Are you keeping up with inflation?
27 Mar 2023
2 minute read
We’re guessing you’ve probably been involved in a conversation with someone about inflation recently...especially if that conversation was about fuel prices, rent, or just the general cost of living . But what does inflation actually mean? Long story short…inflation is the general rise of prices over time. And unfortunately, this results in your money not getting you as far as it would have in the past.
Seems ridiculous, right? But it’s a natural part of the economy, especially after a pandemic (yep, we’re still dealing with it one way or another 😅). If you’re wondering how this affects you, and how you can overcome it, your Slothy-disguised superhero is here to help you understand the details during these strange times.
Don’t fear - it does get better
Hang tight because what goes up must come down, and at some point, we’ll be in a deflationary world. So don’t stress out too much as there are also positives to inflation that could work in your favour. A perfect example is real estate investments. If you own a property, it could be worth more than when you bought it. Did we mention those savings accounts of yours? They too could have a higher interest rate 🥳. So, if you’ve been feeling uneasy about your future, do some digging to understand how you could possibly benefit from the current economic climate.
Take control of your expenses
While prices feel like they are rising more and more by the second, the best way to beat inflation is to find ways that are going to reduce your spending instead. It’s time to utilise browser extensions such as Honey and find the best deals for what you need. Spending more on groceries? Now is the time to be nifty and take advantage of rewards programs or competing stores to snag the best bang for your buck! We also recommend reviewing your expenses over the last 12 months. With the cost of living still going up, it’s likely your budget needs continuous tweaking to adapt to the current economy.
Doing your research and taking little steps to help save money can result in saving hundreds of dollars over the long haul and ease the pain of financial stress during these times. Besides, who doesn’t love a bargain?
Seek help from a professional
If you’re struggling to keep up with increasing costs, seek help from a finance pro (a real one, not the ones you see on TikTok ) so you’re protecting yourself and can gain peace of mind. Don’t rule out professional advice when it comes to managing your life savings 😎.
At MyPayNow, we want you to have the confidence to navigate all the different hurdles (such as inflation) in life. And sometimes, those hurdles can really catch you off guard. If you need a pay advance during these post-pandemic times, MyPayNow will always be here to help.
Disclaimer: This material has been written for informational purposes only and is not intended to be relied on for, or taken as, financial advice.