In May, “inflation” had its biggest jump in 13 years – 5%! This means the prices of goods and services are going UP. Airline, vehicle, and hotel costs are among the largest increases. But don’t worry: here’s how to enjoy post-COVID life, but avoid financial problems!
#1: Save!
The issue with most saving advice is that it alienates lower income people, by suggesting things like “put aside $500 of that paycheck.” Who’s got an extra $500? Still, come up with a small percentage of your income to deposit into a savings account. It adds up! Future you will be thankful.
#2: Beware of unnecessary expenses.
Avoid expenses like food delivery services if you can. They charge ridiculous fees. If you want a nice meal, order directly from the restaurant, dine-in, or even better, try a new recipe at home!
#3: Ask for a raise!
You can ask your employer for a raise! Though it can be nerve wracking, we aren’t always paid what our work is worth. Higher salaries give us more options to save and treat ourselves.
The jump in consumer prices will affect everyone, but especially lower income people. These strategies can help us avoid financial problems and give us more money to enjoy our favorite things.