Avoiding Debt Amid Inflation with Anthony ONeal
CHARLOTTE, N.C. – Make smart moves with your money! We talked with financial expert and host of “The Table” on YouTube, Anthony ONeal, about steps you can take to avoid falling into debt during inflation, or help you get out of it.
Choose Your Hard
- A lot of people don’t want to have to do the hard thing to avoid taking on debt to make up for the higher cost of living.
- You turn to credit cards instead of turning to ways to increase your income.
- I’m not shaming you for this.
- STAT: The average family is spending an additional $460 a month due to inflation. These are HARD times!
- Our culture says that turning to debt is the only option. But it’s NOT the only option. It’s the quick option, but it’s the option that sets you up for a hard road of paying down debt. And with the Fed raising interest rates, it’s only going to get harder.
Get Creative With Your Income
- STAT: 40% of Americans are struggling to pay their bills right now.
- Instead of turning to debt, get scrappy and take some extremes to increase cash flow.
- Rent a room out in your house.
- List your home on AirBnb. Stay with a friend and split the earnings.
- Cancel your vacation.
- Sell your car and downgrade to a cheaper one. OR rent your car out on Turo- like AirBnB for cars.
- None of these things require extra work. They DO require you to do some things that are inconvenient, but they’re also quick ways to generate a lot of cash and avoid debt.
Don’t Pay For Convenience
- There are a lot of things we are used to spending money on that we don’t even think about. And it all adds up. Stop paying for convenience!
- Delivery services like ordering takeout or groceries- they add fees, the food itself costs more and they even have premium monthly PAID subscriptions!
- Monthly subscriptions, multiple online streaming services, premium internet packages for the fastest speed.
- These are luxuries and you’re paying for it. Do your own grocery shopping. Cook your own food. Go down to one streaming service. You can save hundreds of dollars a month by doing this.
- Ultimately, the way to fight inflation is through inconvenience.