Inflation for March 2022 was 8.5% nationally. This is the third-highest it has been in the last 50 years. And it will likely continue to grow this year based on current projections.
While it is hitting our nation, it has been hammering the Inland Northwest and our economy. Over the last year, Spokane shoppers have seen increased gas prices, housing costs, and grocery expenses. Even rent is going up at alarming rates around the city.
With everything increasing, it doesn't appear to be slowing down soon. Local lawmakers don't seem to have an answer for the increases either. So, what can we do as individuals living in Spokane?
How to beat inflation?
While inflation feels out of our control, there are some things we can do to try and beat inflation. These might be short-term or long-term options, depending on your situation.
No.1 - Re-evaluate your budget.
One of the easiest ways to try and beat inflation is to start by re-evaluating your current financial situation. Are there subscriptions you can end for a short time? Is there a way to get equal pay for bills? In many cases, you might be able to squeeze some money out of your budget.
No.2 - Ask for a raise.
While this might feel presumptuous, you never know until you ask. In some instances, there is money in the budget that might be able to go your way. Now, I understand that this only works for people who work for other people. But, it is an option for some.
No.3 - Sell your stuff and create an emergency fund.
Most of us have extra stuff around the house. You can quickly sell some of these things online to make a little money. When you make a sale, put that money into an emergency fund if you don't have one—that way, you are prepared during this time if any unexpected expenses happen.
It might feel pretty overwhelming to see the gas prices, grocery bills, and other expenses continue to rise. However, the best thing you can do is find ways to work with what you have available.
There will be difficulties, but we have options.
The more you work to take control of what you can control financially, the better you will be able to find ways to thrive during this season of inflation.