In light of high inflation rates, finances can become increasingly stressful. Now is your time to reassess what you spend your money on and how you gain wealth. Consider bringing in multiple streams of revenue, refinancing your home or car, negotiating big-ticket items, exploring alternatives for must-haves and minimizing how much gas you use.

Several streams of income

It can seem impossible to bring in several streams of income, especially if you already have a 40-hour work week. That’s why it is important to find additional income through things you enjoy. Making your job a hobby just might be the ultimate goal. Here are just a few ideas to get you excited about bringing in an extra income:

• Photography.
• Content writing.
• Selling homemade crafts.

You can even get the whole family involved for added fun. With several ways to market yourself and your products, there are endless possibilities.

Refinance

Refinancing can seem like a complicated task, but in the end, the benefits will outweigh the time spent. Let’s break refinancing down into simple steps.

To start, refinancing is a process that you can do for big purchases such as a home or car. Going through the process will potentially secure a lower interest rate, ultimately making your monthly payments less. It’s recommended to refinance if you can lower your interest rate by 2%. Consult with your bank to see if refinancing might be the right move for you.

Negotiate

Think of marked prices on a big-ticket item as a starting point. There is almost always an option to make a counteroffer. It may seem awkward when you first start to negotiate, but the more you practice, the more natural it will become. There are various techniques and strategies to use to give you an upper hand when it comes time to negotiate with a seasoned professional:

• Without fail, make sure to research the item you want to purchase.
• If possible, offer to pay in full.
• Inquire about freebies.

Remember, it never hurts to ask for a lower price. With the competitive market right now, companies are looking for ways to push their inventory.

Explore alternatives

Keeping up with the Joneses is a hard thing to do in this economy. Nearly all of us want the latest trending items, whether it’s a new shirt, video game or car. Living beyond your needs isn’t necessarily a bad thing, but it’s wise to look into alternatives whenever possible to save a few extra coins. Here are a couple of examples to do instead:

• When shopping for a fashion item, try thrifting.
• When shopping for a new car, explore pre-owned options.
• When grocery shopping, try off-brands such as Great Value.
• Don’t settle for high prices when you can get something similar, if not the same thing, for a fraction of the price.

Save on gas

Gas prices are outrageous these days. On average, you can expect to pay $3 to $5 per gallon, depending on what state you live in and what grade of gas you are getting. Consider carpooling to work, school or shopping errands if you have the option. That’s an ideal way to share the cost of gas with someone else. Walking, biking or public transportation are also great alternatives.

Money is tight for so many people right now. Don’t let inflation hold you back from living comfortably. Reduce spending by making your hobby profitable, refinancing, negotiating for a smaller price, taking advantage of alternatives and giving carpooling a chance.

Lindsey Certonio is a project manager at Stage Marketing, a full-service content marketing agency based in Provo.