The Federal Reserve and its army of economists are taking credit for putting the inflation genie back in the bottle. However, the chart below shows why most people without a PhD in economics are still upset.
Inflation may be leveling off (purple dotted circle), but food prices have exploded across developed economies (yellow dotted circle). Fortunately, there are money hacks that can mitigate inflationary pressures. Most are easy to do, cost nothing to set up, and may even be fun for those who relish frugality. Here are twelve.
- Reclaim unclaimed property
Unclaimed property is a financial account abandoned and transferred to the state. For example, let’s say you paid a $100 security deposit to a utility company and then moved years later. The utility company tried to mail you a check, but since you moved, the check never got cashed. After a year, the law requires the utility company to send the $100 to that state’s unclaimed property account. It’s then up to you to get it back.
You can search for unclaimed property online at a state’s unclaimed property website or click on the link below to find links to all states. I’ve moved more times than I can count, so a few years ago, I searched for unclaimed property in every state I’d lived in. I was blown away to find over $3,000. Even my alma mater owed me $280 from the late 1990s!
Unclaimed property won’t make or save you money, per se, but it’s an easy way to get back what’s owed. For those who have inherited assets from family and friends, search their names as well.
- Save on Amazon
According to Statista, over 37% of all online shopping in 2023 was through Amazon1. This year, it’s expected to rise to 49%.
The challenge with shopping on Amazon is that prices are constantly changing. That’s why I rarely click “buy now” without checking Keepa first. This plug-in works on all major web browsers, tracks the price of any good on Amazon over time, and emails you when a price falls below your target.
A few weeks ago, I told Keepa to notify me if the price fell below $45 (this graph appears below the product pictures on every Amazon listing). I chose this threshold because it was the lowest price in the last year. In June, I received an email telling me the price had fallen, and I bought it at $30 before the price shot back up to $50.
If you’re willing to shop patiently, Keepa can save a lot of money and is also free to use.
- Get cash back for shopping online
Rakuten pays cash back at thousands of brand-name stores online. Once installed on your browser, shop online, and Rakuten will track your spending. You’ll then receive cash back based on varying rates set by merchants. For example, Home Depot may pay 10% back, Target may pay 5%, etc.
The rates also vary over time (cash back increases around Black Friday and other big shopping weekends). This is one of the easiest ways to save money when shopping online, and it’s also free to use.
- Get paid to eat out
Keeping on the theme of getting paid to shop, Neighborhood Nosh pays cash back for dining out. Enter all your credit cards into your profile, and anytime you swipe one at a participating restaurant, you’ll get cash back. It’s that simple.
They have a large network of restaurants, and you can search for options in your area. On average, you earn 5-10%, and once you break $20, they mail you an American Express gift card to be used anywhere Amex is accepted.
https://neighborhoodnoshrewards.com
- Sell your stuff
Facebook Marketplace and Craigslist are easy places to sell stuff you no longer want, and you’ll be shocked at what people will buy. We recently completed a home renovation, and rather than throw out an old kitchen island that had seen better days, I posted it on Facebook and sold it immediately for $1,500 cash.
The best part is that neither marketplace charges a commission to sell locally. Posting items takes less time than you may think, but the trick is to avoid scammers. Here are three rules that I never break.
- Never accept electronic payments to ship an item, or so a “friend” can come to pick it up.
- Never sell to anyone with a new profile or little to no info on their bio.
- If you get a weird vibe, walk. Most buyers are legit, so you’ll eventually get another bid.
Follow these, and you’ll weed out 99% of potential problems. Or keep it super simple and accept cash only.
https://www.facebook.com/marketplace
https://www.craigslist.org/about/sites
- Play the points game
Most credit cards offer miles or points that can be converted to unlock value. The first step is to get organized, so set up an AwardWallet to track credit cards and loyalty points in one place.
AwardWallet will also incorporate the unique benefits of each credit card and show how many points are earned for every transaction. It can even highlight when one card should be used over another. For example, if one card paid more points for gasoline than another, you’ll be notified to get the most bang for your buck.
Next, go to www.point.me before using points or miles for travel. Enter your travel account numbers, and their algorithm will determine the most optimal points strategy when booking airfare, hotels, and more. American Express cardholders get an account for free.
https://amex.point.me (for Amex holders)
- Avoid booking fees
Follow these five steps before booking any rental house:
- Find a property on Airbnb or VRBO.
- Look for the property manager or address in the listing.
- Google the firm name or address.
- Book the property on their website.
- Save a lot of money.
I’ve been doing this for years and can’t remember a time when it failed.
- Buy gift cards from Costco
I love everything about Costco (except the gas line). One of the most underutilized benefits of the membership is buying gift cards for less than face value. I’ve periodically seen Southwest and Delta offer $500 gift cards for $450. Want to see a movie with the family? Buy $100 gift cards for $80. This is free money, and while the best deals are in their warehouses, decent ones are often on their website for immediate download.
https://www.costco.com/gift-cards-tickets.html
- Share your thoughts
Create a User Interviews account to share your opinion on major brands and get paid. Companies like Adobe, Pinterest, Spotify, and Wayfair regularly run surveys to gain insight into their products, and they often pay $75 or more per session. Some even pay $450 for specific one-hour sessions.
Swagbucks is another option that pays to answer surveys. Some are just single-question polls, while others may take 30 minutes to complete online. It’s hard to think of an easier way to make money than sharing an opinion.
https://www.userinterviews.com/hello
- Rent books
Go old school and get a library card. We did this to stock up on baby books for our firstborn and have never looked back. I kick myself for all the money spent on books I read once and will never again.
- Use Flourish
Keeping cash in most traditional checking and savings accounts lights money on fire. We’ve moved countless clients to Flourish Cash, which offers:
- FDIC insurance up to $25 million in a single account.
- High floating rate (currently 5%)
- Unlimited deposits and withdrawals
- No fees
Talk to your financial advisor about setting up a Flourish account. It takes about five minutes and is all online.
- Fly smarter
Before booking any airfare, check these sites out first.
Skiplagged exposes loopholes in airline pricing. Let’s say you want to go from Atlanta to Chicago. These are two major airports, so airlines charge higher fares. However, flying from Atlanta to South Bend with a connection in Chicago may be cheaper because there’s less demand. Booking this flight and skipping the second leg can save big bucks. This site will find all sorts of loopholes like these.
Skyscanner is one of the biggest travel search engines in the world. It scans hundreds of websites to find the best prices on airfare and hotels. When the flight price changes, you'll receive an email.
Hopper is one of the most downloaded travel apps because it uses an algorithm to determine the best time to book a flight. When looking for flights, Hopper will tell you if it's a good time to buy or wait for the price to drop.
Sources
1 https://www.statista.com/statistics/274255/market-share-of-the-leading-retailers-in-us-e-commerce/
2 https://www.statista.com/statistics/1368607/most-downloaded-travel-apps-united-states/
Disclosures
This material has been prepared for informational purposes only and should not be construed as a solicitation to effect, or attempt to effect, either transactions in securities or the rendering of personalized investment advice. This material is not intended to provide, and should not be relied on for tax, legal, investment, accounting, or other financial advice. You should consult your own tax, legal, financial, and accounting advisors before engaging in any transaction. Asset allocation and diversification do not guarantee a profit or protect against a loss. All references to potential future developments or outcomes are strictly the views and opinions of Richard W. Paul & Associates and in no way promise, guarantee, or seek to predict with any certainty what may or may not occur in various economies and investment markets. Past performance is not necessarily indicative of future performance.