- Our Team
October 18, 2022
The inflationary cycle we are now in is causing anxiety for many consumers. Coming on the heels of the disruptions caused by the COVID-19 pandemic makes it feel even worse. And then there is the prospect of a future recession. It is enough to make one’s head spin.
But today, for now, we are struggling with inflation, and taking steps to mitigate its effect is a top priority for many. Here are three suggestions that can help:
Set a budget
Prepare a budget and stick to it. It is easy to deviate from your budget, but every dollar counts when there is inflation.
Here are some costs you may be able to reduce:
Decrease credit card debt
Turning to credit cards to help pay for expenses seems like a good immediate solution — but it can make things worse, especially if you are having difficulty making timely payments. Interest is high and late fees are steep. Also, paying only the minimum amount due lengthens the time it will take to pay off the card.
If possible, switch to a 0% interest balance transfer card or a card that offers a period of time (generally 12-24 months) with 0% interest. Alternatively, you can ask your card issuer to lower the interest rate.
Use menu planning, cash-back credit cards, coupons, rebates and apps
Other ways to cut costs include:
Before you take the final step and set your new budget, compare that budget to the one you had a year ago. This will allow you to identify the areas in which inflation is affecting you the most and help you plan efficiently.
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