Staying Healthy Financially During This Time of Inflation

Inflation is not a concept that all people understand until they see increasing prices at the grocery store. Prices seem to have skyrocketed in a matter of months around the world. Keeping money in a savings account is actually allowing it to depreciate. The stock market has been quite volatile over the last few years so this could be deemed a risky investment. Figuring out a financial strategy can be done on your own or with the help of a financial advisor. Hopefully, inflation will stabilize over the course of time to avoid prices continually increasing. The following are tips to help you stay afloat during inflation unlike the US has seen in decades. 

Cut Costs Where Possible

Cutting costs might seem impossible currently with prices increasing in nearly all areas. The cable bill seems to be a favorite to cut for streaming services. There are other families that simply use their internet connection to watch various apps for entertainment.

Cell phone providers also differ drastically in monthly charges. Finding a cheaper provider might mean you are on the same network. Smaller cell phone providers share towers with cell phone giants so the coverage could be identical. 

During times of high inflation, it can be wise to start growing your own food when possible. A nice garden might not be able to take the place of the grocery store but it can help. Discount grocery stores can also help save money as shopping around is more important now than ever before. 

Entertainment costs being cut does not mean that you cannot have fun without spending money. Gas prices can make a short road trip into quite a financial undertaking depending on your vehicle. Airline tickets are going to increase in price as fuel becomes more scarce due to Russia’s invasion of Ukraine. 

Start Earning More

Earning more might be your only option with prices increasing for things like rent, food, and gas. Side hustles are becoming more popular around the world with the ability to earn money online from home. Earning additional money can bring financial stability to your situation. Instead of binging on a TV show, you can earn during this time doing something that you enjoy.

Freelancing is something that some professionals do full-time due to the professional freedom that it offers. The supplemental income that can come from freelancing a few hours a day can change your life. You might find that your current job undervalues your time and freelancing actually generates more income. Rather than quitting your full-time job in favor of freelancing you should see how much work you can handle. Building a financial nest egg before jumping into the freelance life permanently will lead to better decisions being made. You don’t want to enter into a contract with a client that is less than favorable simply because you need to pay rent. 

Use The Power of Your Current Assets 

Renting out a property can bring in money on a monthly basis. Your home can also be leveraged if you are near retirement age. A reverse mortgage can be a great option if you need money monthly to stay afloat during inflation. The current equity in your home is going to be important when it comes to qualifying for a reverse mortgage. You will have to be 62 years old as well to apply. Figuring out how much money you can expect monthly by looking at a reverse mortgage calculator by All Reverse Mortgage. The beauty of a reverse mortgage is that you can generate cash while still living in the home. 

Move to An Area with A Low Cost of Living

Remote work opportunities have allowed people to flock out of large cities that can be extremely expensive. New York City and San Francisco are two examples of hubs of business that have seen migrations due to the pandemic. Living in a small town in an affordable state while making money that you lived on in an industry hub will be far easier financially. Taking advantage of remote work by moving can allow you to survive this time of inflation. There are even those digital nomads that live abroad like royalty on a reasonable budget monthly. Thailand and Spain are both very popular countries for remote workers due to the lifestyle they provide. 

Inflation is something that needs to be handled by the federal government. While the public waits for inflation to decrease, you need to make decisions as inflation will be a constant for years to come. Financial stability can help reduce quite a bit of stress in your life.