With inflation chipping away at your spending power, how can you protect yourself?
Inflation — the rise in consumer prices — is a slow erosion of your money over time. Before 2021, the United States hadn't seen annual core inflation much above 3% for the better part of 25 years, says Michael Ashton, managing principal of Enduring Investments, a consulting and investing firm in Morristown, New Jersey.
LOOK FOR SAVINGS— Eliminate any fees you pay for credit cards or bank accounts . Many banks are waiving such fees and credit cards often have fee-free options."I can say from my own personal experience – it's amazing how easy this is," Ashton notes. He says that every time he would call his cell phone provider, it would offer him a plan that was far better than his current one."And it doesn't happen unless you call," Ashton adds.
— Perhaps the most powerful idea of all: Ask for a raise. If you haven't received an increase in salary in a few years, you've likely experienced what amounts to a pay cut because of inflation, Ashton says. A minimum investment i n I bonds through TreasuryDirect.gov is only $25, and an individual can put up to $10,000 annually into the savings bonds with electronic purchases. The bonds pay fixed interest plus the inflation rate, adjusted twice per year.
INFLATION IS NOT THE SAME FOR EVERYONEInflation hit a 7.5% national average in January, but that's not likely to be your inflation rate, says Ashton.
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