Inflation is something we all need to be worrying about in this time of economic downfall. We are not able to get ahead or stay afloat when something that would cost one hundred dollars ends up costing us three hundred dollars over 30 yrs. How do we battle for our future? What things can we do to save money?
When we look at ways to invest our money we start by thinking in terms of savings accounts and money market accounts. It used to be that an individual could save a few dollars in their savings accounts and this money would earn interest. Not now, the average interest rate banks are giving is one to two percent. There is no way this is going to help us save money if we are spending five to ten percent on the same dollar. Think about it, we are actually losing three or more percent on the dollar. How do we combat inflation and still wealth build? Let us look at alternatives to cut the spending and allow us to save more of our money for the future.
Alternative energy can be one way of saving for the future. By replacing some of the higher priced fuels with cheaper alternatives, you will save on your energy bill. This puts money back in your pocket as well as helping with economic conservation. Renewable energy from windmills or solar energy will help in keeping cost of energy down and allow you to save.
Another idea of fighting inflation is to cut wasteful spending. Wasteful spending of the government needs to cease. Not saying everyone agrees with this principal but we are wasting money fighting everyone elses battles. Government is spending too much money on aid to other countries. What about feeding our homeless and housing our homeless? Funds that are going overseas to other countries are taking away from our own.
To build wealth means to secure your own future. The premise is to make money you need to have money. This can be true even if only in small amounts. Investing in your future is the best thing that you can do. Let us look at things you can do to support and save money for yourself. If you work in a place that has access to a 401k, invest in it. Most companies that have a 401k plan will usually match what funds you put into it. If you put a dollar in, they will usually match it with 50% to 100%.
Investments in the stock market vary. There are strict guidelines to this. The way to make money with this would be to play most of your money safe in a money market where they invest some in risky and some from stable accounts. This way if your unstable accounts fail, the stable accounts that are not so risky will still keep you from losing all of your money. Riding out the stock market will offset any losses but you need to keep your money in for long periods.
On the short haul, things that you can do are simple. Stick to a budget. Do not purchase items that have high interest rates. Never promise out more money than you can actually afford. Always keep in mind emergencies come up. Look for sales on items needed and take the balance of the money saved and put it away. Make an account that you actually put money in every pay period. One dollar saved is better than no dollar saved. Sticking to your budget and having a plan will help you fight inflation and provide for your own wealth building future.