Financial Strategies to Help Fight High Inflation

Financial Strategies to Help Fight High Inflation

InvestigateTV – With the current inflation rate still high, around 6.5%, as reported by the US Bureau of Labor Statistics (USBLS), many consumers are looking for ways to combat high prices and stay stable in the expense.

Danetha Doe, the creator of the Money & Mimosas website, recommended four steps to keep prices in check. Her financial philosophy is to be fiscally responsible and have fun at the same time.

Conscious Spending: Prioritize what you love, but find cheaper ways to do it. For example, if you love shopping, instead of buying new clothes, look for sites like TheRealReal or Le Tote, which are resale sites, and do your shopping there.

Find a way to make your money work for you: invest in yourself. Consider enrolling in a personal finance course or signing up for classes so you can eventually earn more money at work.

Optimize your savings account: Most large traditional banks have an interest rate of around 0.06%. High-yield savings accounts at banks like Ally or Lending Club have interest rates close to 2%.

Find a way to earn more money: get a side job where you earn a little more income; Maybe you can rent a room in your house, rent your car, or become an online coach or tutor.

Leave a Comment

Your email address will not be published. Required fields are marked *