How To Navigate Inflation
The word “inflation” has been seemingly everywhere for the past couple of months and is causing some stress. We want to clear the air of what this means and share a few tips to help you navigate these economically uncertain times.
Inflation is an overall rise in the price of goods and services that any household may buy. To put it simply, your money will not be able to buy as much of an item as it once did. This can strain anyone who is sticking to a tight budget or does not have a lot of disposable income. While the Federal Reserve is working to improve this situation, there are a few adjustments that you can make to help minimize inflation’s impact.
1. Reduce your monthly expenses. You know that subscription you need to cancel but have been putting off? It is time to finally unsubscribe and cut back on items that are chipping away at your monthly budget. This will help free up some extra cash every month making it easier to pay essential bills.
2. Cut out unnecessary spending. We all enjoy buying coffee and splurging on takeout, but now might not be the best time to do so. Instead, create a weekly meal plan to cook at home or make your own morning cup of coffee rather than buying one to reduce the amount you spend. Inflation is driving up the costs of essential goods and services, so it is important to put extra money aside for the increase in your regular expenses.
3. Refinance your loans. Refinance your loans, consolidate your debt, or transfer your credit card balance to a low-interest CrossPoint Visa Credit Card to shrink your monthly bills. Refinancing through CrossPoint will also help you to get the lowest rate possible, saving you even more! Click here to learn more.
4. Beef up your savings accounts. Set up automatic transfers for small amounts to come out of each paycheck and into a savings account. If you never see the money hit your checking account, you’re less likely to spend it. Start small and try for more as you work on your savings journey. If you do not have a savings account, Click here to get started!
Rising costs can sting but can be manageable with a few small adjustments to your budget. CrossPoint FCU is here to help you navigate through these tricky times and create an individualized plan that will set you up for success. For questions or help opening an account, please contact us here.