The inflation rate in 2023 has not slowed down, as consumer prices continue to rise in nearly every category. How are working adults waging war against this pernicious economic difficulty? In addition to selling their unwanted life insurance policies, they’re using coupons, delaying major purchases, and more. Consider the following tactics for avoiding the ill effects of inflation.
Selling Unwanted Life Insurance Policies
As the economy grows weaker in 2023, middle-aged and older adults are turning to their unwanted life insurance policies as a way to exchange illiquid assets for liquid ones or cash. The trend toward selling whole life policies has been growing for the past several years and is now gaining momentum as the stock market stalls and consumers seek solutions. However, anyone who wants to take advantage of the brisk market in this niche needs to find out how to get started.
The best way to begin is to review a complete online guide that goes through all the options for sellers and explains each step clearly. Consumers of all ages who hold policies they no longer want, or need can convert them to spendable cash as the 2023 financial situation continues to worsen. This is particularly true for those over 65 and for those whose coverage face amount is greater than $100,000.
Coupon Apps & Websites are Thriving
Paper coupons were a fixture of the consumer culture of former generations. Nowadays, the entire coupon universe has gone digital, and that’s very good news for those who like using the cent off and dollars off codes when they shop. Membership in online coupon clubs and the use of couponing apps have skyrocketed in the past five years. The top apps work seamlessly and deliver real savings for those who take the time to learn their ins and outs. Most coupon enthusiasts are surprised to realize that they can save as much as 10% on average by diligently applying coupon using skills every time they shop for groceries and household goods.
Investing in Collectibles
The unique feature of inflation is that investors can side-step most of its effects by purchasing tangible assets. For centuries, many have taken advantage of personal ownership of goods like artworks, fine wines, precious metals, and houses to offset the effect of rising prices. What are modern adults doing to leverage that same power? They’re purchasing collectible cars, raw land, gold, oil-based shares, and other commodities.
Adjusting Personal Habits
Putting off major spending events is a powerful way to battle inflationary pressures in the modern economy. On a smaller scale, people adjust their personal behavior in numerous ways to lessen the impact of rising prices. How do they do it? For starters, families and individuals on a tight budget avoid dining out, take day trips instead of more extravagant vacations, drive less by relying on public transportation, and minimize entertainment expenses by attending movies and shows less frequently. Belt tightening, as the practice is called, is an age-old way of dealing with rising prices of consumer goods and services.
Putting Off Major Purchases
Sometimes procrastination can be a positive thing, particularly when the act you are putting off is one that consumes precious monetary resources. What kinds of things do people reschedule when they need to preserve their resources? Some of the most common choices include taking vacations, buying new cars, purchasing a home, going to college, acquiring a fresh wardrobe, and more.
The category is a broad one because most consumer activity can be delayed without serious consequences. How do consumers go astray? By far, the most typical pitfall is giving in to short-term desires to travel, get a new vehicle, or spend limited resources on something that attracts attention. If you have trouble in this area, consider meeting with a consumer counselor who can show you how to set restrictions on spending.
Working Additional Hours
There are several ways to add hours to a work schedule. The easiest and most popular one is to increase clock time at your current place of employment when possible. Unfortunately, some companies frown on overtime or bar it completely. If that’s the case, consider taking on more paid time by landing a part-time position. Second jobs are a traditional way of improving financial security.
For centuries, professional and entry-level working adults have taken on additional jobs as a way to combat not just inflation but to deal with money-related emergencies of all types. To maximize income from a part-time position, try to find online opportunities that don’t require you to commute. The most profitable tasks for most adults include tutoring, consulting, and taking on affiliate marketing duties.