How are you tackling inflation?
As inflation is hitting everyone's budget, here's how to hit back.
Welcome to another edition of our newsletter. Thank you for your engagements.
Today we shall be looking at inflation. As everyone is feeling the heat, it’s important to develop coping mechanisms to stay afloat.
Let’s dive into it💫
Inflation is at the top of everyone’s mind right now. The heat can be felt in our day-to-day lives from gas prices, food, travel, housing, education and much more.
While we can’t personally change inflation, we can focus on different ways to save money throughout the year. We’ll discuss how to save money with 5 secret steps that you can take to help deal with inflation.
Make a budget
One good step is making a budget to track how much you are spending each month to hold yourself more accountable. You might be spending more than you realize in some areas or find that you have a recurring expense that you forgot about. You can then reallocate your spending to different areas, invest your money, or save some money based on your budget.
Save money at the grocery store
While many of us are feeling the extra cost of food and groceries, there are many ways we can try to shop on a budget.
These tips will help you save money on groceries
Buy in bulk
Go in with a list and stick to it.
Buy items on sale
Buy in season
Reduce ready meals and cook fresh food instead
Make extra money with a side job
Side gigs have become increasingly popular these days, as many of us look for some extra cash to meet our financial goals. There are a variety of different ways you can make extra money with a side job, depending on your time commitment and how much you are looking to make.
Here are few ways you can make extra money:
Use your hobby to make extra money
Become an affiliate marketer
Do personal trainings
Start podcast
Write resumes
Teach an online course etc
Invest
Investing can be a way to get out ahead of inflation and potentially receive a better rate of return on your money. Especially, when you invest in yourself.
Investing in yourself
By far the best investment you can make to be prepared for an uncertain financial future is an investment in yourself. One that will increase your future earning power.
This investment begins with quality education and continues with keeping skills up-to-date and learning new skills that will match those most needed in the nearest future. Being able to stay on top of a business's changing needs may not only help to inflation-proof your salary, but also recession-proof your career.
Work with a finance professional
To make sure you are staying on track with your financial goals, a financial professional can help with money and retirement planning. No matter your stage of life or where you are at in your retirement planning, you can find a financial professional who fits your unique situation to help you reach your financial goals without compromising your deen.
Conclusion
While we can all certainly feel the sting of inflation in our daily lives and the products and services we buy regularly, there are various ways that we can work to save money and come out ahead. Whether it’s making a budget, finding ways to save at the grocery store, investing, finding a side job, or using Nationwide’s insurance discounts, find what works best for you on how to save money in your daily life.
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