13 Simple Ideas To Stretch Your Money And Beat High Inflation
13 Simple Ideas To Stretch Your Money And Beat High Inflation
Ethan Rotberg Tue, October 19, 2021
The pandemic has sparked shortages of goods and workers that have pushed inflation to its highest levels in decades. But you've already seen what that looks like, if you recently bought groceries, gassed up your car or went shopping for furniture or a new TV. Prices are surging, and don't look for relief anytime soon. Various forecasts anticipate that stiff inflation will hang around into the new year.
One strategy for fighting back against rising prices is to take advantage of some simple ways to make and save more money in your daily life.
Here are 13 ideas on how to effectively give yourself a raise — and kick inflation to the curb.
1. Cut The Cost Of Your Debt
High-interest debt from credit cards and personal loans can be a major drain on your bank balance, especially if you’re making only the minimum payments each month.
To break free from your debt ASAP, you might take out a debt consolidation loan. You’ll trade in all of your current balances — on credit cards, loans, everything — for a single monthly payment at a lower interest rate.
You can borrow money with no collateral at rates as low as 5.95%. Depending on how much interest you’re currently paying on your debts, consolidating them could save you thousands of dollars and help you become debt-free years sooner.
2. Hunt Down Your Long-Lost Money
You do know where all your money is, right?
Actually, people move on and forget all about money in old accounts all the time. It's so common that Americans currently have more than $40 billion in unclaimed funds waiting for them.
Is any of that yours? Search MissingMoney.com, which will show if you left any money in an old checking or savings account, or if you’re entitled to unclaimed life insurance policies from relatives who have passed away. (You'll want to be much more careful when you buy your own life insurance policy.)
You also should check with the IRS to see if there are any tax refunds you're missing. You can amend your previous tax returns for up to three years if you were eligible for a refund but neglected to claim it.
3. Refinance To A Cheaper Student Loan
To continue reading, please go to the original article here:
https://finance.yahoo.com/news/13-simple-ideas-stretch-money-181500161.html