Saving Money During Inflation | OurQuadCities
According to the Bureau of Labor Statistics, the inflation rate in March hit 8.5%, its highest level since 1981.
And with inflation on everyone’s mind, Local 4 News This Morning spoke to two experts about ways to manage your money and stretch your household budget. TLT Accounting LLC CEO Tameka Toney and credit and financial education consultant Rasheda Jamison joined us in the studio this morning.
Toney and Jamison discussed a few ways to adjust your budget during inflation. First, review your expense category and remove any unnecessary charges. Some of these fees may include multiple streaming services. They advise you to narrow this list down to one or two of your favorites.
The next thing you could do is find ways to save on food. For example, buying generic brands, using coupons and buying certain items in bulk. They also recommend saving on household cleaning items by using natural products that you can use to stock up more.
They also recommended having additional revenue streams. First, Toney and Jamison recommend finding something you’re passionate about and trying to turn that into income. Some examples they listed were starting a home business, starting a blog, starting a freelance writer, or helping other businesses with their marketing. Determine your area of expertise and decide which platforms you will use.
If you already know how to manage your money well, they recommend that you learn about credit cards. There are many cards that offer rewards and cash back opportunities. They suggested taking that extra money and putting it in your savings after paying off the credit card. If you’re not sure how to use credit cards properly, they advise you to check if your debit card offers cashback.
If you still find yourself short, Toney and Jamison said there are organizations that can help. There are community resources such as Project Now in Rock Island and Community Action of Eastern Iowa in Davenport that offer help.
Toney and Jamison also have resources available. You can contact Tameka Toney on her Facebook here and on her website here. And Rasheda Jamison can be found on Facebook here and on her website here.