As 2022 enters its second quarter, consumers are turning to creative strategies and techniques to battle rising inflation, which is expected to reach near the double-digits before December. Historically, families and individuals have cut back on spending and worked to increase income when the CPI (consumer price index) rises, and 2022 is no different.
Retirement savings are usually the first victims of inflation. Working adults who carry multiple education loans are among the lucky ones because they can consolidate and refinance their debt to cut a significant amount off their monthly expenses. Other tactics people are using to counter the biggest inflationary surge since the 1970s include taking micro-jobs online to earn extra cash, driving less to save on fuel costs, and selling their accumulated personal goods on auction websites. With gasoline prices at record levels, inflation on the march, and an ongoing supply chain crisis that affects hometown grocery stores, millions of consumers are doing whatever they can to spend less and earn more.
With tax season in full swing, one of the first things on the financial agenda for many working adults is reducing IRA contributions. No one wants to miss out on tax advantaged savings, but in the current economic climate, there’s often no other choice for cash-strapped families whose priority is to put food on the table and pay monthly bills.
Many couples and single working people are choosing to refinance multiple education loans into a single payment. These arrangements are becoming more popular as consumers discover that applying online takes less than five minutes, and they can lock in savings by signing the agreement as soon as they’re approved. Some of the latest offerings include flexible terms that allow to borrow up to twenty years to repay loans that can max out significant balances of hundreds of thousands of dollars. The NaviRefi student loan refinance application consists of fundamental data like personal and financial information, and applicants can customize the packages with different rate types and variable monthly payments.
Countering higher CPI figures means taking on new work, at least for some families. The most popular way to easily make some quick money this year is the micro job, a usually online position that pays adults to work for just a few hours per week. Wages are reasonable and help individuals or couples bring in several hundred extra dollars per month to cover higher grocery and fuel expenses.
People are driving less in 2022, and that’s a direct result of the weak economy and high gas prices. Families are choosing to use public transportation to commute to work and to do errands like grocery shopping. Reducing gasoline purchases by 50 percent or more is a fast way for consumers to keep more of their hard-earned money.
The down economy is leading to a rash of online selling, what some people call virtual garage sales. Homeowners and apartment dwellers are selling unwanted stuff by cleaning out their attics, basements, garages, campers, storage units, and spare bedrooms to bring in some much-needed cash to cover rising rents, high fuel costs, and pricey groceries.