Money Tips To Help You When High Inflation Hits
The past couple of years brought a great many changes and challenges to day-to-day living. As a result of some of those changes, we have seen drastically-high inflation. You’ve probably experienced for yourself the jump in gas prices, the higher cost of groceries, the pumped-up purchase price of furniture and other home goods. Several financial forecasts indicated that that the current rate of inflation could continue well into 2022.
But take note: There are ways to beat inflation and lessen what it takes out of your wallet and your budget. Here are some practical ideas that can make inflation less of an influence on your daily life.
Decrease Your Home Insurance Costs and Cut Your Car Insurance Bills
Take advantage of this window to savings: You could save nearly $1,000 a year on your homeowners policy just by comparing rates – all keeping your current level of coverage. Don’t feel like you have to stay with the same policy you’ve had for years; take some time to shop around online. After answering a few simple questions, you’ll be able to see the best deals available in your area.
Overpaying for car insurance could land you in the fast lane to wasted money. If you’re not shopping around for less expensive car insurance every six months, you could be overpaying by hundreds of dollars – every year. Check out one of the many websites that comparison shop insurance options, and you could latch onto a better deal in a matter of minutes, just by answering a few easy questions. You’ll then be able to look at quotes provided by hundreds of car insurers and choose the deal that’s best for you.
Save When You Shop Online
Shopping on Amazon and other big online retailers sure is easy, and the prices seem like a great deal. But let’s face it: You just don’t have the time to comparison shop among the various online retailers that offer a super deal or free shipping or a colossal money-saving coupon code. The solution? Put technology to work for you. Download a free browser extension that will automatically find you the best deals and apply coupon codes every time you shop online.
Consider A High-Deductible Health Plan and Look Into A Health Savings Account
You might want to think about switching to a high-deductible health plan if you’re looking to save money on health care costs. Your deductible is the amount you pay out of pocket before your insurance covers the rest; the higher the deductible, the lower your premiums will be. If you’re relatively healthy and your medical expenses don’t usually go beyond standard physicals and routine screenings, a high-deductible health plan could save you money.
If you have a high deductible health plan, you could be eligible for a health savings account (HSA), a tax-advantaged account for medical expenses. HSA funds grow tax-free, and withdrawals are tax free as long as you use the money for eligible health costs.
Take Out A Debt Consolidation Loan or Refinance Your Student Loans
High-interest debt from credit cards and personal loans can drain your paycheck and your savings, especially if you’re making only the minimum payments each month. A debt consolidation loan would allow you to combine all of your current balances on loans, credit cards, and the like, into a single monthly payment at a lower interest rate. Depending on how much interest you’re currently paying on what you owe, consolidating your debts could save you thousands of dollars and put you on the path to becoming debt-free sooner than you might ever have expected.
Here’s a crash course in savings: Interest rates on student loan refinances are at near-record lows, so you can pay off your current debt with a cheaper private loan that could save you thousands of dollars. When you refinance to a lower rate, your monthly payment goes down, which allows you to pay off your education debt faster.
Get In On The Stock Market For As Little As $1
It might be a good time to take stock of investment opportunities you might previously have thought of as beyond your means. Investing apps have sprung up that allow you to buy pieces of major, successful companies like Google and Tesla for as little as $1. When they profit, so will you – it’s that simple. You can choose to invest in fractional shares of stocks, options, cryptocurrencies, and exchange-traded funds (ETFs). Better still: You can invest without having to pay any commissions.