Ways to Survive Inflation 2021

Many of us are feeling the squeeze of higher gas prices and grocery prices and everything else prices. Here are some ways that you can free up some money so you can survive this Covid lockdown rebound inflation.

  1. Cancel or pause all of your subscriptions. I’m talking about apps, streaming video and music services, food delivery, news websites, you name it. This is a trap that many people have fallen into. Not even remembering all the stuff that they are paying for every month. Go to your bank account and look and see what is being automatically deducted every month, then go to that website and cancel it! It may take some time, but it could save you a lot every month during this time of high inflation.
  2. Check your bank account spending report. Many good banking websites offer a breakdown of where your money is going every month that can be very eye-opening. Someone I know recently realized they were spending $400 a month on fast food! Be brave and see where you need to adjust your spending.
  3. If you don’t have a bank account, get one. People who don’t have a bank account often have to pay money to use their own money, such as buying money orders or using cards with high fees. Unless you are paying cash for everything, which is getting harder to do, you need a basic checking account.
  4. Make sure you are not paying monthly fees to your bank. Check your account. If you are paying a monthly fee, read or call and find out what you need to do. At Wells Fargo, there are many ways to eliminate fees, such as having Direct Deposit or auto transfer to a checking account.
  5. Save on gas. Drive less, carpool, tune up your car, get a better car, ride your bike, walk, plan trips so that you can combine errands, shop online, use free delivery. I love driving, too. But right now, gas is too high.
  6. Cancel or transfer high interest credit cards. Many banks are sending out credit card applications right now. Study the fine print and pick the one that will reduce your interest. No one should use department store credit cards ever! They have the highest interest rate. Do your homework and find a better interest rate if you must use credit.
  7. Use credit cards strategically. If you have a job and good credit, you can use it to your advantage if you have self-discipline. You can pay for everything with a credit card, then pay off the balance each month. But make sure your credit card rewards you with cash back, mileage, or other rewards if you are going to do this, and no fees.
  8. Learn how to cook. This one thing can save you so much money! Cooking your own food is much cheaper. It’s never to late to learn. Buy a few basic kitchen tools such as a decent skillet, a dutch oven ( deep pot to cook pasta) and maybe an instapot if you think you’ll use it. The world does not want you to know how to cook, but if you want to survive inflation, you must learn.
  9. Eat cheaply. Eat more eggs, beans, pasta, frozen vegetables, homemade salads, canned meats, fruit, nuts, and other easy and inexpensive foods. Avoid frozen snacks, deli foods, individually packaged items, name brand products, canned soups, and eating out.
  10. Get a roommate. This won’t apply to everyone, but if possible, share living expenses. Be sure to have a contract and lease IN WRITING and house RULES.
  11. Shop around for everything such as health insurance, car insurance, home refinancing, and other things that you could possible save money on. This takes time and effort but can save you hundreds or thousands in the long run.
  12. Buy used instead of new. This is obvious to many of us, but some people still need to be reminded. You can buy used books, used cars, used clothes, used furniture, used household items, everything! But don’t buy it right now if you don’t urgently need it! Shopping is not a hobby.
  13. Keep giving to God and charity. This may seem counterintuitive, but being generous and obeying God will help your finances. Trust Him! Don’t go to church? You can give to a Christian organization such as a homeless shelter or even a local church’s food pantry or anyone that is sharing the gospel.
  14. Cancel your gym membership. If you are not really into fitness, cancel or pause your membership and find other ways to exercise. You can run or walk outside instead of at the gym. You can use exercise videos or just make up your own exercise routine at home. Gyms are great, but if you are experiencing money difficulties, you might need to take a break.
  15. Get a second job or start a business. This is easier said than done, but still worth it. Just be careful not to waste money. Don’t spend money on ‘job’ scams or buying kits to sell things if you’re not really a sales type. It’s better to just get a real job. If you are crafty, try selling on etsy. Are you creative? Make a podcast or Youtube channel!
  16. Sell your extra stuff that you no longer use. Craigslist, Facebook Marketplace, Ebay and a million other websites are just waiting for you to list your items. But be sure you understand what they will CHARGE you to use their services. Ebay’s fees are pretty high. If possible, sell your items with no fees.
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