What Does Inflation Mean for Your Paycheck?
If it seems like your paycheck isn’t stretching as far as it used to—you’re right.
Covid-19, supply chain issues, and the ongoing conflicts in Europe have contributed to the highest inflation rates in four decades. Although wages and salaries increased 4.7 percent for the year ending in March 2022, inflation is nearly double that number. That’s bad news for workers. Even those who have received raises are likely to have their modest wage gains wiped out by inflation.
What can workers do to make their dollars go further? Use these 5 tips to get more bang for your buck during these challenging economic times:
- Ask for a raise. If you haven’t received a raise in the last few years, then you’ve likely taken a pay cut due to inflation. It might be past time to inquire about a raise in pay.
- Negotiate. Is it time for a salary review? Arm yourself with knowledge and be ready to negotiate. Before beginning the discussion, know what your labor is worth in the market and the value you bring to the company. If possible, have data to prove how you’ve boosted revenue or productivity for the company. Most organizations base raises on merit, but don’t be afraid to cite inflation as another reason you deserve a pay raise. If your boss can’t meet the number you have in mind, consider negotiating for softer benefits, like an annual bonus, more time off, or benefits.
- Rebalance your budget. How long has it been since you crunched the numbers on your monthly budget? There’s a good chance examining your spending can help you shave off enough dollars and cents to live within your means.
- Shop strategically. It’s easy to fall into the habit of buying the same things at the same places. Consider switching to generic brands, using coupons, signing up for loyalty programs, or applying for credit cards that offer rewards.
- Look for savings. Have you audited your subscriptions lately? Those automatic online debits can be sneaky. Take a look at your credit card statement to see if you’re paying for subscriptions you no longer need.
PrideStaff helps people find great jobs and better pay—especially in tough times.
Whether you’re looking to supplement your income with temporary work or want to find your dream job, we’ll help you find a job that’s right for you. Gain access to a vast array of opportunities you won’t find elsewhere, and enjoy the support of expert recruiters who have your back. Contact your local PrideStaff office today.
