Posted on 05/09/2023 6:15:25 PM PDT by Diana in Wisconsin
Many people are experiencing high inflation FOR THE FIRST TIME and seeing just how substantial of an impact it can have in terms of personal finance. It can be easy to stress over whether there’s enough money to pay your bills as prices continue to go up.
Luckily, the bottom line is that implementing one or more of these ideas can improve your finances and help you save for the future. Pick the ones that you feel are the easiest to implement and start saving money today.
1. Add Saving to Your Budget
2. Ask for a Raise
3. Buy Cheaper Alternatives
4. Cancel Unused Subscriptions
5. Get a Side Gig
6. Invest
7. Pay Down Debt
8. Reduce Energy Bills
9. Set Spending Priorities
10. Use Cash Back Apps
I shop the weekly specials mainly for meat and vacuum seal them and freeze. I’m currently eating meat at last years on sale prices. I’ve given up my smart phone for a $20 a month flip phone.
But I’ve lucked out recently with bartering. I live in a rural area with most people having 2-10 acres of land. Some city dwellers have moved into the area and want to live the country life and become self sufficient. One family asked around and found out that I used to have laying hens and approached me for some advice. I showed them how to build a coop, how to maintain it and the breed of chicken to buy. I now have an unlimited supply of eggs. One thing led to another and now they want a garden. It’s too late for a spring garden here but I have them busy preparing for a fall garden.Next year will be the spring garden. I now have a source of fresh vegetables. I can no longer do these things myself as age has taken a toll.
I actually enjoy sharing what life has taught me with others that are willing to learn.
Mr Rebates is a cashback app. No cashback for amazon however.
Keep the old cars going forever. No car payments!!
Combine a cell plan with family.
Consumer cellular is 15 bucks a line. 5% AARP discount. 6 lines with unlimited data costs about $140 total with all taxes and fees.
“Over the years I’ve made a lot of financial mistakes, but I did one thing right. I got out of debt. Completely. Paid off the 2016 Grand Cherokee, kept the 2000 Grand Cherokee, paid off all credit cards, paid off the house. Zero debt—except for the annual extortion property taxes. With the help of a frugal wife we’re able to save almost $1,000 a month out of our meager retirement income. Spending less than you make is a great addition to a debt-free life.”
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Bravo!
If I were to describe our situation it would be almost to the word identical. Seven years ago we were in a fairly deep debt pit, today we are 100% debt free including mortgage, have 6 months income in savings and putting +20% of our net into our 401Ks and cash flowing our home projects. Our debt when we started paying it off was in the mid 6 figures.
One of the beautiful things about it is the experience of paying off that amount of debt required that we create a zero dollar budget and stick to it. Now that we are there it has become a habit to save money and live below our means. The reduction in stress is amazing, the knowing exactly what our monthly expenses are and having some funds available for unexpected expenses is fantastic.
I feel way more certain about the future in spite of all the crap that is happening. While we are not happy about inflation and feel it is a fabricated crisis, I have to say that it hasn’t really been a big problem for us.
Digging ourselves out of the pit was very difficult. Our social life went down to zero. One of the things that helped us especially in the beginning was we simply stopped borrowing money, stopped using credit cards. Today we have more money in our HY savings account than we had credit limits on our cards.
The thing that people don’t understand or refuse to believe is that it is possible to pay off your debts and live debt free these days. It requires discipline and a goal. No one that I know who has climbed out of the debt pit has told me that they miss to good old days of overwhelming debt. We have learned to determine “wants” from “needs” and save up for the “wants”.
I taught my kids the difference between wants and needs. Take care of the needs now and the wants later.
“Sell the kids”
You make more money if you part them out.
Saving is losing.
In an inflationary economy you should spend or invest in hard assets.
The eat out less works.
We used to eat out more often, but when service and food seemed to drop off noticeably, we just tapered off.
It does save a lot. You can then afford to take some of that savings and cook better stuff at home.
After paying off any credit card debt, building up an emergency savings of at least three months of living expenses (outside of your retirement and investment savings) is probably the most important thing you can do as you can handle unexpected expenses (like a water heater crapping out) without having to go back into debt.
I try to maintain six months of living expenses in a savings account with my credit union.
eBay can be a big money saver. Barely used or like new items often sell for a fraction of the original price, especially in auction style listings.
I like your ideas best, so far. :)
“In an inflationary economy you should spend or invest in hard assets.”
Good point. We have a mortgage free farm (house, barn, outbuildings, acreage, woods) and crop land and a pasture we own and rent out.
All vehicles, ATV, tractor, skid steer & farm equipment are paid for, though I DO want a UTV, so that’s something I WOULD spend cash-money on if a good deal presents itself. ;)
I’ve been a Gold & Silver Bug for nearly 20 years now. Also have cash on hand. I’ve also got $1,600.00 ‘invested’ in my Propane tank! *SMIRK* We’re pretty much covered, but again, good add to this discussion! For those that are unsure what we’re talking about, here you go:
Examples of Hard Assets
Real estate. Investors can buy individual properties to create their own portfolio. Alternatively, they can purchase shares in REITs that own a diversified mix of properties with professional management.
Gold, silver, platinum and other precious metals. They investments are “stores of value” during uncertain economic times. Although precious metals have some utility in the manufacturing of products, especially platinum and palladium, they do not grow like a stock or provide income like a bond.
Oil, natural gas and other resources. These resources are used by consumers and businesses throughout all economic cycles. While their prices tend to increase during a booming economy, they also tend to hold value during recessions because they fill a basic need. The value of these commodities generally fluctuates on a daily basis.
Vehicles and classic cars. Investors collect certain classic cars and exotics because of their rarity and, in some cases, their personal enjoyment. These investments tend to grow over time as they become rarer to find.
Artwork and paintings. Artwork and paintings serve as an investment, but also as decoration for your home or office. While they can be a valuable investment, they can also be quite delicate or susceptible to damage while on display. Valuing them can be difficult since they rarely change ownership and they are generally one-of-a-kind pieces.
Collectibles. Collectibles include wine, books, coins, stamps and other items with historical or other relevance. Many of these items are popular with niche communities. They may be harder to sell or trade outside of those communities and their value may be subjective.
https://smartasset.com/investing/hard-assets-2022-investment-guide
bkmk
Folks who don’t, might want to learn how to sew. By hand if a machine isn’t available or affordable.
I just repaired some towels, a couple of bedsheets, a pair of jeans, a pillow case, made some curtains...
Saved a lot of money there.
Oh, and darned some socks.
Saved a lot of money there, too.
Yep. Those of us that can sew on a button or stitch up a minor wound, aim true, know which foraged plants are safe to eat, bake bread from scratch and brew coffee over a camp fire are going to be sitting on the top of the Dung Heap when TSHTF!
Something to look forward to...maybe? LOL! :)
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