Navigating the Scary Cost of Living Rise in 2023

The prices at the grocery store are lunging skyward, and so are the prices of just about everything else. 2023 is seeing price hikes everywhere. From rent to used cars and from eggs to smartphones, the world is getting more and more expensive. At the same time, wages are not reflecting these price increases fast enough so people have less money than ever before.

When navigating the cost of living rise in 2023, trying to budget enough cash to pay your bills can get scary. However, there are certain ways that you can receive assistance or change your budget to help offset these price hikes.

Navigating the Scary Cost of Living Rise in 2023

1.   Re-do Your Budget

One of the best ways to start with navigating the cost of living rise in 2023 is to take another look at your budget. It’s likely that your old budget is no longer accurate. With grocery prices and gas prices higher, these sections of your budget are probably incorrect at this point. Even if reassessing your budget is not helpful in finding more money to work with, being aware of the budget constraints that you have to work with is crucial. How do you solve a problem that you don’t know the details of?

2.   Find a Side Hustle

Unfortunately, the response for many people to the upcoming cost of living rises, and a potential recession is going to have to be finding a way to make more money. Side hustles in the form of part-time jobs, selling handmade goods, or selling services as a freelancer are some of the best ways to generate more income for your family. While this tip is not necessarily accessible for those who struggle with finding time in their day, it may be necessary depending on your financial situation.

3.   Save Money on Existing Bills

When anticipating having less money, trying to find bills that you can reduce is a great way of offsetting rising costs elsewhere. Using less water, turning the lights off in your home, and even setting the thermostat a little lower can all contribute to lower bills. Programs run by the government can even help you to reduce bills. Consider applying to the Lifeline program to help reduce your monthly phone bill.

4.   Negotiate a Raise

Another way to offset the costs of groceries and other quickly rising goods is to negotiate a raise for yourself at your current job. You can do this by showing your monthly budget and the increase in the cost of goods. These types of raises are known as cost of living raises. Additionally, you can try to negotiate an additional merit raise for yourself based on your excellent performance at work.

Conclusion

All in all, there are many ways to navigate the cost of living increase, no matter how scary it may be. Reducing bills, making more money, and taking advantage of government assistance programs can help to avoid feeling like the cost of living increases are swallowing you. If you are interested in applying for the Lifeline program for assistance with your phone bill, you can do so through Safelink Wireless here.