Inflation is quite the buzzword these days, and for good reason. The products and services you once paid a certain amount of money for months ago likely cost more. So how do you make ends meet when inflation is high? From payday loans to side gigs, there are a few methods to help make sure you can stay financially stable when inflation is making times tough.
1. Sharpen your budget
Inflation is a great time to consider whether your budget is working for you. As your needs change, including expenses and income, you may want to readjust your budget to make sure it is accurate for your needs. With a proper budget, you have a guide helping to make the money you do have stretch further.
2. Look for government or private assistance
Both the government and private companies offer financial assistance to those in need. Whether it’s a utility company offering one-time debt forgiveness, long-term health insurance, or grocery assistance, these programs can help to lower your overall expenses. With freed-up funds, you can pay for more things that matter and live more comfortably overall. Even if you don’t rely on these programs forever, short-term assistance could make a big difference.
3. Lower or pause current expenses
If you’re unable to bring in more funds, it could be helpful to cut the ones you currently have. Subscriptions like streaming services or monthly self-care boxes should be paused to help free up more cash for needs and wants.
For those expenses that you can’t cut, aim to reduce their costs. If you own or rent a home, try being more energy conscious to lower monthly bills. If you drive a lot, see if there are carpool alternatives. These small changes could help you make ends meet.
4. Get a side gig
Side hustles are more popular than ever and can be done in just about any capacity. You can even choose a side hustle based on your interest and skills. If you want an easy-to-learn and accessible option, food delivery or ridesharing can be a great option. Alternatively, if you have a special skill that might be a great freelancing business, such as selling graphic design projects online or doing handyman work in your city, that’s another option. The possibilities are endless.
5. Get a payday loan
Payday loans are known for their hassle-free applications and speedy approval processes. These loans allow you to borrow money quickly to help pay for the things you need in between pay periods. You can typically borrow a few hundred dollars, and pay back what you owe in two to four weeks. Payday loans are designed to offer short-term benefits, which makes them a perfect backup plan in your time of need.
The bottom line
If you’re looking to combat inflation, there are plenty of options to help lower expenses and bring more money in. By implementing a few of these methods, you can ensure that you’re in the best place to survive inflation. Always make sure to thoroughly think through any financial decision before committing to ensure it’s right for you.