While the recession isn’t a guaranteed threat right now, the inflation of the US Dollar is, so we wanted to ensure that people knew the best ways to prepare themselves for its current rise.
That’s why we’ve put together this article detailing some of our best tips for making your money last until things calm down.
Stock Up on Non-Perishable Goods
When inflation starts to get worse, one area that tends to get hit hard is groceries. It’s a commodity that everyone needs, so it tends to hurt our bank accounts the most.
To combat this, it’s a good idea to stock up on some non-perishable goods before prices skyrocket. You don’t need to prepare like it’s the end-times, but buying enough to slow down your need to go to the grocery store every week or two should suffice.
Save Money Wherever You Can
This tip for preparing yourself for the rise of inflation should be obvious, but we still want to point it out because the sooner you start, the better. Of course, the tip is to save money wherever you can.
The best way to do this is to reduce spending on extras you don’t need, such as eating out and streaming services you don’t use anymore.
It’s also a good idea not to drive unless you have to, especially with gas prices the way they are currently. If possible, you should try working from home. This can save you a lot of money on gas and eating out.
Put That Money Into Assets
If you save up a lot of extra cash, don’t just sit on it. The US Dollar is the very thing that’s inflating, so having a lot of it won’t help your situation. Instead, you should put this money into stable assets that won’t fluctuate as much.
Stocks, bonds, and gold are obvious choices, but if you have a lot of extra cash, you should look into real estate. While housing anywhere will work, there’s never been a better time to invest in property in Mexico.
There are many reasons why Mexican real estate can help you fight inflation, but the biggest one currently is the favorable exchange rate.
If you have the cash, it’s at least worth looking into, but be sure to diversify your assets at the very least. You never know what can happen, but if you only invest in one thing, and it declines in value, all your money will go with it.
other related articles of interest:
Switch Any Debt to a Fixed Rate
If you don’t have that kind of excess cash, there’s still another option for you to pursue. You can switch any of your variable interest rate loans or mortgages to ones with a fixed rate.
Banks tend to raise interest rates when inflation gets bad, but if you’re on a fixed rate, you won’t have to worry about that affecting you. This can work with credit cards, too, so be sure to investigate that as an option for yourself.
end of post … please share it!
Collards – Lettuce
Mellon – Radish
Helpful article? Leave us a quick comment below.
And please give this article a rating and/or share it within your social networks.