You already know that inflation is at a 40-year high, and you may already be experiencing the effects of inflation on many of your monthly expenses. A recent Bankrate poll indicates that three out of four Americans are experiencing financial stress due to high inflation. It’s difficult to determine when inflation will hit its peak — or how long it might take for prices to start dropping again.
Whether you’re at the grocery store or the gas pump, everything costs more now — so how can you budget expenses during high inflation periods?
We’ve got four strategies to help you combat inflation, starting with tips to help you save on monthly interest charges and ending with ways to save on phone plans. In between, we’ll look at high inflation investments, savings accounts and how to budget in the face of rising consumer spending costs.
We’ll also look at Visible, an American all-digital wireless carrier that offers a radically simple, fundamentally accessible phone plan. With Visible, you can get unlimited talk, text, data and hotspot for as low as $25 per month — and you can use the money you save to build your emergency fund, pay off your debt, invest in the market or cover the increased costs of daily living.
Impact of inflation on monthly expenses
If inflation has increased your monthly expenses, you’re not alone. In 2021, prices rose higher than anticipated — and experts are predicting another year of decades-high inflation.
To assess how much inflation has impacted your bottom line, try comparing the amount of money you currently spend on groceries, gas, restaurants, clothing and entertainment to the amount of money these consumer spending items cost two years ago.
Chances are, you’re putting a lot more of your income towards your necessary expenses — which means it’s time to ask yourself where…
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