Are you also unsettled by inflation? Are you also looking for options to counter inflation this summer? Want to make some extra money this summer to give a boost to your savings?
Well, you have landed on the right blog. Do read it completely, to get answers to all of your queries.
We’ve all seen inflation take its toll this past year, but all hope is not lost. We’re here to help you save your summer and your money.
As we bring 6 Easy Tips that can help you counter inflation this SUMMER!
TIP 1 – Take a “Staycation”
With gas prices at an all-time high, pivoting to a “staycation” instead of a traveling vacation can help you save significant money while still making summer memories.
A summer vacation in your town provides fun for the whole family.
Ideas for your staycation include: visiting new parts of town, trying new experiences in your area, camping in your backyard, or organizing parties at a community pool.
TIP 2 – Challenge yourself to Save
Summer can also give you time and inspiration to reset your financial goals or begin consciously saving. We have some ideas on how to do so.
Challenge yourself to a no-spend month. Keep your expenses as close to “essentials-only” as possible; this will allow you to save money and see how many expenses you can cut out in the long term.
Set monthly limits on eating out: you can limit yourself by times you eat out or money spent, but make sure you stick to it!
Your wallet may not be the only thing that benefitted.
TIP 3 – Pocket-friendly Groceries
Buying groceries daily can put a strain on your pocket.
Rather try to go for the direct produce by visiting the farm and making your grocery purchase from there.
We understand that traveling to the outskirts where farms are located can lead to spending extra money on fuel, but you need to meticulously plan your trips.
You need to ensure your visit to the farm twice or thrice a month, it will not only save your fuel cost but also let you purchase fresh groceries at a nominal price compared to your groceries prices nearby.
You can opt for the community supporting agriculture. This way you would become a shareholder of the community produce and even assuage your basic fruits and vegetable requirements.
TIP 4 – Cut down on Subscription Services
These auto-renewing expenses can add up quickly and if you forget about or don’t use them, you may find you have subscriptions you haven’t looked at in months.
Our first suggestion would be to give up your gym membership, there are plenty of ways to remain fit without any price attached.
On the internet when you will search for how to remain fit and healthy the results will get displayed and they will be free of cost.
You could also abstain from renewing your various entertainment, video, or streaming services that are no longer visited by you but led to a monthly deduction from your bank account.
Rather your cable TV could be a good substitution for your paid-premium subscriptions.
TIP 5 – Use your Air Conditioner Intentionally
It’s easy to see your energy bill rise in the summer months when the weather gets hot.
Review your electric bills to see what you’re spending and then intentionally set your thermostat to save on energy costs.
Even if you want to use an air-conditioner, try to use it wisely but not using it at extremely low temperature. Instead run it at a moderate speed/temperature so that you feel OK and so does your pocket.
TIP 6 – Start a Side Hustle
A side hustle is nothing but the extra effort made to earn some extra bucks.
You can consider it like a part-time job, side gig, or additional job done to generate some quick money.
The way inflation is soaring. There is no point in hiding that every product and service in the current period has become slightly expensive.
From your mobile recharge to everyday cereal the prices are at a surge.
So, there should be no harm in going for an additional job.
As it will not only boost your initial expenses but would also let you enjoy your luxuries without any financial hesitations.
Also, the word side hustle contains “hustle” in it. You will get enormous opportunities from a creative point of view to test your wide range of prowess and add cushion to your primary sources of income.
Side hustles can come in many forms.
Your side hustle could be a passion project or involve something you love to do.
Selling homemade goods is a common passion project, but it could also be as simple as driving for a ride-share or delivery service.
ALSO READ: 7 STEPS to BEGIN your JOURNEY as a REAL-ESTATE INVESTOR
SUMMING UP!
The current economic situation can be tough.
There are things you can do to mitigate the economic impact without giving up the things you enjoy.
By following this easy tips, you could not only evade the potential risks of losing money at a rapid rate but strengthen your savings and invest that money to churn out some well-deserved profits.
Believe us, even if this changes your lifestyle, it would be only for the good.