🔒Discover expert strategies to protect your money from inflation! Preserve and grow your wealth with these valuable tips. 💪
TL;DR: Protect your money from inflation by saving, budgeting, and increasing your income. Trim unnecessary expenses, save for stability, and explore unconventional ways to make extra cash.
We may be seeing the much-dreaded inflation start to drop off, but the economy is not out of the woods yet. Inflation rates are still very much above comfort levels, and people are spending less.
This leaves an air of uncertainty all around– no one knows just what will happen next. But you don’t have to wait around for the ball to drop. There are steps you can take to ensure your finances are protected against inflation; whether it continues to ease, or the rates go up.
In this edition of the SimplVest newsletter; we’ll touch on the ways to protect your money from inflation, including:
- setting aside funds in an emergency savings account
- revisiting your income and expenses, and
- Honing your job skills
Let’s get to it….
Start with saving and simple budgeting
Budgets are always a great place to start when preparing for rainy days. They help keep you grounded, and unnecessary costs don’t rear their ugly heads.
Take some time out to review every recurring expense— making sure you end up spending only on the necessities. This may mean you’re chucking out a lot of the subscriptions that everyone seems to have today, like premium movie channels, or multiple streaming services.
To be fair, you don’t need them all, and if we’re being honest, you probably don’t watch them as much as you think. Sure, they might seem like minute costs on their own, but together, these little drops make an ocean of hefty bills.
It may be difficult to know what to cut off and what to keep, but a solid trick is to ask yourself the big question: “Am I really using these purchases?”
If the answer is no, it has to go.
And when you’re done trimming the excesses? SAVE.
Sometimes, we’re all about money making and doubling what we have— but there’s a hidden gem in saving— it gives you stability. Having some funds shored up lets you comfortably navigate whatever situation inflation may put you in.
Increasing your income gives you more financial room
The goal is to make sure that the adverse effects of inflation do not leave you out to dry. But it’s not just by reducing your expenses. Your income needs to go up as well.
But how can you increase income in times like these? Look for unconventional and handy ways to make more cash. For example, you can find ways to turn in any piece of clothing or household item you no longer want in exchange for money. Platforms like thredUP, Tradesy, and Poshmark are perfect for this purpose.
Alternatively, you could connect with people around you that may need those items.
Another great option you could consider is to capitalize on the rising prices in the home markets. Thanks to soaring prices, more people are looking to rent nowadays. If you’ve got some extra space, and don’t mind having someone else in your house, you could convert one of your rooms into a new income stream.
Of course, for safety reasons, ensure you vet anyone that comes in if it’s an option you’re willing to take.
And finally….
Side gigs, passive franchises, or starting a regular old business are great ways to leverage your skills/work experience and increase income streams.
You won’t be the only one doing this (44% of Americans currently have a side hustle to keep up with inflation), so remember to put on your thinking cap to stay ahead.
Google is also one helpful tool to help keep your creative juices flowing and find ways to secure that very crucial extra income stream.
By using specific keywords or search queries related to your interests, skills, or desired income sources, you can find a wealth of information, resources, and opportunities. This could include freelance job platforms, online marketplaces, investment options, affiliate marketing programs, online courses, and much more.
Additionally, Google search can help you explore different business ideas, side hustles, or ways to monetize your hobbies.
Secure Your Wealth, Seize Control
In a world of uncertain economies and fluctuating inflation rates, it’s crucial to be proactive in protecting and growing your wealth. By implementing the expert strategies shared in this newsletter, including saving, budgeting, and exploring new income opportunities, you can fortify your finances against the impact of inflation.
Remember, every step counts, from trimming unnecessary expenses to leveraging the power of Google search for income ideas. Take charge of your financial future and start implementing these inflation-fighting tips today.
