Here are some tips you might be able to use for an upcoming newsletter or campaign effort to help you begin to communicate with your members the importance of utilizing inflation resources.
With the cost of even a Snickers™ Bar increasing over the past year, the rise of inflation has hit the United States at 8.6% as of July 2022 – marking the highest rate it has reached in 40 years. With each of your regularly purchased items higher in price, it’s time to restructure your struggling budget that currently has you maxing out your bank account. Here are tips and resources to help you survive inflation in 2022.
Lower Your Utility Use
Making adjustments to your energy consumption could positively affect your monthly payments. Habits such as lowering the amount of time spent in the shower and turning off unused sources of electricity could reduce your bill by over 20%. Other ways to reduce your energy consumption include using cold water when washing clothes, cleaning air ducts to ease the thermostat’s work to lower temperatures, and purchasing appliances that use electricity efficiently.
Use your Vehicle Wisely
Gas prices have certainly increased over prior months, only to have recently begun to relax in the past month. To help the fuel in your tank last a little longer, consider planning your trips to the grocery store or any other errands in advance. Take the time to estimate the miles between each stop and lower your speed when travelling to improve your fuel efficiency.
Cut Down Unnecessary Spending
Have a subscription you no longer use? Cancel it. Haven’t gone to the gym in a few months? Consider canceling that, too (at least until you know for sure that you’ll return).Prepare meals at home instead of heading out to eat at restaurants. You could also do things you pay for someone to do yourself, such as mowing your lawn or changing the oil in your car. Any cuts to little expenses could add up to big savings over time.
Pay Off Debt
Unfortunately, credit rates increase as the Federal Reserve raises interest rates, which means it wouldn’t be in your best interest to buy now and pay later. For most credit card users, the average interest rate on the amount currently owed is above 16%. Ways to get rid of debt quickly during this time is to:
- Auto and Home Loan Refinancing
- Balance transfer cards with zero interest
- Debt consolidation loans
- Joining credit union! Often times, a credit union offers lower interest rates and are willing to offer financial advice for free. Combined, these kinds of savings really add up!
Resources
For more information on how to successfully navigate through inflation, visit the links below:
- Tips to Help You Survive Inflation in 2022
- How to Survive Inflation
- 6 Tips for Surviving Inflation 2022
- 5 Survival Strategies for Times of High Inflation
Kearley & Company is just a phone call, email, or text away. We assist organizations of all sizes by developing marketing and communications strategies that work. Our team can help bring new ideas to the table while helping ensure your plan is on track to deliver results. We’re here for you.
