Here are some ways you can stretch your dollars while you wait for prices to fall. 💸
Everybody’s talking about it nowadays. In the store or online, prices are going up and up. You got it… inflation.
Things cost more, and your money has less spending power than it should. Supply chain shortages are making prices go up and up lately. COVID had what to do with it. So did the Russian invasion of Ukraine. The whys and hows are out of our control, but the way you spend, save, and invest your money right now can actually make a big difference.
The first step is to get organized. Go over your bank and credit card statements from the past few months, and get familiar with where inflation is hitting you the hardest. Those are the areas to try to cut back where possible.
- Food is one major area that is affected by inflation. There are so many creative ways to save money on your grocery bill, though. Buy cost-effective foods, like pasta, rice, and beans, and cut down on pricey food items like meat. Buying generic instead of name brands will save you money without too much of a stretch. You can also plan and prep your meals in advance, so you’ll be less inclined to go for takeout when you’re hungry and tired.
- Transportation can also be another big drain on the finances, and not all of us can do like Amanda Claypool, a blogger from NY, and bike 16 miles to work to save on transportation costs. But public transportation is a good alternative, and most jobs in the post-COVID scene are open to remote work, which means you might be able to cut out the commute altogether.
- Up your income. Ask for a raise. It only makes sense to ask for, and receive, a cost-of-living pay raise to keep up with the rising cost of living. And in today’s job market, employees have the power. There are ways to earn more money outside of work, too. Tutoring, pet-sitting, or Ubering are all creative options that can bring you up into the black.
- Invest. If you have cash sitting around, now is the best time to invest it. If you’re not going to need that cash for a while, taking on a little bit more risk is worth it for the higher return on your investment. Then you’ve got more of a guarantee that your money will, if not raise in value, at least not depreciate.
- You can also make extra money outside of your job. There are options to sell things you’re not using on eBay, Facebook Marketplace or Craigslist. I would take this one step further and think about how you could rent your stuff and get regular income coming in, here are some examples:
- Have Gift Cards laying around sell them to CardCash for cash
- Rent out your backyard pool while not using it this summer
- Have an extra room? Rent it on Airbnb
And, of course, the very best way to make your money count for more, inflation or no inflation is by using CardCash to get gift cards for everything you buy. Think about it-you could get a $50 grocery run for $45 🤯.
How’s that for saving money?