With inflation still above 8%, some tips for saving money
MINNEAPOLIS -- Inflation remains a top concern. It sits at 8.3% with new numbers expected Thursday. Deals are one way to save but with food, energy, taxes and cost of living growing, how do we cope with inflation?
WCCO's Derek James talked with personal finance expert Anthony O'Neal about what you can do to hold on to more of your money, and why now is the time to consider finding a way to bring more of it in.
"Americans tend to vote with their wallets right but no matter who is in the administration, they can't control our personal finances because they are personal to us," O'Neal said.
O'Neal says it isn't ideal but if you can swing it, pick up a second job, or a side hustle.
"As we're going into the holiday seasons, we're seeing companies like Amazon Prime and FedEx are paying people anywhere between $17 and $24, $25 an hour," O'Neal said.
Instead of finding new income, people are making the mistake of pulling money out of investments; 38% of investors said they sold stocks last year, according to a MagnifyMoney study.
"The moment you pull it out, it's permanent If its still in there it's just on paper going up and down. Let it just run it's cycle let it run its course," O'Neal said.
When it comes to saving money, focus on cuts to energy and food expenses. O'Neal suggests a couponing comeback.
"Look at apps like Flip and Ibotta. They're actually going to tell you what's on sale at what particular store. You're going to shop when you're not hungry and when you have a list and you're going to stick to that list and you're going to shop in season for this season," O'Neal said.
Another way to cut costs is to lower the thermostat by as much as 10 degrees during the eight hours of the day you're not in the house; it will save as much as 10% on your energy bill.