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Inflation Survival Tips

By: Financial Hotline
Fall 2023 (Vol. 41, No. 3)

Think long term. Hard times don’t last forever. Resist the temptation, to deplete your retirement or savings as an easy fix. Try these money preservation tips first:

1. Create and follow a monthly budget. Knowing where your money is going is the first step.

2. Eliminate unnecessary spending. Review your financial statements carefully, eliminate any unused subscriptions or services.

3. Look for perks. Your health insurance, job or professional affiliation may offer freebies or discounts you aren’t taking advantage of.

4. Rethink your luxuries. You don’t have to give them up, just consider cheaper options. Like taking a staycation or choosing a less expensive restaurant.

5. Change your shopping habits. Switch to store brand or buy bulk. Take advantage of sales and coupons and research costs in other states to save at stores that price match.

6. Conserve energy. Plug up drafts, fix leaky faucets and tweak the thermostat a few degrees.

7. Save on fuel costs. Reduce your speed a bit, plan your trips efficiently and take advantage of gas station apps that offer discounts on fuel.

8. Hold off on home or vehicle upgrades, only address critical repairs or needs.

9. Increase income. Get a second job or turn your hobby into a small business that brings in extra cash.

10. Rent out space in your home or business. If you have a beautiful yard, consider renting it out for photo shoots or special events.

11. Establish a rainy-day fund. Having emergency cash will stop you from overusing high interest credit.

12. Pay down debt. Get serious about eliminating high interest payments.

13. Monitor your credit score. A better score allows you to take advantage of lower interest rates and better terms.

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