The current inflation rate is now 8.58%, and Americans are cutting back on spending through strategies ranging from coupon stacking to purchasing store brand items. GOBankingRates asked some of our Top 100 Money Experts for their best tips on how to fight inflation.
From cutting back on non-essentials to creating a financial plan, fight inflation with these expert recommendations;elm:context_link;itc:0″ class=”link “fight inflation with these expert recommendations.
Start Making Tough Spending Decisions
“Go through your daily spending, write it all out, and then slash and burn. Downgrade to less expensive products. Cut out subscriptions you’re not using enough. Delete apps that cost money — even if it’s just a few bucks. During COVID-19 lockdowns all the nail salons closed. I have friends who started doing their own nails and got so good at it, they haven’t gone back to the salon. That’s a weekly savings of $30 dollars. Everything adds up.”
Cut Back on Non-Necessities
“Cut back on the non-necessities and find ways to increase your income,” said Tonya Rapley, author of “The Money Manual.”
Put Your Money Into I Bonds
“Right now, putting your money into Treasury I Bonds, investing in real estate or other alternative investments are the best ways to fight the impacts of inflation,” said Danetha Doe, the creator of Money & Mimosas, a website that helps investors.
Add to Your Emergency Fund
Money and career expert Tori Dunlap is the founder of Her First $100K,