From gasoline to a slab of bacon, everything costs a little bit more in 2022. While consumers have experienced some relief as of late, everyday living costs are still more than one would like.

As kids get back to school, and with the holidays just around the corner, saving wherever possible is probably constantly on your mind.

Here are some tips to soften the effects of inflation and put money back in your wallet.

Go on a vacation – at home

Summer is winding down, but that doesn’t mean you can’t enjoy the ultimate staycation. If you have some vacation days stored up that you rather use now, embrace the opportunity and plan something special without a flight or long drive.

Staying local makes a lot of sense, given high gas prices, too. You and your family can spend quality time together by visiting a new part of town, going out for a picnic, camping in the back yard or visiting a water park. Any mini getaway with your family and friends will boost your spirits and create lasting summer memories without breaking the bank.

Take on side hustle

Do you have skills you no longer use? Do you have a passion that needs an outlet? Are you willing to work a few extra hours a week to earn extra money? Then you are a candidate for side hustle. It’s a great way to exercise your talents and earn extra money, which you can use to boost your savings and create financial flexibility during tighter times.

From selling baked goods, creating floral arrangements, teaching music, delivering food, today’s gig economy has room for everyone to succeed.

In addition to earning extra money, you can also set your own hours and take on as much as can fit on your plate without feeling overloaded. An online search will uncover the resources you need to spark an idea that grease the wheels on your new money-making endeavor.

Push your money-saving limits

Saving money can be a challenge – no matter the size of your budget.

Especially during a period of economic stress, saving money is both more challenging as it is essential. If the thought of saving money on a regular basis gives you heartburn, take a deep breath. Here are some strategies that can get you saving like never before.

First, challenge yourself to limit your spending to only the absolute essentials for an entire month. This means abstaining from any discretionary spending of any kind. No eating out. No catching a movie in a theater. No Amazon spending sprees. This strategy will tell you a lot about your necessary monthly expenses. It will also reveal your true money-saving capacity. Make sure to put everything you saved into a separate account so you can see for yourself how hard you worked.

Another tactic is to review all your online subscriptions and cut, cut, cut. Those auto-renewals can sneak up on you and quickly add up. And remember that you don’t need to eliminate everything, but being more judicious about the platforms you use is always wise.

Finally, find ways to save around your home. For instance, increasing the thermostat at home by just a couple degrees will help you save on your utility bill. During these summer months, utility costs can really move up as everyone cranks up their air conditioning. You can also use smaller appliances, instead of your stove or oven, to cook meals and cut back on energy usage for a little extra savings.

Savings can be used for a lot of things, including a down payment on a new home. If you are interested in purchasing a home, contact us today!