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Youdont see it come out of your paycheck or savings, but it drains their value nonetheless.
Inflation also impacts everyone across the financial spectrum.
The rich, poor, and everyone in between notices the effects of inflation.
House Hack
Housing makes up the greatest expense for nearly everyone on the planet.
Not ready or interested in buying a new home?
Seamus Nally, CEO ofTurboTenant, recommended finding ways to house hack your current home.
Meal Plan To Reduce Grocery Spending
Grocery costs have risen a staggering 25.8% since the last presidential election.
Thats pinched most Americans, whose paychecks have not kept pace.
This has helped me cut hundreds off my monthly grocery bill versus walking through the store without a plan.
I buy a lot of affordable staples (rice, potatoes, vegetables) and plan meals around them.
Low-income individuals may qualify to receive amonthly meal stipendfrom the Supplemental Nutrition Assistance Program (SNAP).
Go toFeedingAmerica.orgto find a food bank near you, she added.
Values-Based Budgeting
Most people dont realize all the leaks in their budget the places they spend money unintentionally.
Ive drastically cut down on my random shopping purchases over the last few years, explained Cole.
Ive never felt so fulfilled while spending so little money.
Pick over your spending over the last three months with a fine-toothed comb, categorizing every dollar spent.
Automate Savings
Its hard to spend money you cant access.
Explore ways to automate your savings, making it the first expense that comes out of each paycheck.
Even a small, regular contribution to a diversified investment portfolio is a great step forward.
Automating these contributions can be a useful way to improve consistency when it comes to your savings.
Create More Income
you could grow the gap between what you earn and what you spend in two ways.
Over the years, Ive always looked for ways to increase my income, said Cole.
I always negotiate for the highest salary when switching jobs, and I dont hesitate to ask for raises.
Ive also switched jobs at times when I had maxed out the growth opportunities there.
There are endless ways to create money online if youre looking to add some extra income!
Set a meaningful short to medium-term financial goal, like saving for a vacation or paying off high-interest debt.
Focus on what you might control and build your financial muscle for making changes.
Track your progress by setting specific metrics, such as growing your net worth or reducing your debt balance.
The goal is to make consistent improvements over time.
Do that, and your financial outlook cant help but improve.
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