how to deal with inflation

How To Deal With Inflation And Stay Ahead

You're not alone if you’re wondering how to deal with inflation. Americans have been hit hard by the stellar increase in rent, food, gas, medicines... well, practically everything.

However, if you can’t control inflation, you can take charge of your finances so you can meet your needs and prepare for any additional price increases in the future.

7 Helpful Ways To Deal With Inflation

1. Create A Budget

If you haven’t used a budget before, then you should probably start doing that now. Setting up a new budget is the best way for how to deal with inflation because you prioritize your spending and account for every dollar.

Pick a budgeting method that you’re comfortable with. Some people like using a notebook and pen, while others like the convenience of an app. You can even use the envelope system, where you withdraw all your monthly spending money and then put it into envelopes for each expense category (food, rent, gas, etc).

2. Reduce Spending Wherever You Can

Food has been particularly hit by inflation, with prices for basics like eggs or meat going up by the biggest margins. So, one of the best ways how to deal with inflation is to learn how to cook cheaper (but still delicious) meals.

Look for budget-friendly recipes. Then, make a meal plan and only buy the ingredients you need. If you’re too busy to cook on weekdays, then prepare and freeze meals on weekends. Avoid buying convenience products (like takeout or even ready-to-heat meals) because they typically cost more than if you made it from scratch.

As a family, brainstorm on how you can lower your energy use at home. For example, you can sleep in one room to lower heating costs, or heat bath water on the stove instead of using the shower heater.

You also need to make some tough decisions and cancel non-essential expenses like subscriptions, vacations, dining out, etc. Considering the economy, the smart way to deal with inflation is to be frugal.

person walking through supermarket looking at receipts to reduce spending

3. Collaborate With Your Friends And Neighbors

Your neighbors want to know how to deal with inflation, too! Maybe you can carpool to save on gas, shop together at warehouse supermarkets to save on bulk sizes then divide the goods or take turns babysitting to save on childcare. When you really think it through, there are many ways that joining forces together can help you through high prices.

4. Look For Additional Sources Of Income

If you have a job and are looking for odd jobs that can supplement your income, visit sites like Task Rabbit, EasyShift, or Craigslist.

If you have to be a stay-at-home mom because childcare costs are too high, then look for a job you can do in your spare time from home. There are online jobs on Upwork, Fancy Hands, and other freelancing sites. If you have good internet access, you can earn extra money and still be able to take care of the kids.

If you have an extra room in your home, consider renting it out. You’ll be earning extra money and helping someone who’s looking for an affordable place to live.

5. Learn More To Further Your Career Skills

One of the best ways of dealing with inflation is to increase your capacity to earn. Learn new skills or get certifications that can help you get better, higher-paying jobs. You can take online classes or ask your community center if they have any courses you can take.

6. Practice Self-Care

Here’s the truth: worrying about how to deal with inflation can wear you down, emotionally, and mentally. You can’t think clearly or make great decisions when you're going through extreme stress. It can even affect your health, and the last thing you need now is to get sick.

So, even as you fix your budget and take other concrete steps to manage your finances, remember to take care of yourself. You don’t have to spend money to do this. Go for walk in the park, listen to calming music, spend time with your family, and hug your cat!

These moments can reenergize you and help you focus on the positive. Things will get better, you just need to ride this out—and meanwhile, you just have to be thankful for the things that you have.

miniture shopping cart on money with paper sign with text inflation

7. Know Where To Get Emergency Cash

Your budget may be able to cover regular expenses, but what do you do if you need more money than is in your paycheck? What if you had to deal with an emergency?

Don’t panic: you can cover these sudden, urgent expenses with payday loans. You can borrow from $100 to $1,000—even if you have bad credit or no collateral. You just need a driver’s license or any government-issued ID, your most recent pay stub, and a blank check from a checking account in your name. Best of all, you can do the entire application over the phone—you don’t have to visit the store!

Try A Payday Loan To Cover Expenses

If you have tried all these ways to cut back and are still struggling to make ends meet, don’t fall behind on important bills or ignore urgent expenses. A payday loan could be an option to get you through until times are financially easier again.

Simply fill out the online payday loan form on our homepage. One of our loan representatives will call you to explain how payday loans work and answer your questions.

During the phone call, ensure you have the required items (ID, pay stub, and blank check). The loan representative will guide you through the rest of the approval process, including the simple paperwork. If you’re approved, you will receive your money as soon as the same day or the following business day.  

It’s that easy. Get started now!

Note: The content provided in this article is only for informational purposes, and you should contact your financial advisor about your specific financial situation.

Daniel Dewitt

Daniel Dewitt is a lifetime blogger with a finely-honed ability to break down, analyze, and interpret economic trends for the layman. He's fiercely invested in spreading financial literacy and helping everyday people gain the tools they need for their own economic success.