Prices seem to be skyrocketing weekly when it comes to gas and groceries. Staying afloat during this time can be hard as prices are increasing more quickly than wages. Surviving this time is about making the right decisions with your money and staying out of debt. The following are things you can do to stay afloat during these difficult times.
Start A Side Hustle
Side hustles can take many forms with some people operating their hustle totally online. You should see what matches with your skills and what you enjoy doing. Earning extra during this time can allow you to avoid debt which can be crippling to your mental health.
Finding a scrap metal yard can be a very important thing to do. You might find things regularly thrown out that have a multitude of metals that can be valuable. You can be paid cash regularly for this by simply taking these items to the scrap yard.
Cut Costs By Finding A Remote Job
Remote work can be a perfect way to cut costs on parking, gas, and tolls. The fact that you are saving hours per week by eliminating the commute is just an added benefit. Remote roles are more widely available than in the past as companies realized remote work wouldn’t decimate employee productivity as they thought. In fact, a number of companies saw increases in productivity when switching to the remote work model. Applying for remote roles weekly can land you a job that might come with a higher salary which would be the best of both worlds. Remote work can also allow you to move to a city with a far lower cost of living.
Downsizing Your Current Home
Your current home might be too expensive to live in during this time. Downsizing and renting out your current home is an option. Selling your home could also be a great decision as housing prices have skyrocketed in the last few years in some locations. Looking into loans that will leverage your home equity can also be an option. Refinancing might not be the best option currently though as interest rates are continuing to climb. You can also rent out rooms of your home as rental prices are far too high for some single individuals to afford even when working full-time.
Invest Your Money To Grow It
Investing your money instead of letting it sit in a savings account is very important. Investing in the stock market can take many forms but there are conservative options. You can invest in dividend stocks and then reinvest this money automatically to grow your wealth. The dividends can also be used for personal expenses depending on how much money you have invested. Investing in real estate can be profitable if you have an income property managed by a company. You might not want to deal with renters as they can be quite stressful.
Staying afloat financially during inflation is possible but will undoubtedly be a challenge. Use the tips above to come out on the other side thriving!