Try These Money Hacks to Beat Inflation

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The worldwide economic story for 2022 is rampant inflation. Many argue all day long about what caused it and how long it might last, but few disagree about the fact of its existence. With the effective rate hovering around 10 percent in most developed countries, working adults everywhere are seeking out techniques, tricks, hacks, and any approach they can think of that can minimize the effect of rising prices on their budgets. Luckily, there are dozens of weapons available in the war against inflation. Consider using them in isolation or all together for maximum effect. 

What are some of the more powerful strategies? For most individuals and families, the first step is to reduce monthly expenses, and there are multiple ways to go about doing so. Then, there are the little things that can make a big difference if you apply yourself and work diligently to slice expenses here and there. The list is a long one and includes adjusting thermostats to reduce monthly utility bills, using public transport whenever possible to avoid spending so much money on gasoline, joining a wholesale club to save big on groceries and household items and dining out less frequently. The following suggestions are a good place to begin your own personal war against inflation.

Reduce Monthly Expenses

If you have student loans and pay on them every month, it’s possible to quickly and significantly reduce monthly expenses by refinancing all the debt into a single loan. Having Earnest student loan refinancing available to you can help get rid of old loans and get a fresh agreement that covers them all. Not only does refinancing mean one monthly payment instead of several, but it also gives borrowers the chance to obtain better terms, pay less interest, and set up a more realistic repayment period.

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For those who borrowed to attend college, the tradeoff was worth it. Education is like fuel in the engine of a career. However, many young professionals find it difficult to keep up with multiple loan payments, juggle numerous due dates, and deal with several different interest rates and sets of terms. Refinancing deals with the situation head-on and can be an excellent way to chop a significant amount from monthly expenses.

Adjust Thermostats and Use Public Transportation

If you don’t already own and use a programmable thermostat, consider getting one and setting the temperature in your home so that you don’t pay out so much in utility expenses each month. In winter and summer, be careful to leave the settings where you decide to place them. Most heating and cooling units work much more efficiently when they’re not being constantly reset from day to day. Using public transport like buses and light rail just a few days per week can slice a big chunk off of monthly gasoline bills. Consider walking when possible or even taking a bicycle to do errands on occasion.

Join a Wholesale Club

For a small annual fee, you can join a wholesale shopping club to buy groceries and household goods. The average individual saves about $1,000 per year by doing so. Paying for a membership can be one of the single most powerful ways to enjoin the fight against rising consumer prices.