As interest rates and inflation exert increased pressure on consumers’ finances, our American Staffing Association-Harris Poll in Newsweek and Staffing Industry Analysts shows many employees feel their paychecks are still lagging behind inflation.
- Nearly two in five (38%) Americans even said their overall financial situation is more stressful than 12 months ago when most Americans said inflation is causing them to save less for unexpected expenses.
- More than half (53%) of US workers feel their paychecks are not keeping up with the pace of inflation rather than keeping up (47%).
- Younger employees react with raise requests: Two-thirds of Gen Z and Millennials intend to request a raise in 2024 (66%, 67% v. Gen X: 51%, Boomers: 42%).
“The data may project a soft landing for the economy, but the bank accounts of America’s workers are telling a different story,” said Richard Wahlquist, CEO of the American Staffing Association.
“With the price of a pound of ground beef increasing by 29% over just four years and personal savings rates at their lowest levels in 15 years, US workers are understandably stressed about the adequacy of their paychecks and their ability to save for their future.”
Combat Inflation
Personal Finance Expert Kristin Stones from Cents and Purpose says, “The best way to counter inflation is to start looking at ways to live a more frugal lifestyle, and adopting frugal habits to lower household expenses can help you counter inflation as prices continue to rise. In addition to trying to cut expenses, it’s also important to continue to increase your income over time. ”
Here are some ways to do that.
Create a Budget
It might seem like common sense, but sometimes, the biggest thing you can do to implement frugal living is simply create and stick to a budget. Getting organized with your finances starts with ensuring you know exactly what you’re spending and where your money is going. Creating a budget that plans out how much you make and how much you’ll spend on specific items and ensuring that you don’t stray from your budget can save you a great deal of money.
Cook at Home
One of the easiest things you can do to save money is to cook at home. Planning your meals out a week ahead and making a grocery list before going to the store can save you a lot of money. If you plan out meals, you can assess what ingredients you already have at home to afford to purchase extras. By having a list that you stick to, you can avoid impulse purchases and spending more than your budget allows.
Buy Generic Brands
You’d be surprised at the difference it can make in your expenses if you simply buy generic or store-brand items instead of the name brands. Usually, name brands are more expensive, and you’re spending more money to receive the same item.
Use Coupons and Discounts
You can almost always find a coupon or discount for an item you’re planning to purchase if you’re just willing to look a little. Finding a coupon or discount can help you save on purchases and will save you money in the long run. Download coupon apps on your phone so you can easily get all the discounts you need.
Shop Secondhand
You can often find secondhand items for less than half the price if you bought them new. No matter what you need, you can usually always find it secondhand, and many times, you don’t even have to sacrifice quality.
Cancel Unnecessary Subscriptions
Many people are paying for subscriptions and memberships that they aren’t actively using, and they don’t even realize that their money is going toward them. You can save money by assessing what subscriptions or memberships aren’t getting used or if you have duplicates. You can also look at your subscriptions and see which ones you aren’t using as often as others to save money.
Cut Back on Dining Out
Dining out is expensive; even when you think it isn’t much, it can add up over time. You’d be surprised at what the costs can be at the end of the month when you’ve been eating out, even just a few times. You can save immensely by eating at home and not ordering in or eating out.
Get Stuff for Free
Cutting down on spending doesn’t necessarily mean you have to do without things you need and want. There are so many easy ways to get stuff for free if you use a little creativity and know where to look. Reach out to friends and online groups for items, especially clothes, people are giving away. Join swaps and trade with friends to share things you need.
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