Consumers are creatively fighting 2022 inflation
As 2022 enters its second quarter, consumers are turning to creative strategies and techniques to combat rising inflation, which is expected to hit near double digits before December. Historically, families and individuals have cut spending and worked to increase their income when the CPI (consumer price index) rises, and 2022 is no different.
Retirement savings are usually the first victim of inflation. Working adults who have taken out multiple student loans are among the luckiest because they can consolidate and refinance their debt to significantly reduce 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 belongings personal accumulated on auction websites. With gasoline prices at record highs, inflation on the march, and an ongoing supply chain crisis affecting local grocery stores, millions of consumers are doing everything 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 cutting IRA contributions. No one wants to miss tax-efficient savingsbut in the current economic climate, there is often no other choice for cash-strapped families whose priority is to put food on the table and pay monthly bills.
Many working couples and singles choose to refinance multiple student loans in one payment. These arrangements are becoming increasingly popular as consumers find that applying online takes less than five minutes, and they can save money by signing the agreement as soon as it is approved. Some of the latest offerings include flexible terms that allow borrowing for up to twenty years to repay loans that can reach large balances of hundreds of thousands of dollars. the NaviRefi student loan refinancing The application consists of fundamental data such as personal and financial information, and applicants can customize packages with different rate types and varying monthly payments.
Countering the higher CPI numbers means accepting new work, at least for some families. The most popular way to easy to earn money fast this year, it’s the micro job, a generally online position that pays adults to work a few hours a week only. Salaries are reasonable and help individuals or couples earn 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 choose to use public transportation to get to work and run errands like groceries. Reducing gas purchases by 50% or more is a quick way for consumers to keep more of their hard-earned money.
The downturn in the economy is driving a wave of online sales, what some call virtual garage sales. The owners and inhabitants of the apartments are sell unwanted things cleaning out their attics, basements, garages, RVs, storage units and guest rooms to bring in the cash needed to cover rising rents, high fuel costs and expensive errands.