How to Beat Inflation in 2024

how to beat inflation in 2024

It’s no secret inflation is high, and you don’t have to watch the news to know. The cost of food, gas, housing, and everything else has been raising non-stop for the last couple years. At Affordable Housing Heroes, we don’t just want to find you affordable housing and <Help you on your Section 8 search>, we want to make sure that you have all the resources you need to get ahead financially. And we get it, times are even tougher right now when everything costs just a little bit more. That’s why we’ve written this article to give you our top 5 tips for beating inflation, and finding a little extra money in your pocket!

Inflation Relief Programs & Grants

Yep, you read that right, there are actually organizations out there specifically geared towards helping people fight the high cost of inflation. The organizations have many different approaches to help Americans get back on their feet, and they range from grants, to helping you reduce or consolidate debt. In fact, we at Affordable Housing Heroes consider ourselves an organization like that, our entire mission is just providing the free resources you need for a better financial future. That’s why we work on articles like this, and why we’ve partnered with Everyday Resources to bring readers like you a unique and effective Inflation Relief Program.

If you’re serious about beating inflation, make sure to check out the Inflation Relief Program.

Improve Your Credit Score

Improving your credit score may seem like a strange way to beat inflation, but it’s actually one of the most effective methods to keep money in your pocket. When you have a great credit score, you get all kinds of financial perks. You can qualify for credit cards that may give you up to 5% cash back on your purchases, meaning you’re paying 5% less for everything you buy! Or you may be able to purchase a vehicle or home (or refinance your current vehicle or home) to a lower interest rate, saving you thousands of dollars in interest over the course of a loan. In fact, some banks will give you free money just for signing up for their cards if you have a good enough credit score!

We have an entire article full of FREE resources to help you Improve Your Credit Score. Make sure to check that out, and start using your good credit to save you money and beat inflation!

Start A Side Hustle

It’s tough to find a better way to beat inflation than having more money in your pocket at the end of every day. You know what’s even better than that? Earning money in your free time or for doing things that you already do. Not every side hustle has to be time-consuming and a lot of work. In fact, you can earn money just from taking surveys online, testing games, or giving your opinions on products. Some programs even give you rewards just for scanning the receipts of things you already buy like groceries! You can get started with most of these easy side hustles in just a few minutes, and start cashing out right away most of the time.

We’ve already vetted these programs for you, and made a list of all the best side hustles to help our readers get started, make sure to check that out here: Best Ways to Earn Cash Now.

Open a High-Yield Savings Account

The only silver lining to high inflation and high interest rates, is that you can earn high interest rates on your money in return. Over the past 10 years, savings accounts have really just been a place to hold money, not to grow it. However, in the past year banks have started giving more generous interest rates as the federal reserve has raised interest rates for the banks nationwide. Right now several banks are offering over 5% interest rates for doing nothing than letting them hold on to your extra cash for you. And most of these accounts have minimums as low as $0 or $1 to open them!

Who would say no to an extra 5% in their pocket?

Create a Meal Plan

If you’re left wondering how the grocery bill got so high, trust us, you’re not alone. According to the USDA’s Economic Research Service, food prices have surged by 11.3% over the past year! That’s a major difference, and the price of food is where most Americans have been hit hardest by inflation. To stretch your grocery budget without sacrificing snacks or complete meals, consider implementing meal planning. Meal planning is just mapping out what you’ll eat for the week or month ahead. By sticking to your plan or even following specific recipes, you can streamline your shopping list and avoid buying unnecessary items. This helps trim your expenses as well as reduces food waste. Pairing this approach with a credit card designed for grocery purchases can further enhance your savings strategy!

One of the best Meal Plan tricks is to cook recipes that store well over the course of the week, so you can buy and cook in bulk, and then have an easy lunch every day. Look up some recipes that you wont mind having several days in a row, and you’ll find extra money in your pocket in no time.

Review Recurring Charges

Taking a look at your recurring monthly expenses can be a quick way to find some extra cash. With everything done digitally these days, it’s very easy to lose track of small recurring charges that you may not notice coming out of your account. Looking for things like what phone apps you pay subscriptions for, what streaming services you’re paying for (and how much you actually use them), and other subscription based services may mean being able to cancel some unused subscriptions. Even just cancelling one $10 subscription is a few gallons of gas, or groceries for a night! I know I’m prone to forgetting things, and paying for services way past when I need them.

Have More Inflation Beating Tips?

We would love to hear them! If you have any tips for beating inflation yourself, please share them in the comment down below! We want to have as many resources as possible for our readers like you to get ahead, and sometimes our readers know about things that we don’t! So leave a comment with how you’re dealing with inflation, and we’ll make sure to check it out. It may even make the article!

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