Although the costs of living are going up immensely, there are so many budget-friendly hacks you can implement into your day-to-day spending to help reduce costs!
It is hard to avoid being disgruntled about inflation. Working more, getting paid less, and adding extra expenses to your daily budget is by no means ideal. It is quite frustrating to say the least. This is especially the case for college students, who don’t always have a steady source of income.
It’s very important to be thankful for the small things you do have! Yes, you may have to spend $30 extra dollars on gas, but you probably have a warm bed and a closet full of clothes that fit! There are many ways you can save money during a crazy time like this!
Download the app GasBuddy, where you are able to find the lowest price for gas in your area! Make sure you keep your location on!
Plan your meals! It sounds boring, but shopping at the beginning of the week is such a great way to save money! This practice helps you avoid making impulse choices, and spending money unnecessarily.
It sounds basic, but thrifting for your wants and needs instead of buying things at a full-price retail store really cuts down your costs and spending!
Remembering your gratitude during a time of rising prices is one of the only ways to get through it. It may not look like it’s going to go down in the near future, so changing your personal attitude may be the only way to succeed right now!
As college students, it’s crazy to think about investing in stocks, gold, or even currency.
Bitcoin is often described as ‘digital gold’ and theoretically should protect against inflation because of limited supply. But “the jury is still out on whether it will be a good inflation hedge over the long term,” Arnott, famous financial advisor and planner says.
Although it’s a scary subject, it is also a part of growing up. You may want invest in your adult years, as it makes a huge difference in your annual savings for retirement as well!
Real estate traditionally does well during periods of higher inflation, as the value of the property can increase. This means your landlord can charge you more for rent, which in turn increases their income so it is on pace with the rising inflation.
Beyond homeownership, real estate investments can be made through REITs (also known as Real Estate Investment Trusts) or through mutual funds that invest in REITs.
Investing during inflation is genius! Making a list of your wants vs needs is also a great idea. Finally, adding more work hours to your schedule, or picking up a side gig as a college student is a great way to keep your savings balanced! Always be grateful for everything you have and help people out where you can.