You can’t control inflation, but there are personal finance decisions you can make to fight back against higher prices.
Another expense-saving move could be to ask your current credit card issuer for a lower interest rate. Issuers grant such a request more often than consumers might thing, according to Matt Schulz, LendingTree's chief credit analyst.The Federal Reserve has been raising interest rates and is likely to do so again, meaning the cost of variable-rate debt will continue to increase.
While many stocks have been decimated this year, if you can purchase shares of quality companies at a lower price over time, say by, you could keep pace with, if not exceed, inflation. That's because historically, over time, the stock market's overall performance has outpaced inflation rates, Campbell said.
Also make sure to fully take advantage of any company matching that may be available in your company-offered retirement plan, Campbell said.Now's a good time to think about what can you do to grow your earnings power, McBride said.
rose 5% in the first quarter of 2022 relative to a year earlier, on track with last year's fourth quarter, according to the U.S. Department of Labor. It's also advisable to keep track of growth opportunities within your company. Be sure to update your resume so you can take advantage of opportunities that may arise, he said.Money 101 is an 8-week learning course to financial freedom, delivered weekly to your inbox. For the Spanish version Dinero 101, click here.
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