tips for dealing with inflation

How Do You Make Enough Money During Inflation?

Historically, salaries have increased around 3% annually across the U.S. In 2022, this number was slightly higher at 4.6%, but that still does not match the 8.5%+ inflation rate in the U.S. that same year.

Making enough money during inflation isn’t easy, but you can still take practical steps to help yourself make money. Check out these tips to help you deal with inflation efficiently.

How Can You Keep Earning Money During Inflation?

money during inflation tips

1. Cut Discretionary Spending

With inflation increasing, your daily expenses will cost more while your income may remain the same. The first thing you should do is cut your discretionary spending. This means noting everything you spend and cutting back on certain items. Cutting spending will increase your cash reserves and help you remain neutral regarding income and expenses.

2. Consider A Second Job

While it may not sound ideal, getting a second job or starting a side hustle during times of economic uncertainty is one of the best ways to make money during inflation. This could be as simple as working a few extra hours every week at your primary job or starting a side hustle in something you’re good at.

You could start helping a friend or acquaintance with yard work or babysitting. You could even sell old or extra items that you don’t use. With the additional income, you can adjust your investments using the below strategies to protect you against inflation. Still, if your income remains unchanged, you should not increase your investments overall.

3. Invest In TIPS

If you want to re-route your investments to make more money during inflation, consider investing in Treasury Inflation-Protected Securities or TIPS. These are securities that protect against purchase-power erosion and adjust to inflation periodically. TIPS are fully backed by the federal government, giving you confidence that you’ll receive your principal back in full and then some.

4. Keep Short-Term CDs

Certificates of deposit usually have a maturity term of less than one year, meaning your money is invested within your bank for a short time at a fixed interest rate. Keep any CDs you have previously set up until their finalization date to make guaranteed money during inflation. Generally speaking, this is a safe place to keep your cash for now.

5. Keep Your Properties

Single-family homes tend to do best when dealing with inflation. If you locked down a lower interest rate before rates went on the rise, your home is likely to appreciate while your payments remain manageable. If your mortgage interest rate is on the high side, consider refinancing once conditions improve to lower your monthly mortgage bill.

6. Buy Short-Term Bonds

Short-term bonds are given over one to four years. Once you redeem the bond, you’ll get back your principal investment plus any interest earned. With rising inflation and stocks in a bear market, short-term bonds currently average a 4% interest rate. You can buy bonds from the Treasury, corporations, municipalities, or agencies. Each has a different risk level you can choose from.

7. Consider Commodities

Another way to make money during inflation is to invest in commodities. Commodities include raw materials like agricultural products, oil, gas, and metals. Do these products tend to increase in price alongside inflation? Do you remember gas prices a few months ago? If you’re diversifying your investments, invest a small amount in commodities to hedge against inflation, but note that they are risky and sometimes unpredictable.

8. Use Payday Loans To Help With Emergencies

With inflation running up the costs of expenses, you may be worried if you have an urgent bill and no cash to pay for it. A payday loan from Nevada Title and Payday Loans, Inc. may be a good solution if you need money fast and are currently employed. These loans are given in amounts of $500, and the process takes as little as 30 minutes.

You could have cash by the end of the day to fix your home or car, keep the lights on, or cover another emergency expense. To apply for a payday loan, you need to be 18 years or older with a driver’s license or state-issued photo ID, your most recent paycheck, and a blank check from an active checking account in your name.

Simply fill out the form on our homepage today, and a representative will call you. Then, bring your required items to the nearest Nevada payday loan store. Once you meet with the representative, they’ll look over your documents and answer any questions you may have. If approved, you’ll have your money that same day or the next business day.

woman with cash reveals inflation tips for money

Get Emergency Cash Immediately!

Getting ahold of more money during inflation can be challenging. But with these tips, you can learn how to deal with inflation easily. If you have an urgent bill that needs to be dealt with immediately, a payday loan from Nevada Title and Payday Loans, Inc. may be able to help. Don’t sit and stress any longer—fill out the online inquiry form to get started on the simple process today.

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.