In times of high inflation, it becomes increasingly crucial to find ways to grow your income. With the “official” (ie: government claimed) inflation rate currently hovering around 4%, (a decrease from the over 9% rate in mid-2022, the highest since 1981) and the "real" rate felt by consumers likely higher, many Americans are feeling the pinch.
Prices for everyday goods and services are rising faster than wages, which means that your money doesn't go as far as it used to.
To combat this, it's essential to explore side jobs, new business startups, or simply trim your budget to maintain your financial health. Here are some practical ways to do just that.
1. Starting a Side Job
Freelancing: One of the most flexible ways to earn extra income is through freelancing. Platforms like Upwork, Fiverr, and Freelancer allow you to offer your skills in writing, graphic design, programming, and more. The demand for freelance work is growing, and you can often set your own rates and hours.
Ridesharing and Delivery Services: Companies like Uber, Lyft, DoorDash, and Instacart offer opportunities for flexible, part-time work. If you have a reliable vehicle and enjoy driving, these can be great options to supplement your income.
Tutoring and Teaching: If you have expertise in a particular subject, consider online tutoring or teaching. Websites like VIPKid and Chegg Tutors connect you with students worldwide. Additionally, creating and selling online courses on platforms like Udemy or Teachable can be a lucrative side business. (I love teaching but this ‘business’ merely trades time for dollars; ie: not easily scalable. It is, however, a simple way to help in the inflation battle.)
2. Starting a New Business
E-commerce: Launching an online store can be a profitable venture. With platforms like Shopify, Etsy, and Amazon, setting up a business has never been easier. Consider selling handmade crafts, vintage items, or dropshipping products from suppliers.
Consulting: If you have extensive experience in a particular field, consulting can be a high-income business. Whether it's marketing, finance, or operations, many companies are willing to pay for expert advice to help them navigate challenging times.
Blogging and Content Creation: Starting a blog or YouTube channel can be a long-term strategy to generate income. While it may take time to build a substantial following, monetization through ads, sponsorships, and affiliate marketing can eventually lead to a steady income stream. (Affiliate marketing is one of my favorites!)
3. Trimming Your Budget
Review and Reduce Subscriptions: Take a close look at your monthly subscriptions. Cancel any that you don't use regularly. Services like streaming platforms, magazines, and meal kits can add up quickly.
Energy Efficiency: Reducing your energy consumption can lower your utility bills. Simple actions like switching to LED bulbs, using a programmable thermostat, and unplugging electronics when not in use can make a significant difference.
Meal Planning and Bulk Buying: Plan your meals to avoid unnecessary food purchases. Buying in bulk, especially non-perishables, can save money in the long run. Cooking at home more often instead of dining out is also a great way to cut costs. Don't be afraid to check out the 'discount' grocery stores. Our family has learned to love Aldi's, a less fancy version of Trader Joe's.
Look For Better Deals on Your Current Plans: For instance, AT&T has a fantastic plan for seniors, 55+. You get 2 lines with unlimited talk/text/data for $80 (1 line for $60) This one is currently limited to Florida residents…so check around.)
4. Avenues to Explore
Gig Economy Platforms: Websites like TaskRabbit and Thumbtack offer opportunities to earn money by performing various tasks, from home repairs to event planning. These platforms connect you with clients in need of specific services.
Online Marketplaces: Utilize online marketplaces such as eBay, Poshmark, and Craigslist and somewhat new to this arena but a great resource is Facebook Marketplace, to sell items you no longer need. Decluttering your home not only frees up space but can also generate some extra cash.
Local Community Boards: Check local community boards or apps like Nextdoor for gig opportunities in your area. Many people look for help with gardening, babysitting, or pet sitting, which can be an easy way to earn extra money.
Educational Resources: Websites like Coursera, edX, and LinkedIn Learning offer courses that can help you learn new skills or improve existing ones. Investing in your education can open up new income opportunities and increase your earning potential.
In conclusion, navigating times of high inflation requires proactive steps to grow your income and manage your expenses. By exploring side jobs, starting a new business, or trimming your budget, you can protect your financial well-being and thrive even in challenging economic conditions.
Remember, the key is to stay adaptable and continuously seek out opportunities that align with your skills and interests.
Most of these suggestions will help put a band-aide on the inflation problem but here at our "Asset Garden" community we seek much more than band-aides. Dig through the various posts which cover a wide variety of income producing activities and grow an invincible Asset Garden.
You can do it. In today’s world, you “have” to do it!
Go and Grow!
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