How to Survive High Inflation
If you’ve noticed that the cost of everything from your favorite pizza to your dream car is on the rise, you’re not alone! These price surges are happening because of inflation. That’s when the price of items increases, while your dollar loses value. Although a pinch of inflation is good for our financial system, high inflation can leave us concerned for the future. Luckily, there are a few practical ways to survive high inflation.
1. Track Your Spending
Start by understanding where your money is going. You can use free budget tracking tools online or through financial institutions like Scott Credit Union. Identifying areas where you can cut back or optimize your spending can help mitigate the impact of inflation on your budget. It may even help you save money during high inflation!
2. Maximize Rewards
Make your money work for you by taking advantage of accounts with rewards. One great option is Scott Credit Union’s CashBack Checking, where you can earn cash back on your everyday purchases. These rewards can help offset the effects of rising prices, providing you with more value for your spending.
3. Diversify Your Financial Accounts
Diversify your savings and investments during times of high inflation. Investigate options such as certificates or money market accounts, which may offer competitive interest rates. Scott Credit Union offers a range of account options with great rates and personalized guidance to help you make informed decisions.
4. Explore Extra Income Opportunities
If possible, explore opportunities to boost your income, whether through negotiating a raise with your employer or pursuing a side hustle. Generating additional income streams can provide a buffer against inflationary pressures and enhance your financial resilience.
5. Stay Informed and Adaptive
Stay informed about economic trends and be prepared to adapt your financial strategy accordingly. Keep an eye on inflation rates and adjust your investment portfolio or spending habits as needed. By staying proactive and adaptable, you can better position yourself to navigate periods of high inflation.
Although we can’t predict the future, if history tells us anything, inflation rates will continue to change over time. By implementing these strategies and leveraging available resources, you can save money and survive times of high inflation.
If you’re ready to diversify your accounts or earn rewards for the shopping you already do, reach out to the professionals at Scott Credit Union. With their expertise and commitment to member success, they can help you navigate high inflation and achieve your financial goals with confidence. Together, we can navigate high inflation and build brighter financial futures.
