These days, it is almost impossible to make it through a single day without someone bringing up inflation. As we enter an age where egg prices are climbing and the cloud of the 2008 financial crisis hangs in the air, South Carolina residents are wondering what comes next. Many of us are questioning what our financial futures will look like—and how we can protect them. Let’s explore how South Carolina residents can save money and boost their savings accounts during times of inflation.
Inflation is Here—Saving is More Important Than Ever
Economists are still debating what the future will hold, but economic changes are already being felt by residents all around the United States. In the South Region alone, the consumer price index has risen by over 5.3% in the last year—and it is already up another 0.4% in the last month. Fortunately, the hardworking people of South Carolina have also seen a rise in employment across its seven largest counties. Saving money and cutting costs can help every household to brace for higher prices in the future and feel more comfortable during times of economic uncertainty.
6 Ways for South Carolina Residents to Cut Costs and Boost Their Savings During Inflation
Preparation is one of the most effective ways to navigate a potentially unstable financial future. No one can guarantee the direction of the U.S. economy, but we can all put in the work to prepare ourselves for rising costs and even potential unemployment. Whether you are an individual or a proud member of a growing family, these tips can help you store a little extra money in the bank.
1. Shop the Sales
In the modern world, shopping is often a matter of convenience, but during times of high inflation, it is better to be a smart shopper. Making the decision to shop the sales can help you cut down your monthly bills significantly, allowing you to put more in savings or invest in stocking up on long-lasting home essentials. South Carolina sales tax can range from 6% to 9%, so be sure to be aware of any nearby areas where you can save more!
2. Choose Energy-Efficient Appliances and Tools
Energy bills are due every month, but it is no secret that many of these bills are changing for the worse. South Carolina’s energy data suggests that the average monthly bill in South Carolina is up to $144.73. That is almost $1800 a year, with many residents paying more. To make matters worse, energy prices are on the rise. Starting April 1, 2023, South Carolina residents will be paying more to Duke Energy, increasing to a collective total of $52 million.
Energy is a rising cost for South Carolina residents, and it is one that can be offset by making smart investments. If you are due for a home appliance upgrade, now is the time to choose energy-efficient options. This can help you to cut down on monthly energy bills and allow you to have a more eco-friendly home too.
3. Find a Side Gig
If you have ever wondered if you can turn your passion into a career, now is a great time to get started. More people are turning to side gigs as a way to bring in additional income outside of their salaries. This is a chance to explore turning your hobby into a professional opportunity, and some side gigs can really pay out. Led by younger generations, 44% of working Americans now have a side hustle.
4. Look Out for High-Risk Investments
Every time inflation rolls around, there are people who encourage others to make money on it. While it is true that you can make money during inflation, it is important to be prepared when it comes to investing—including with your retirement. Some people will walk out of these times of economic uncertainty with more than they come in with, but that isn’t a guarantee. Protecting your investments might be a safer option. Before you move your money searching for riches, assess your risk tolerance and act accordingly.
5. Continue to Support Small Businesses
When faced with inflation, it is natural to feel frustrated or even angry. No one likes to walk into a store to learn that the price of their favorite item went up. It is inconvenient, especially as prices continue to climb and your income stays the same. Unfortunately, this reality is especially hard on small businesses in South Carolina and beyond.
Small businesses are disproportionately impacted by the rising costs associated with inflation. Worse, they generally don’t have extra money to navigate it like larger businesses do. Already, more than 80% of small businesses have admitted to raising their prices due to the rising cost of business expenses and personal expenses. This places them at risk if their customers decide to opt for big-brand alternatives that have the money to keep prices low. If you can afford to support small businesses and local businesses, do it. Businesses closing will only make the economy worse.
6. Go Solar
Now more than ever, the benefits of home solar are clear. South Carolina solar residents can completely eliminate monthly bills and may even have the opportunity to sell their energy back to make additional income. Pairing solar panels with energy-efficient appliances can drastically reduce your energy needs, making it even easier to sell any extra energy back to the grid. With prices climbing, going solar today might save you thousands of dollars a year and increase your tax return thanks to Federal and South Carolina solar incentives!
Conclusion: Save Up, Shop Smart, and Lower Your Bills!
South Carolina inflation is already changing the way that we live, and more changes may be just around the corner. Whether you learn to shop the sales like a pro or invest in South Carolina home solar to decrease your monthly spending, there are plenty of ways to save as inflation drives up prices around the United States.
To cut your monthly spending by investing in South Carolina solar, contact our team at Solarflare Energy Company. We are currently serving residents in 26 states, including our home state of South Carolina. Learn about the benefits of home solar and find out how much you can save with our solar energy services and referral program today!
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