RVs or boats, there is likely someone out there who does and will pay handsomely for it. You may be surprised with the extra cash you can earn in no time.
Maintain your emergency fund: Despite rising prices, do your best maintain at least three to six months of minimum living expenses saved in your emergency fund. This is the foundation of a stable financial future. A great way to build up your emergency fund with little effort is to consistently put your tax refund or monthly incentive check from the IRS towards this savings fund.
While these steps may help combat the effects of inflation today, the larger potential ramifications are on our long-term financial goals. Many Americans may end up saving less for their future if they don’t implement thoughtful strategies and have a long term plan in place. Working with a professional to review your financial goals might be one of the smartest move in times like these.
