How To Make Your Money Stretch
Stretch your money and beat high inflation with these seven tips
Fight rising prices with these strategies to save and make more money
This article was created by MoneyWise. Postmedia and MoneyWise may earn an affiliate commission through links on this page.
You've probably already seen what pandemic-fueled inflation looks like if you recently bought groceries, gassed up your car or went shopping for furniture.
Shortages of goods and workers throughout the COVID-19 pandemic have pushed inflation to its highest levels in decades, and prices will likely continue to surge, with various forecasts anticipating this inflation will carry into the new year.
One way to fight back against rising prices is to by taking advantage of some simple ways to stretch and save your money in your day-to-day life.
Here are 7 ideas on how to effectively give yourself a raise — and kick inflation to the curb.
1. Cut the cost of your debt
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High-interest debt from credit cards and personal loans can be a major drain on your bank balance, especially if you're making only the minimum payments each month.
To break free from your debt ASAP, you might take out a debt consolidation loan . You'll trade in all of your current balances — on credit cards, loans, everything — for a single monthly payment at a lower interest rate.
You can borrow money with no collateral at rates as low as 5.75 per cent. Depending on how much interest you're currently paying on your debts, consolidating them could save you thousands of dollars and help you become debt-free years sooner.
2. Use technology to earn cashback for your purchases
If you do most of your shopping online — and nowadays, who doesn't? — you likely go to the same websites over and over.
You might download a free app like Ampli that pays you real cash (no strings attached) for making purchases from hundreds of partnered brands like Indigo, Roots, Hudson's Bay, Petvalu.
It only takes a few minutes to download the Ampli app and connect your debit or credit card, and you can start earning cashback right away . Use the promo code (AMPLI5) to get $5 of welcome cashback when you join.
3. Turn your old playthings into a payday
Willrow Hood / Shutterstock
Got a closet full of collectibles? Well, maybe the time has finally come to say goodbye to that stuff and sell it online — because it might be worth more than you think.
For example, some of your toys from the 1970s and '80s could fetch hundreds of dollars — maybe even thousands — if you've kept them in good condition.
Selling stuff on eBay is relatively simple, but if you've never done it before, check out this handy guide on how to get started .
4. Slash your car insurance bills
If you've got a car and aren't shopping around for cheaper insurance every six months, you could easily be overpaying by hundreds of dollars a year.
Comparing rates from multiple insurance companies may sound like a lot of work, but some websites like Rates.ca do the shopping around for you . You might find a better deal in just a few minutes.
You'll answer a few quick questions and be presented with the best quotes from hundreds of car insurers. That way, you can find the lowest price available on the coverage you currently have.
5. Play the market with as little as $1
Maridav / Shutterstock
If you've never put money into the stock market, you might think owning a piece of a well-known company is out of reach. After all, stock prices have been climbing higher and higher over the last year.
But investing apps like Wealthsimple will let you buy pieces of companies like Apple and Tesla for as little as $1 — and when they profit, so will you.
You can invest in fractional shares of stocks, exchange-traded funds (ETFs) and even cryptocurrencies, and you won't have to pay any commissions.
6. Stop paying so much for home insurance
Homeowners' insurance rates have been rising for many around the globe. But if your bill seems steep, you might be able to cut it down to size with some good old-fashioned shopping around.
Don't stay married to a policy that might be costing too much. Instead, go online and compare quotes from hundreds of insurers to find a better price.
Answer a few basic questions, and you'll instantly see the best deals available in your area.
You could save hundreds a year on your homeowners' policy by comparing rates — while keeping the same level of coverage you currently have.
7. Make money with your digital spare change
Marlon Lopez MMG1 Design / Shutterstock
Another way to use the stock market to help you battle rising inflation is by putting your pennies to work.
You might use a popular app that helps you grow a diversified portfolio by investing just your "spare change" from everyday purchases.
Inflation may be eating away at the value of money, but your pocket change is far from worthless. If saved and invested properly, it could turn into hundreds of dollars over the course of a year.
This article was created by Wise Publishing. Wise is devoted to providing information that helps readers navigate the complex landscape of personal finance. Wise only partners with brands it trusts and believes may be helpful to the reader. This article provides information only and should not be construed as advice. It is provided without warranty of any kind.
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How To Make Your Money Stretch
Source: https://calgarysun.com/moneywise/stretch-your-money-and-beat-high-inflation-with-these-seven-tips
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