Saving strategies change as inflation continues climb

6/29/2022 1:12:00 AM

Saving strategies change as inflation continues climb

Savings, İnterest Rate

Saving strategies change as inflation continues climb

Rising inflation has changed the way consumers save money, according to NerdWallet. Consumer Investigator Rachel DePompa has expert advice on how you can take advantage of increasing interest rate s, while staying prepared for emergencies.

The survey also found consumers are keeping more money in their checking accounts.Chanelle Bessette, a personal finance and banking expert with NerdWallet, said some savers are choosing riskier alternatives like cryptocurrency.“Even if folks have been trying to change around their savings strategy, to compensate for inflation, they actually could start looking into savings accounts again as an option because rates have started going up,” Bessette said.

Bessette said it’s important for consumers to keep cash on hand in case of an emergency and to shop around for the best interest rate.She added that is important to keep comparison shopping for the next several months if interest rates change, to make sure you’re getting the best return on your money.

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The survey also found consumers are keeping more money in their checking accounts. Chanelle Bessette, a personal finance and banking expert with NerdWallet, said some savers are choosing riskier alternatives like cryptocurrency. The program also provides guidance on steps to take if state grid reliability is at risk. “Even if folks have been trying to change around their savings strategy, to compensate for inflation, they actually could start looking into savings accounts again as an option because rates have started going up,” Bessette said.9% in 2023, down from 10. Bessette said it’s important for consumers to keep cash on hand in case of an emergency and to shop around for the best interest rate. They guide customers to use simple conservation tips linked to the anticipated demand for energy. She added that is important to keep comparison shopping for the next several months if interest rates change, to make sure you’re getting the best return on your money." His family is grateful to everyone who jumped into action after hearing the cries for help, including Leon's 7-year-old sister.

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