6 Unusual Ways Of Dealing With Inflation
With the U.S. experiencing some of its highest inflation rates in 40 years, Americans are dealing with inflation in exceedingly creative ways.
Overall, spending is down. Travel is being canceled and the housing market is cooling fast. People are finding ways around buying gas, decreasing their food budgets, and being financially conservative.
But those are all usual ways of dealing with inflation. There are also many offbeat ways to cope. Here are six unusual ways of dealing with inflation to consider while adjusting to these challenging times.
Here Are Some Creative and Unusual Ways Of Dealing With Inflation
1. Don’t Stop Investing
Saving more money may seem like a commonsense approach to dealing with inflation but increasing your investment can be a safeguard against tough economic times as well.
Many financial experts recommend investing the cash you continue to make to keep up with or often even outpace the rate of inflation.
It may be scary to invest with higher interest rates but keeping a diverse investment plan can help you deal well with the ups and downs of economic inflation.
2. Consider Savings Bonds
While keeping an active savings account is a good plan during inflation, go a step further and look into Series I savings bonds. The interest rate for these types of bonds shifts with inflation, with rates that are reevaluated every six months, so it has a far better rate of return
Another plus is that you can buy up to $10,000 in Series I bonds each year, and they also have a better return rate than a CD since they usually involve smaller investment totals.
3. Evaluate All Of Your Expenses
A common way of dealing with inflation is looking at your expenses and making some cuts. Perhaps you’re not going out to eat as much, but start searching for coupons and sales, or joining a carpool instead of paying for gas.
Try going beyond those basic cuts for an unusual approach to cutting costs. Reevaluate your home and car insurance payments, review your TV streaming services just keeping one or two, and go through any other recurring subscriptions with a fine-tooth financial comb. Recognizing the difference between a want and a need.
4. Buy A Home
Even during periods when the real estate market cools, it remains one of the most reliable investments to make, especially when dealing with inflation.
While buying a home to flip and resell at a profit is more challenging during periods of inflation, buying a home for yourself with a plan to hold on to it for a while is a responsible investment during inflation.
Waiting a few years for the value to increase makes this way of dealing with inflation foolproof.
And while real estate and interest rates fluctuate, and homes will lose value due to economic changes, you can guarantee they will also increase in value over time.
5. Grow Food Yourself
Take a look at your most recent grocery store receipt. How many of the items that you purchased can be grown at home?
If you eat a lot of fresh fruits and vegetables, you can save money by growing your food. Yes, the initial expenses may be slightly high, but depending on where you live, you could grow everything from tomatoes and sweet potatoes to onions, garlic, and peaches.
6. Find An Easy Side Hustle
Millions of Americans have taken advantage of the extra income that comes from side hustles such as food delivery, renting out homes, and pet-sitting.
But it’s also easy to find more unusual side hustles you can manage without leaving home, including taking surveys for cash, teaching online courses, and renting out your driveway.
Deal With A Financial Emergency Easily With A Registration Loan
When you’re dealing with inflation, a financial emergency is usually even more difficult to overcome.
But it doesn’t have to be that hard. With a registration loan from Southwest Title Loans, Inc., you have the opportunity to fund an emergency room bill, car repairs, last-minute but necessary travel, and more. With us, it can take as little as 30 minutes to qualify for a short-term registration loan of up to $1,500.
To get started, head to our homepage and fill out the short registration loan inquiry form with some basic information. Once that’s done, one of our loan representatives will give you a quick call to discuss the required items and help you through the rest of the registration loan process.
If you qualify and agree to the basic terms, you will get the cash you need when you need it the most — either that same day or the very next business day.
Pursue A Registration Loan Today
Dealing with inflation takes patience, drive, and the ability to think outside the box. When a financial emergency occurs during periods of inflation, a registration loan is an option for fast relief. To get started, head to our homepage, visit one of our locations near you or give us a call today.
Note: The content provided in this article is only for informational purposes, and you should contact your financial advisor about your specific financial situation.