4 Ways You Can Combat Inflation If You Make Minimum Wage
Written by
Adam Palasciano
Edited by
Amen Oyiboke
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Everything is still expensive these days, and current minimum wage requirements are probably not helping.
Paycom highlighted that just ten states and Washington, D.C., have a minimum wage of $15.00 or more per hour in 2025. Meanwhile, 20 U.S. states only have a required minimum wage of $7.25 per hour (the same as the current federal minimum wage), which hasn’t changed since 2009.
In today’s economy, not even $15.00 per hour will likely make ends meet. Unfortunately, continued inflation isn’t making this reality any easier. According to the U.S. Bureau of Labor Statistics, current inflation as of January 2025 hovers around 3.0%. This is up from 2.9% as of December 2024.
If you’re feeling the financial pain of insufficient hourly wages coupled with stubborn, rising inflation, here are four ways to get ahead, according to SoFi and Printify.
50/30/20 Budgeting Method
Even if you aren’t earning that much money, this smart 50/30/30 budgeting method can help: you’ll set aside 50% of your take-home pay for needs (such as rent, utilities, groceries, insurance, transportation and other essentials), 30% for wants (such as entertainment, shopping for new clothes and other non-essentials), and 20% for savings. Adhering to this formula can help ensure you’re making ends meet and hopefully staying out of debt.
Become a Dog Walker or Pet Sitter
If you’re a pet lover or a dog parent yourself, then this could be a fun side hustle for you. Many people have dogs that need to be walked while they’re at work. Or, cat parents may need someone to check on their furry friend once or twice a day when they’re on vacation. You could make supplemental income by accepting these jobs outside your regular work schedule. Popular apps like Wag and Rover can connect you to people in your local area in need of dog walking and pet sitting services.
Open a High-Yield Savings Account
Opening a high-yield savings account is a smart way to earn a risk-free percentage yield on your cash while maintaining liquidity at the same time. Generally, high-yield savings accounts offer higher APYs than savings accounts at traditional brick-and-mortar financial institutions. You’ll earn interest on your money each month, which can quickly serve as a consistent passive income stream to supplement your wages.
Become a Rideshare Driver
If you have a car in decent working order, consider becoming a rideshare driver. You can sign up to be a rideshare driver in your local area on platforms like Uber and Lyft. You’ll get ride requests and pick up and drop off passengers, earning money for each ride you complete.Â
This is one of the most flexible side hustles out there because you can switch the apps on and off at your discretion, so you can work only when you want to. However, be sure to account for the cost of fuel, maintenance and insurance along the way, which could offset your earnings.
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