Day-to-day living is costly all year round, but expenses tend to mount quickly in September. Back-to-school shopping, end-of-season entertaining, and early preparations for the 2015 holiday season may have you wondering how you can seal some of those budget leaks. We’ve compiled five of our favorite time-tested tips to help Laguna Beach residents ease the pain of the ever-increasing cost of living.
Improve Your Marketability
Unless you’re lucky enough to have a household income that increases in proportion to inflation, you might consider making yourself more marketable in 2015. Whether you choose to boost your income by moonlighting, starting a business or advancing at work, widening your skill set with classes or other forms of ongoing education can help you stand out in your field and drive up your income.
Purchase a House
You may be surprised to hear it this September, but investing in a new home at a fixed rate now could be a great move. With the economy on the upswing in the second half of 2015, the chance that interest rates will rise is pretty good. Beat the Fed by locking in a good rate now. A word of warning, though: Don’t be tempted to flip a house right now. Only buy if you’re looking for a home and working toward a debt-free future with a paid-off home mortgage.
Invest in the Stock Market
Some dismiss this as a way to fight back against inflation. Although there are risks, of course, gains can be significant when you make smart choices. Investing in companies whose prices rise along with inflation puts the odds in your favor. Commodities are one such area; grains, fuel and gold or other metals are great bets. If you decide to take the plunge, enlist the aid of a Laguna Beach advisor or go it alone online.
Invest in a Winner
Let tech trends be your guide. Pay attention to the technology climate and invest accordingly. Along with commodities, new technologies that appear to be “sticking” often make a great place for your investing dollar.
You’ve probably noticed that yields on your savings have been incredibly low for quite a while now. Although you’re not going to get rich by stashing your money away in a typical savings account or CD this September, research the offerings at Laguna Beach banks to find the best possible place for your nest egg.
Would you like to learn more about how you can protect yourself against inflation? Visit our website and fill out a contact card.