BATON ROUGE, La. (BRPROUD) — It’s been more than two years since the pandemic began, and the U.S. government continues to fight inflation still high.
Residents of Baton Rouge are not immune to rising costs for groceries, drugs, health care and other goods.
A long-time Baton Rouge resident, who is battling several serious health issues, told BRProud, “Due to a chronic illness, I sometimes have to choose between getting the amount of food I need and buying supplements that help me minimize my pain and that. help me stay functional.
This struggle to choose between buying medicine and food is not an uncommon situation for the inhabitants of the capital.
According a statisticthe city’s poverty rate is 24.4 percent, meaning that approximately 52,214 of Baton Rouge’s more than 222,000 residents live below the poverty line.
Given the severity of the impact of inflation on residents of the Capital Region, some may wonder if there is any basic financial advice that could help them.
1/ Ask your employer for an increase in the cost of living
For those who are employed and in good standing with their supervisors, it may be helpful to ask for a salary increase based on the cost of living (COL).
Companies that have the ability to do so are likely to grant the request to hard-working employees they want to keep on board.
On that note, Career Coach, Ashley Stahl advises: “And yet, an increase in COL is not a right; you still have to deserve it. Employees must show their value to the company, without being afraid to ask for more money based on the cost of living.
2/ Study your consumption habits and eliminate the non-essential
Some financial experts suggest taking a good look at your monthly spending habits to see where you can cut back.
It’s not fun, but it’s a great temporary solution to a temporary problem.
Nerdwallet suggests starting “by determining if there are things you can do without temporarily to ensure that basic needs are covered, such as housing, groceries, transportation and utilities. For many, this reassessment may result in a pressing pause on non-essential expenses like restaurant meals, subscription services, or gym memberships.
3/ Look for coupons, freebies and bargains
It’s surprising how many discounts and even freebies you can find on food and clothing when you’re willing to do a bit of bargain hunting.
Fortunately, the bargain-hunting lifestyle no longer involves hunkering down on your living room floor amidst an overabundance of coupon ads with a pair of scissors.
4/ Don’t forget Real Estate
Experts say real estate is generally a great investment during times of inflation.
According Addicted to investors“Real estate is actually the ultimate durable asset and often sees its greatest price appreciation during times of high inflation. interested in home ownership as a means of obtaining the tax benefits that help offset the general level of inflation.
The article advises to consider real estate crowdfunding sites that allow investors to put their money in income-generating real estate. The article also notes that some investments only require $10 to get started.
5/ Keep money in a high yield savings account, money market account or CD
Over the past two years, the pandemic has played a major role in steering the national economy along a virtual roller coaster.
Given the unpredictability of the economy in recent years, a financial expert quoted in a recent CNBC article suggests always keeping cash in a high yield savings account, money market account Where CD.
The article recommends single-income households set aside six to nine months of savings while two-income households set aside at least six months of cash.
He also suggests holding short-term CDs until the country has a better understanding of what longer-term inflation looks like.
In addition to the five suggestions above, experts say another way to weather this period of inflation is to find ways to increase your monthly income. A number of people in Baton Rouge are applying this advice by agreeing to work part-time with companies like Uber, GrubHuband DoorDash.
Others venture into entrepreneurial arena by turning hobbies such as writing, jewelry making, and other art forms into profitable side businesses.
There are many ways to deal with the effects of inflation and hopefully some of the suggestions above will be helpful in this regard.