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As inflation continues to heat up, millions of working people are finding the year-end a challenge. Not only are there the financial and social pressures that go along with the traditional holiday season, but the majority of households have less money to spend after a year-long economic downturn.

Creative consumers are discovering realistic techniques for cutting personal spending, increasing income, and dealing with the juggling that comes with living life on a strict budget. In addition to taking on extra work, many heads-of-household choose tactics like refinancing their education loans, holding online and in-person yard sales, moving to smaller homes, and getting advice from professional counselors.

Getting Micro Jobs

One of the preferred strategies for strapped adults is online work. This is one of the best options when you need cash unexpectedly, or quickly. Those who clock extra hours at their keyboards to make a few extra bucks choose tutoring, editing, and website testing as the go-to options in a diverse digital field of opportunities. The beauty of a micro job is that consumers don’t have to change their lives, commute, or learn new skills to succeed in a five or ten-hour-per-week online job.

Slashing Budgets by Refinancing Loans

Instead of bringing in more money, which is not an option for some, others look to reduce their monthly expenses. This approach is highly effective for anyone who has education debts. In many cases, refinancing student loans is the single fastest and easiest way to chop a big chunk off monthly expenses. There are multiple ways to go about it, but the most streamlined process is to refinance existing loans through a private lender. Some households and families discover that a simple loan refinancing agreement can cut hundreds of dollars off their monthly expenses.

Selling Unneeded Stuff

As the new year approaches and the economic turmoil of 2021 don’t appear to be letting up, families of all income levels are heading to online platforms to sell their unneeded appliances, tech items, furniture, jewelry, collectibles, and more. And for bulkier items that aren’t shipping-friendly, homeowners hold traditional yard sales to squeeze additional capital out of their belongings. Top selling items in online and yard events this year include children’s and baby clothing, desktop computers in good working order, and vintage jewelry.

Downsizing Their Living Space

Moving to a smaller home is a big decision, but one that millions of older homeowners are choosing this year. With inflation hitting record highs and new announcements by government officials that it is not a transitory situation, large numbers of empty nesters are finally taking the plunge and finding smaller living quarters. People in their late fifties and early sixties often opt for condos or bungalows after selling multi-bedroom houses in which they raised families. Real estate professionals report that downsizing accounts for a significant portion of this year’s transactions.

Getting Consumer Counseling

Working with a consumer counselor is the top choice among people in severe trouble who can’t fix their finances quickly. Sometimes, there’s no other way to get a handle on family finances, and licensed advisors have the tools and resources to serve clients who are hardest hit by the ailing economy.


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