Inflation, much like the oceans, is on the rise—but the good news is that unlike climate change, it doesn't have to ruin your life totally. Yes, inflation is something to be concerned about, but you can mitigate its effects.
Here are 3 quick tips to help offset the impact of inflation on your money.
No need to cut out your daily visit the local barista—but make better financial decisions about your spending choices. Instead of eliminating the pleasures in life that make life worth living, take a look at your monthly expenditures zooming out of your account and make some tough decisions. Get rid of the streaming service you hardly use, then upgrade the remaining one to the no-ads version as a special treat. So posh!
Don't Save, Invest!
While we always advocate for having a rainy-day fund, don't keep extra money in savings accounts that pay 0.5 % interest, at most. If you have a retirement plan through your employer, start diverting a larger portion of your earnings there instead. And even if they don’t, you can still take advantage of $6,000 in tax advantaged IRA contributions.
Renegotiate or Shop Around
Don't just accept the first price a supplier tells you. You may be eligible for a discount on your home and auto insurance, cable and internet subscription, or utility bills. It never hurts to call up and ask.