Inflation is something with which everyone has to contend. The term refers to the increase in the cost of goods and services as time passes. A different way to look at it is that money has less purchasing power over time.
Some workers ask their bosses for a cost of living pay increase that matches the inflation rate. Others might try to find a different job if their superiors don’t seem receptive to this idea.
Let’s assume that you’re working, but you don’t feel like your boss will grant you a pay increase if you ask for one. Here, we’ll cover how you might combat inflation, even if your salary remains stagnant.
Look Into Getting a Personal Loan
Getting a personal loan from an entity like a bank or credit union might be an option for you. You can look into which entities offer the best personal loans, considering how much interest they charge and how much they’re willing to let you borrow. A bank or credit union would be the most likely to lend you money.
Getting a personal loan is a way to have some ready cash on hand. You might use that money to cover necessities, such as your rent, mortgage payments, home improvements, utility bills, and more.
The only issue is that you’ll need to pay back that loan at some point, and until you do, interest on the money you borrowed will continue piling up. That’s why it’s usually best to only get a personal loan if you feel confident you’ll have the money to pay it back within a reasonable amount of time.
Look for a Second Job
If you’re working, and you ask the higher-ups at your job for more money, they may not be willing to give it to you. The business might not be making enough to justify paying you more, or it might simply be stubbornness on their part.
If you need more money in the face of rising prices, though, taking on a second job could be a possibility. Maybe you’re only working part-time at your current position, so picking up a couple of shifts doing something else would be a viable option.
It’s possible to make more money this way, but you should only look at this as a serious option if you can take on a second job while maintaining a healthy work-life balance. If taking on a second job means neglecting your family, it’s probably not worth it.
Find Ways to Spend Less on the Essentials
Inflation is unavoidable. Goods and services will always cost more as time passes, and a commensurate raise in your pay might not be forthcoming. You still need things like food and clothing, though.
You may decide to take steps to avoid spending as much money on the essentials if you can’t get a raise or take on a second job. For instance, you can save money at the grocery store if you buy generic staples rather than name-brand ones. If you opt for generic cereal, pasta, and canned goods, it could save you money on your grocery bill.
It’s the same with clothing. You can save by shopping at second-hand stores like Goodwill. As long as you don’t care about name brands, you can stretch your dollars this way.
Paying for a membership to a bulk goods store like Costco or Ralph’s Club, depending on what’s in your area, is also a smart idea. This is a way many families get more for less if they’re feeling the pinch of inflation.
If You Get Creative, Inflation Is Not So Bad
Combat inflation often means employing not one tactic but several. In addition to what we already mentioned, the other adults in your house might get part-time jobs. You might go back to school in the hopes of getting an accredited college degree that will allow you to make more money.
Inflation is bound to continue, and every family and individual must do what they can to combat it, even if a pay increase at their current job is not imminent.