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How To Survive High Inflation

We don’t need to tell you that inflation is at an all-time high.

You’ve felt it at the gas pump and at the grocery check-out counter. Savings — if you have them — are dwindling to cover sky-high costs for just about everything. Debt is continuing to mount. In June, inflation in the United States jumped to a 9.1% rate. That’s the fastest it has grown in over 40 years.

High inflation has a lot of causes, but there are also many ways to cope with the even higher cost of living.

Tips For Combatting Inflation

Adjust Your Budget

Sometimes, it’s not realistic to just “cut back.” Essentials still need to be purchased, including food and gas. It’s not reasonable to simply be told to consume less.

Instead, try cutting back to fight high inflation by zeroing in on your typical budget. Your list of “needs” is the most challenging to cut down, so focus instead on “wants,” which include eating out, vacations, and other forms of leisure and unnecessary shopping. The cuts may be temporary or could be permanent, but in times of high inflation, they are usually necessary.

Sadly, chances are your salary is not increasing with inflation, which makes tightening spending even more of a priority. You could ask for a raise, but there’s absolutely no guarantee that it will be a quick fix.

Make Sure You Invest Wisely

Even if you have limited experience investing, a period of high inflation shouldn’t prevent you from trying it out for the first time or continuing to make smart investment moves. Most financial experts agree that investing is one of the big keys to fighting inflation.

Many recommend investing in a retirement plan offered through your work as well as maximizing savings by opening a brokerage account.

Or Consider Real Estate

Along with retirement plans and brokerage accounts, commodities and real estate are considered safe investment bets during extended periods of high inflation.

person holding key to real estate investment home

Warren Buffett is a fan of real estate investment to survive inflation, and commodities such as oil and natural gas are typically the top performers within commodities as far as yearly returns.

Real estate investments can come in many forms, not just owning a home, and they usually perform well during high inflation. They can be made by utilizing a Real Estate Investment Trust, or REIT, or through a mutual fund that invests in REITs.

Take Advantage of TIPS

We’re not talking about that extra cast customers give for excellent service. TIPS is short for Treasury Inflation-Protected Salaries. They function as bonds provided by the government that closely mirror how inflation falls and rises.

When inflation soars, so does the interest rate you need to pay. On the flip side, interest rates drop when deflation kicks in. They’re one of the safest investments since it has the backing of the United States federal government, with a fixed rate that pays interest two times a year.

Raise Your Own Prices

Whether it’s your primary job or a side hustle, if you’re selling goods or your own specialized services during high inflation, raising your rates may be the best way to survive inflation.

Prices are driving up everywhere, and small business owners usually take their time raising their rates. If your business is particularly booming, now is the time to increase your prices. You may not be able to afford not to.

Get Assistance Through A Payday Advance

Periods of lasting high inflation are always tough, but they’re even more difficult if you face an unexpected financial emergency simultaneously.

A payday advance is specially designed to help you overcome such emergencies quickly and easily when you need a little assistance in between paychecks.

Payday advances, or payday loans, should only be used to address financial emergencies such as a bill from a hospital emergency room, a necessary home or car repair, or last-minute but vital travel. It should not be used for long-term or long-lasting financial problems.

At Carolina Payday Loans, Inc. it’s easy to qualify for a payday advance of up to $550. In addition to being at least 18, you’ll need a driver’s license or identification issued by the government, a blank check that’s from an active checking account and in your name, and your most recent pay stub. 

It takes as little as 30 minutes to qualify, and you can start online. Just fill out the short payday advance inquiry form on our homepage. A loan representative will give you a quick call and guide you through the rest of the process. Once approved, you get the cash you need that same day or the very next business day.

Get Started Today

Periods of lasting high inflation do not mean you have to suffer financially. If you’re trying to cope with the extra burden of a financial emergency, consider the option of a payday advance. Just start on our homepage, give us a call, or visit us today. We’re here for you.

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

Louis Tully

Louis Tully is a full-time finance writer offering financial expertise to everyday consumers. He understands the core values of finance and used his writing talents to share his own experiences with money to his readers. His articles teach how financial failures can easily become successes by making new habits and creating realistic goals.