Inflation to Continue Soaring in 2022: Here's How You Can Adapt With It
NEW YORK, December 6, 2021 (Newswire.com) - Credello: The consumer price index for November 2021 showed a 6.2% price increase across the board since this time last year. Food prices are up 30% to 40%. Fuel for heating and automobiles has increased 50%. This is what inflation looks like. Economists analyze it. The Federal Reserve tries to control it. Average consumers suffer from it.
It's a good time to consolidate credit card debt and start paying it off as interest rates are sure to rise in 2022. That might slow down inflation, but there's little anyone can do to completely stop it. Materials shortages and supply chain disruptions aren't going away anytime soon.
Blame it on the pandemic if you like, but this has been coming for some time. COVID-19 shutdowns disrupted manufacturing and distribution. The reopening has exposed flaws in the supply chain. Shipping ports need modification. Infrastructure has been neglected. While those issues are being addressed, prices will continue to rise. Here's what you can do about it:
1. Modify Your Grocery Shopping
Most consumers are already changing their grocery shopping habits. Red meat is costly, so chicken and pork are now staples at most U.S. kitchen tables. Brand names have lost their luster because it's cheaper to buy generic and store brands. For some folks, that's the only way they can feed their families. Buying in bulk and using coupons can help reduce food costs as well.
2. Ask to Work from Home
Many jobs can be done from the comfort of your own home, cutting down your transportation expenses and giving you the option of home-cooking your meals. Ask your employer if this is an option for you. If not, check with some other companies for work-from-home opportunities. According to Upwork, one in four Americans are working remotely this year.
3. Look for a Side Hustle
No one wants to add more hours to their workday, but side hustles don't need to be like that. Find something that you really enjoy doing and monetize it. Examples of this include photography, dog walking, and freelance writing. There's money to be made in all of these ways, and one of them could turn into a full-time business.
4. Ask for a Cost-of-Living Raise
Progressive employers are already doing this. They know that inflation is crunching their employees and are doing what they can to help. If you haven't received a cost-of-living raise yet, ask for one. What's the worst that can happen? No employer will fire you for asking for more money. If they do, they'll have to pay you unemployment.
The Bottom Line: Cut Costs and Boost Your Income
This is a simple formula. When prices go up, cut costs where you can and try to boost your income. A good first step in doing this is to create a budget. Follow that up with eliminating non-essential expenses like premium cable channels and takeout food. Try to work from home, ask for a raise, and start a side hustle. That's how we make it through inflation.
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Source: Credello
