It’s widely acknowledged that inflation is soaring, and you don’t need to tune in to the news to grasp its impact. The prices for food, gas, housing, and various essentials have consistently climbed over the past couple of years. At Affordable Housing Heroes, our goal extends beyond just helping you find affordable housing and ; we aim to equip you with the resources necessary for financial advancement. With rising costs, we understand that times are tougher than ever. That’s why we’ve crafted this article to present our top five strategies for combating inflation, ensuring you can keep a bit more cash in your pocket!

Inflation Relief Programs & Grants

Indeed, you read that correctly; various organizations are dedicated to assisting individuals in managing the rising costs associated with inflation. These organizations employ diverse strategies to help Americans regain their financial footing, offering everything from grants to assistance in reducing or consolidating debt. At Affordable Housing Heroes, we consider ourselves part of this effort—our mission revolves around providing free resources to help foster a better financial future. This is why we produce articles like this and collaborate with Everyday Resources to introduce solutions like our unique Inflation Relief Program.

If you’re determined to tackle inflation, don’t miss the opportunity to explore the Inflation Relief Program.

Improve Your Credit Score

Enhancing your credit score might seem like an unusual method of countering inflation, but it’s actually one of the most effective ways to keep more money for yourself. A strong credit score unlocks various financial advantages. You could qualify for credit cards that offer up to 5% cash back on purchases, effectively cutting your spending by that same percentage! Additionally, you may have the opportunity to buy or refinance a car or home at a lower interest rate, potentially saving thousands throughout the loan term. In fact, several banks provide cash incentives for signing up for their cards if your credit score is robust enough!

We’ve compiled an extensive article filled with FREE resources to help you Improve Your Credit Score. Be sure to check it out and leverage your good credit to save money and fight inflation!

Start A Side Hustle

Finding a method to combat inflation often boils down to having increased funds at the end of each day. Better yet? Earning extra money during your spare time or while engaging in activities you already enjoy. Not every side hustle requires significant effort or time. In fact, you can generate income by simply completing online surveys, testing games, or giving feedback on products. Certain programs even reward you for just scanning your grocery receipts! Getting started with many of these straightforward side hustles typically takes just a few minutes, allowing you to cash out almost immediately.

We’ve vetted these programs for you and compiled a list of the best side hustles to help our readers kick off their earning journey. Be sure to check it out here: Best Ways to Earn Cash Now.

Open a High-Yield Savings Account

The silver lining amid rising inflation and interest rates is the potential to earn higher interest on your savings. For the past decade, savings accounts often served merely as a place to park money rather than to grow it. However, in the past year, banks have begun offering more appealing interest rates as the Federal Reserve increased rates nationwide. Currently, several banks are providing interest rates exceeding 5% for simply allowing them to hold onto your extra funds. Many of these accounts require minimal opening deposits—sometimes as low as $0 or $1!

Who wouldn’t want an extra 5% in their pocket?

Create a Meal Plan

If you’re scratching your head over skyrocketing grocery bills, trust that you’re far from alone. The USDA’s Economic Research Service reports that food prices have surged by 11.3% over the past year! This steep increase is where many Americans have felt the brunt of inflation. To stretch your grocery budget without compromising meals or snacks, consider adopting meal planning. It involves organizing your meals for the week or month ahead. By adhering to your plan or specific recipes, you can streamline your shopping list and cut unnecessary purchases, ultimately lowering your expenses and minimizing food waste. Pairing this strategy with a grocery-specific credit card can further amplify your savings!

One of the best meal planning strategies is to prepare meals that can be stored well throughout the week, allowing you to buy and cook in bulk, ensuring easy lunches every day. Find some recipes that you’ll be happy to enjoy multiple times a week, and you could see extra money in your pocket in no time.

Review Recurring Charges

Examining your recurring monthly expenses may reveal extra cash just waiting to be discovered. Amidst our digital transactions, it’s easy to lose track of minor recurring charges that could easily go unnoticed. Check for subscriptions to phone apps, streaming services, and other subscription-based services that you might be able to cancel. Even the cancellation of a single $10 subscription could translate to gas for a few gallons or a night’s groceries! I know I often forget about subscriptions and continue paying for services long after I’ve stopped using them.

Have More Inflation Beating Tips?

We’d love to hear them! If you have any personal strategies for overcoming inflation, please share them in the comments below! We aim to gather as many resources as possible for our readers, and sometimes our audience knows things we might have missed! Share your insights on navigating inflation, and we’ll be sure to take a look. Who knows, it might even make it into the article!