Battling Inflation Demons Part II
Previously, I’ve written about ways to offset inflation (https://satherfinancial.com/pubarticles/twelve-ways-to-offset-inflation/).
Although inflation has improved, people continue to struggle.
Making matters worse, we are in election season and both candidates tell us the path to riches is assured by voting for them.
What neither candidate will say is you must have employable skills to earn a decent wage. To get employable skills you need training, whether college, trade school or school of hard-knocks. Many programs exist to get you through college or trade school. However, you still must obtain valuable skills to earn decent wages and offset cost of living increases.
Building upon previous ideas, what can be done to stretch dollars?
Get aptitude testing from the Johnson O’Connor Research Foundation (JOCRF.org). Be intentional picking a degree, university or the training you will receive. Analyze educational costs relative to the career path and average expected earnings. Many degrees pay off handsomely. Others simply cost too much for the return.
Join the military. Joe Olive, who works for our firm, is an Air Force veteran. His undergraduate and graduate degrees are paid for by the GI Bill.
Work two jobs. No one said financial security comes from a 40-hour work week. As one of our clients says, “I’ve never met a person who achieved above average results only working 40 hours each week.”
Forget the designer dog. There are great shelter pets needing a home. They are available for a modest fee and come neutered with all shots.
Pass on the pool. A pool is a liquid hole in the ground that sucks hundred-dollar bills from your wallet. Join the community pool. Let someone else deal with the upkeep while you only use the pool three months per year.
You do not need a boat, jet ski, ATV, Gator, or other toy of this nature. Rent one for the weekend.
Fix things. We are a disposable nation in which the second something has a scuff or scratch, we toss it. Why? Many things can be repaired. Take pride in being able to use things until there is literally no life remaining. Otherwise, you are lighting money on fire.
Most furniture in my house and office came from garage sales or used furniture stores. They required some work, but they are unique. It is amazing how you can buy a desk that might need cleaning, oil or glue, but the price is 90% off.
You do not need a massive arsenal for hunting. Pick a few favorite guns and leave it at that. Share a hunting lease. Enjoy the camaraderie, and the cost will be more affordable.
Be intentional when grocery shopping. Buy store brands or whatever is cheapest. I’m often surprised that HEB brands may be more expensive than Del Monte. When shopping for fruit and vegetables, we start with the 50% off items needing to be eaten in the next few days. If I don’t eat them, I freeze them for later.
Most of the world eats rice and beans as their primary diet. It is cost efficient. Only Americans find the need to eat half a cow every meal. Eating out continues to burn a hole in the budget.
Put down the social media and pick up a book. Social media toys with your brain. The garbage posted there is a “performance” not a documentary. Viewed in isolation, it makes you feel bad about life while telling you to spend more on junk.
Go to a state park instead of the Grand Canyon or Yellowstone. Go to Six Flags or Sea World over Disneyland.
Your child most likely won’t be a pro-athlete. Instead of spending a fortune for elite teams and private coaches, hire academic tutors for your child. There is a far higher return on tutoring during K-12 resulting in valuable scholarships.
Ditch the latest smart phone. The last gen phone is usually free with a contract. Most people only derive a fraction of their phone’s capabilities, anyway.
Shop your car and homeowners insurance every year. Play the companies off each other.
Quit buying lotto tickets.
Delete shopping apps on your phone.
Audit and cancel unwanted subscriptions.
Ditch the fancy gym membership. Go for a walk and listen to a podcast. You can do pushups and sit ups anywhere. With a good set of resistance bands, you can have a home gym for under $100.