People worldwide will worry about money right now, and it is easy to see why. Countries all over the globe are experiencing the highest rate of inflation in decades, with a sharp rise in the cost of living, rising house and rental prices, and taxes increasing in many areas during this time. Additionally, many struggle to earn more money, creating financial difficulties even for those on a healthy salary. So, what are some of the best financial tips for managing in 2022? Read on for a few suggestions that will hopefully help.
Financial Tips For 2024
Build An Emergency Fund
One crucial step is to build an emergency fund and keep it somewhere easily accessible. How much you keep in here is up to you, but most people keep between 3 and 6 months’ expenses. In addition to providing coverage if any issues arise, this can also provide peace of mind, which is hugely important right now.
Lower Your Energy Usage
Another essential step to take in 2022 is to find ways to reduce your energy usage. The cost of energy is skyrocketing right now and will only get worse, especially with the Russian invasion of Ukraine. There are many ways you can reduce your energy usage, which will hopefully negate the rising cost while also helping you to reduce your environmental impact.
A few ways to reduce your usage include:
- Solar panel installation
- Driving an electric car
- Using a smart thermostat
- Only driving when necessary
- Using LED lightbulbs
- Turning off devices when not in use
Invest In Gold
Many people do not know what to do with their savings and money, which they do not need access to now. The stock market is all over the place, and cryptocurrency is highly volatile (as it always is), so many investors are struggling to know what to do with their money so that it does not lose value. Investing in gold nuggets from places like Nuggets By Grant is a good option. This is because gold holds its value well and rises when the cost of living increases, which makes it a smart hedge against inflation.
Increase Your Income
Increasing your income is always worthwhile, particularly during times like these. These days, many ways to boost your income could help. These include:
- Asking for a raise in line with inflation
- Taking on a part-time job
- Finding online work
- Finding a passive income stream
- Selling what you don’t need
Cut Costs
You should also review your regular expenses and find ways to save. Look for expenses you could eliminate entirely or temporarily, then find ways to save on other costs. This can include shopping at a cheaper supermarket, buying products in bulk, and buying second-hand.
Hopefully, these financial tips will help you to manage this difficult time and maintain sound financial (and mental) health.