4 Ways to Prepare for Mega Inflation

The single most powerful economic tactic is reducing monthly expenses.

Photo by Karolina Grabowska, Pexels

(SALEM, Ore.) - Inflation is one of the biggest lifestyle deflators of all time. It's a matter of simple economics. When prices rise faster than wages, as they are doing now at a record pace, your paycheck automatically shrinks.

As 2022 chugs along with no end to the horrible economy in sight, there's actually a bit of good news. There are many tactics individuals can employ to wage war against prices that rise faster than wages.

The single most powerful of them is full of logical commonsense: reducing monthly expenses. For working adults who are still paying on old student loans, refinancing can meet the crisis head-on.

Other strategies that have worked in times past include adding hard assets or commodities to a portfolio, creating a second income via a micro or part-time job, slashing personal consumption of energy sources like oil and electricity, and avoiding a volatile stock market.

Here are details about each approach.

Minimize Monthly Expenses

If you choose to refinance student loans with NaviRefi, you can gain access to more favorable overall terms, like more time to repay, lower interest rates, and reduced monthly payments. Plus, there's only one payment per month to attend to, as well as an immediate potential reduction of expenses.

Getting ready for another round of inflation can be a frightening prospect for people in all income groups, but leveraging the power of student loan refinancing can lessen the financial sting of higher consumer prices.

Acquire Inflation-Proof Assets

Build a Second Income Stream

Explore the possibilities of doing online tutoring, website evaluations, and product reviews. All are realistic ways to add five or ten hours of paid work per week.

Cut Oil and Power Consumption

After a few weeks, your body will grow accustomed to the slight change, and the monthly utility bill will be lower. Then, make a plan to eliminate at least one-fourth of the miles you drive each week. Use public transport, walking, and carpooling to take up the slack.

Source: Salem-News.com Special Features Dept.