Some Lowe’s workers have a bonus coming up.
- Inflation can make it harder for Americans to pay for daily expenses.
- Lowe’s pledged to pay hourly bonuses to its workers to fight inflation.
- Bonuses and other financial incentives can help workers better manage rising costs.
Inflation impacts bank account balances across the country. But retail workers are more likely to face financial hardship due to higher than normal prices.
The good news is that some companies are offering their employees bonuses and other incentives during this time. Lowe’s is a brand that will. The company has pledged to pay its hourly workers $55 million in bonuses.
Last week, Lowe’s shared its second quarter sales and results.
Lowe’s Chairman, President and CEO Marvin R. Ellison also made remarks. As part of his comment, he mentioned what the company would do to help employees.
To help fight inflation, he noted that Lowe’s would pay out $55 million in bonuses to thank hourly workers for their commitment and hard work.
With the current annual inflation rate of 8.5%, any extra money paid out in bonuses will likely make a big difference for hourly employees in financial difficulty.
Six tips for fighting inflation
If inflation is hitting your finances hard, you are not alone.
While a bonus or raise can be a good way to boost your income during times of high inflation, it’s not always possible. If you’ve asked for a raise or know it’s not right for you, there are other steps you can take to handle the price hike.
Here are six tips for fighting inflation:
- Find ways to increase your income. Consider making a side hustle, taking a part-time job, or selling extra items in your home to boost your income. With more money, it will be easier to manage higher prices.
- Eliminate unnecessary expenses. If money is already tight, it may be difficult to afford higher prices. But you may be able to reduce your expenses. Using a budgeting app is a great way to track your spending to see where you can cut spending.
- Negotiate your bills. This is the perfect time to review your monthly bills. You may be able to negotiate some bills, such as your home internet or cable bills. Don’t be afraid to check in and ask if you can get a better rate.
- Look for higher paying opportunities. If your full-time job isn’t up to today’s prices, it might be time to look for a new job with better pay and benefits. If you’re ready to part ways with your current employer, spend more time applying for other jobs.
- Continue to contribute to emergency savings. If you have some money left over after paying your bills, keep contributing to your emergency fund. The extra money can make a tough financial situation easier to bear.
- Buy with a plan. If you’re going shopping, always have a plan. Having a shopping list and an idea of how much money you plan to spend is a good idea. This way, you’ll be less likely to throw unnecessary items into your shopping cart. Weekly ads are a great tool to help you stick to your budget when planning your next shopping spree.
For additional advice, see our personal finance resources.
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