GREENSBORO, N.C. — Inflation…
It seems like everything is going up these days. Gas, rent, even groceries. Just the other day, I paid nearly $50 to fill my tank. I couldn't believe it!
According to TIME Magazine, many Americans have little experience saving, spending, and budgeting in such a high inflation environment. TIME offers steps you can take now to protect your money.
Step 1: Make a budget, a few simple cost-cutting measures can help counteract rising prices. Experts suggest canceling subscription services or trading down from name brands to private label brands at the grocery store.
Step 2: Pay off existing debt. Many put off paying off debt till the end of the month, but experts say debt should come second to living expenses ahead of investing.
Step: 3: Maintain a rainy-day fund. As prices continue to soar, set aside a few extra bucks to help overcome any immediate financial challenges. This practice came in handy when I had two busted tires in just a two-week span.
Step 4: Invest in your home. Though the cost of building supplies and labor may be on the rise, experts say it's better for homeowners to invest in their current properties before buying a new one.
I know we're all tired of hearing about inflation, but sadly, it doesn't appear to be going away anytime soon. Protecting your money may help to relieve some of the stress you may be feeling lately.
That's My 2 Cents.