In the last five years, the world has faced numerous trials and tribulations, including rising costs and difficulties accessing essentials. Inflation is a global phenomenon, and often it feels like there’s no real escape. However, with careful planning and budgeting, you can mitigate the impact of inflation and make your dollar stretch further.
Here are a few helpful tips for anyone struggling to combat inflation:
Adjust your monthly budget.
Start by listing your monthly bills—rent or mortgage, utilities, and any debt you might owe. Next, identify non-essential expenses, such as subscriptions like Netflix or DoorDash, and even a gym membership. If rising costs are making it difficult to make ends meet each month, determine what can be cut from your budget and prioritize accordingly.
Make the most of your kitchen.
If you work outside the home full-time, it’s easy to resort to takeout or fast food on your way home. However, these costs add up, and ordering through apps like DoorDash is often more expensive than preparing a meal at home. Focus on cooking more and shopping for affordable ingredients to stretch your dollar further.
Consider a side hustle.
With the rise of mobile apps, there are many opportunities to earn extra income on your own schedule. If your car is in good condition, you might consider driving for Uber or Lyft. However, you don’t need a pristine car to deliver for DoorDash or UberEats—just ensure it’s in working order.
Maintain your savings.
It’s hard to predict when emergencies will arise, so saving money whenever possible is crucial. Building up your savings can provide a financial cushion in case of job loss or medical emergencies. Save what you can and avoid using it unless absolutely necessary.