Inflation is Here: Some Personal Savings Ideas

Financial ruin is a reality for many people during this inflation time. The dream of owning a home is waning, with many corporations scooping up residential real estate. The ever-present problem of stagnant wages creates the need for multiple revenue streams. Rental prices have multiplied while the federal minimum wage has stayed the same. During this time, congress has voted to increase their salaries and expand benefits multiple times. The system seems broken for the middle class, which is continually getting squeezed for more money. The inflation time has also come with record profits for some corporations that pay very little in taxes. Survival is the goal of so many individuals and families during this time. Below will highlight how to survive inflation, high rental prices, and battling stagnant wages. 

Leveraging Your Assets and Investments

Moving investments into more conservative options can be so important. Moving the money you have in the stock market into certain bonds can help you battle inflation. Look into the various options, as they could guarantee a certain return that matches inflation. The cryptocurrency crashes that have occurred have put so many people in financial peril. The importance of shielding your assets during this time cannot be more important. 

A reverse mortgage could be the answer  for those of you with parents at retirement age. Additional cash monthly can help battle inflation while remaining in the home. The reverse mortgage can be a perfect option for those living on stock market investments as the market has slowed. An individual can even receive a lump sum payment if they want to improve the home. 

Picking Up Additional Hours Or Freelance Work 

Additional hours picked up at your full-time job can be an option. Asking for additional work can be fruitful as most employers understand the financial issues inflation has caused. The traditional part-time job of bartending at night is no longer the only option. Freelance work is available worldwide, with a number of companies looking for supplemental help. Copywriters are a perfect example of a type of person that can earn immense amounts freelancing. Some even have left traditional jobs to freelance due to earning more annually freelancing. 

Moving In With Family To Save Money

The pandemic led families to move in together for a variety of reasons. Some wanted to ensure they could see their families, as social distancing restrictions were overzealous in certain locations. Moving in with family can help save money to help survive this time of inflation. Family might charge you well under market value, and you can help them while they are helping you. In-law suites can allow for a level of privacy while still being near family members. Getting rules established is important as expectations being set will help avoid a large number of issues. 

Families have come together historically during times of financial struggle. Owning a home during this time can be a godsend, as renting can drain a large portion of an individual’s monthly income. Constantly having to move due to landlords increasing the rent is also a financial undertaking. 

Continually Applying For Jobs With Higher Pay 

The job market is no longer restricted to a local area for those with certain skill sets. Working remotely is the dream of so many professionals that yearn to find the elusive ideal work-life balance. LinkedIn and Indeed can provide a multitude of information on the job market. Reaching out to a company when a former colleague is vacating a position can be invaluable. The best scenario is that you are offered an interview before the job is even listed. A referral combined with an early interview might land you a job you otherwise would have never received. 

Figuring Out Ways To Save

Lowering fixed costs is an option that will take a bit of research. Opting for a streaming service rather than cable is a perfect example. Others might switch their cell phone provider as a family plan with another provider might be cheaper. Additional monthly costs can also be lowered, like money spent on entertainment. Look into saving money, as there seem to be unlimited articles written on the topic.

Survival might be the only goal for millions across the country during this trying time. Prices have dropped a bit for gas, but the grocery store is still showing signs of inflation raging. Take the time to evaluate how to financially protect yourself and your family in today’s world.