Prices for just about everything are at a decades-long high. Some simple changes to your financial routine can make the most of your money right now.
Jamie Grill—Tetra Images/Getty Imagesf you’ve purchased gas, groceries, a car, a home, or just about anything else lately, you’ve noticed that things are getting more expensive, quickly. In March, inflationInflation is typically the result of an imbalance in supply or demand. What makes this period of inflation somewhat unique, however, is that the economy is experiencing pressure from both sides, explains Lindsey Bell, the chief markets and money strategist for Ally Financial.
Many Americans have little experience saving, spending, budgeting, and investing in such a high inflation environment. Here is how the experts recommend prioritizing your finances in the months ahead.Having a budget is always the best way to keep costs under control, and in recent years inflation has caused many Americans to take up the practice.
“While there are a lot of things you can do to invest, if you got something like 16% or 18% interest on a credit card, you’re not going to beat that with any investment,” he says.As prices soar it can be tempting to seek out investments that will keep pace with inflation. Before you consider where to invest, however, the experts recommend setting aside enough cash to overcome any immediate financial challenges.
The next government-backed investment to consider is called a Treasury Inflation-Protected Securities, or TIPS. “Dipping your toes into the bond market with TIPS, if you don’t need that money for two-plus years, is a more beneficial place to be,” adds Bell.Home prices have been skyrocketing lately, which is great news for existing homeowners, and not so great for those who are looking to get into the market.
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