According to USA Today, inflation hit a 40-year high in March 2022 when the consumer price index jumped to 8.5% annually, and many people are feeling the stress of it. Prices for food, gas and other necessities continue to go up, leaving people with less money to spend on what they need. While there is not much to be done about inflation itself, there are ways to ease its stress.
Let's talk about what to do with your money during inflation and how to ease the stress of high costs and uncertainty.
Start a Side Hustle
A side hustle is a way to earn extra money outside of your primary job. Many find that the additional income can offset the impact of inflation and help to keep finances afloat, and it’s also a great way to boost your savings. By socking away a portion of your earnings each month, you can build up a nest egg that will help you weather any future economic challenges.
It can be something as simple as selling handmade goods online or providing a service like dog walking. Not only can a side hustle help you make some extra money, but it can also help you develop new skills and build your confidence. And who knows? Your side hustle could turn into a full-time business with a little hard work.
Meal Plan to Save Money
Cooking at home is a great way to save money and eat healthily, but it can be hard to find the time to cook every night. So how can you save money without driving yourself crazy? The answer is meal planning.
You can avoid those last-minute trips to the grocery store by planning out your meals, resulting in overspending. Meal planning can also help you take advantage of sales and discounts and use up food before it goes bad.
Implement a Budget
Budgeting may not sound like the most exciting way to spend your time, but it can help ease the stress of inflation. By carefully tracking your income and expenses, you can ensure that you’re not spending more than you can afford.
This can help you avoid costly interest charges, late fees, and other financial penalties. And, of course, saving money is always a good idea! Whether you’re looking to build up an emergency fund or simply want to save for a rainy day, a budget can help you reach your goals.
Reuse and Upcycle
Making eco-friendly choices is usually more expensive, but that’s a myth! One of the best ways to save money is to reuse and upcycle items instead of buying new ones. For example, ditch the paper napkins and paper towels and turn old shirts or bedding into reusable cloth napkins and rags. You will save money, but you’ll also be doing your part to reduce waste.
Invest if You Can
It might be a good time to buy low in stocks and real estate if you can invest. Speaking to a financial advisor might be a good idea if you are in a position to do so.
During inflation and uncertainty about how long it will last, it's good to avoid any large spending that you don't need. Spending less and saving money will help ease the financial stress.
If you can put some extra money away and save it, having the extra funds set aside will help you feel better moving forward into the next few years.
When prices start to rise, it can be easy to become anxious and stressed about how to make ends meet. However, studies have shown that meditation can help to reduce stress and anxiety and improve your ability to cope with stressful situations.
Best of all, it’s free! If you’re not sure how to get started, plenty of apps and websites offer guidance for beginners. Once you get the hang of it, you’ll be able to meditate anywhere, anytime.
If you’re looking for an easy way to get started with mindfulness and mediations, Headspace allows you to try it for free for 14 days.
Times are hard right now, and we’re all finding ways to balance inflation and our current lifestyles, so I hope these tips can help you levitate some stress.
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Victoria Cornell is the founder of Motherhood Life Balance. She helps busy moms find peace in the midst of the chaos, transform their mindset, get organized, and find the fuel to live their best life. You can find her at https://motherhoodlifebalance.com/