Handle inflation, even without a raise
- B.J. Yoder: Young Money
- February 3, 2022
- 657
No matter what industry you work in, you are seeing the effects of inflation.
It could show in something as simple as driving to work, as gas has skyrocketed. I remember being salty a year or two ago when I had to fill up for $2.35 a gallon, but now that kind of pricing looks amazing. When putting your Thanksgiving or Christmas meal together, it may have appeared in grocery prices that have doubled in some areas. I even have a co-worker who talked to someone in charge of a farming co-op, and he said the cost of manure is doubling next year due to energy usage.
It seems like everything is doubling, but what do we do while everything is inflating but our pay stays the same? It’s a hopeless feeling because it seems like we can’t do anything about it, but there’s a way to live during inflation while our pay doesn’t keep up with it.
The first is to find where we can cut. This is the easiest part, and it can be the only step to catch up your budget to inflation. This can mean slicing Hulu, Netflix, Spectrum or whatever TV service you use for streaming. Or it can be as simple as doing an audit on the groceries you’re buying. I know, for me, I keep buying sweet potatoes with grand plans of making them and making meals with them, but I end up throwing them away because I keep going back to making something easier. Look at what you use and what you don’t and stop buying the obsolete items.
The next is to pick up a little extra money. Sometimes when a hole must be dug, it’s easier using a bigger shovel. This extra income can be that bigger shovel to help you keep up with inflating prices. I know someone in my family started being an Instacart shopper, which meant he shopped for other people. That is not as prevalent around our area, but the upside of being where we are is every business in our area is hiring.
There’s plenty of work for Saturdays and one or two evenings during the week. Keep in mind this can be temporary, and there is no need to burn yourself out. With this extra money, you can cancel out cutting back on some things if you don’t want to let them go.
What if you’re already cut back on everything and you are working an extra job and that’s still not keeping up? Then it’s time to get creative.
By “creative,” I don’t mean selling your blood plasma, though it can bring in extra money. I am talking about getting outside of your comfort zone — maybe asking for a raise if you feel like you deserve it, starting an actual small business or switching things around in your budget just to make it work. The last one might be the easiest, but for some it could be the toughest because it goes along with cutting back, but more than streaming services.
Going out to eat, concert tickets and attending sporting events all might need to be excluded for a small amount of time, and that stinks. When you’re down about these kinds of things, remember inflation isn’t your fault, but it’s just another obstacle to overcome.
Of course, it would be spectacular if we didn’t have to adjust or pivot because of this inflation, but complaining about it will not help your finances. Strong actions that help you keep up with inflation will, and even if it is uncomfortable and annoying, some things need to be done to be responsible for your well-being.
Holmes County native BJ Yoder is an insurance agent by day and a finance enthusiast by night. This column is for informational purposes only. He can be emailed at benjamin.john.yoder@gmail.com.