This is a response to The Inflation Picture Is Not Good UPDATE. I agree inflation is biting us in the ass right now. So what can we do to help ourselves. Bonddad is great at giving us ideas and trends but we do need to help ourselves and fellow kossacks.
Since all politics is local. Enough of stating how prices are kicking us in the butt. What can we do for ourselves.
So what are the short term solutions and the long term solutions for the individual person and family to make the dollar stretch more with inflation biting you in the butt.
Please add content in the comments and give advice to fellow Kossacks.
Things that I'm weak on, if you can give advice:
- What should we do for investments in an inflationary environment and also with the subprime issues.
- Insurance saving
- Okay, also any advice for extreme inflation (for those of us that have tin foil hats on), if it hits like happened in ITALY and ARGENTINA yrs ago.
- Advice about saving (rainy day funds/emergencies).
- Credit Cards
So what are the short term solutions and the long term solutions for the individual person and family to make the dollar stretch more with inflation biting you in the butt.
Everyone's situation is different. Please add to any advice. Also add websites that deal with saving frugalityCOUPONS.
- BE PROUD ABOUT BEING FRUGAL, AND HELP OTHER PEOPLE OUT.
1a. Make a list of expenditures and figure out what is a necessity and what is a luxury.
1b. Buy Reduce expenditures, learn to put off luxuries, buy Used if you can. Don't impulse buy and/or only buy from your list.
- Buy Bulk Now on things that don't deteriorate.
- Save for rainy day\emergencies Everyone should have an emergency fund. If you can... Also add any advice if you can about saving.
- I'm not what you should do in investments (401 K's etc). I'm doing canada and emerging markets for about 50% but that's my own brand of craziness. Any advice will be appreciated...
- Take advantage of coupons about 2-4 weeks after they are in the paper, The grocery stores usually offer a special after that time period and the coupons are usually are still good. The items are alot cheaper that way. If your grocery store offers gas discounts then buy a gift card for that grocery store for $100 and then buy a $100 worth of groceries. (make sure you do bulk and coupon shopping at the same time). Make sure you pay attention to prices and try to only buy loss leaders and put off instant gratification.
- Reduce your electric/gas bill
Change all you bulbs, to the energy saving kinds. Wear sweaters, and warm clothing. Reduce or increase your thermostat as appropriate.
Use a powerstrip for your TV, Computer, VCR,DVD player and shut it off when not using it.
put a insulating blanket on your hot water heater.
- If you rent and are moving find a place that includes utilities. Find a cheaper area of town.
- Go to farmers Markets, or Bulk grocery places
(Costco, Sams and or others...)
If you own a business or self employed and have a restaurant depot in your area then get a membership for some of your groceries. (it's like the Costco for restaraunts, and impressive as heck).
- not sure about health insurance or car insurances
(any help ideas anyone???).
- Sell stuff that you don't use, via yard sale, ebay, craigslist.
- If your job is not giving you enough of a raise to make ends meet, or if inflation has really lowered your buying ability and you are stressed. Try a second job, look for a better job. Try to get promoted.
- If you have student loans and are paying on them. Go back to school part-time and defer them. (not a permanent solution, and yes the interest accumulates).
- websites
http://www.thesimpledollar.com/ - for being frugal and couponing
http://www.craigslist.org Jobs listings, free classifieds postings
http://www.meetup.com for stuff to do while you're trying to save money.
http://www.meetin.org for cheap stuff to do if you live in a region where there is a meetin.org group
Please add other websites that might