When you're facing sky-high inflation and the dollars in your pocket isn't stretching as far as they used to, it's a great time to start thinking about ways to save more and reduce costs.
Although it may feel counterintuitive to pour more money into investments when your budget is tight, investing is more important than ever during times of inflation.
Although it's always wise to live on a budget, it's even more critical during times of inflation. You might be shocked, but 73% of Americans don't follow a budget.
The average American family spends approximately $273 per month on subscriptions. Subscriptions can be costly if you don't use them often every month. You have Spotify, Amazon Prime, Netflix, Hulu, Disney+, and the list goes on and on.
You don't buy things if you don't know what's out there. If you are a shopper, you'll be hitting the subscribe button to too many online stores and overspending a bit.
One of the best ways to make your money stretch further during inflation is to increase your income. Consider starting a side gig to bring in an extra few hundred dollars (or more) per month.
Although debt is almost always a bad idea, it's even more dangerous during inflation. With everything being pricy, you don't want to pay for your expenses on top of any debt you may have.