Tips on saving money while we deal with inflation
BIRMINGHAM, Ala. (WBRC) - The Federal Reserve raised interest rates Wednesday, March 16, for the first time since December of 2018.
The Fed uses interest rates as either a gas pedal or a brake on the economy when needed, so it could take a little time before things cool down with inflation.
Marshall Clay, a senior advisor with The Welch Group, believes inflation will be with us for a while, so he says you need to keep that in mind when budgeting.
Clay recommends you do your research. Look for savings. A lot of grocery stores advertise sales online to help plan your shopping. Its also wise to take advantage of grocery store rewards cards.
You can also use apps to save on gas. Another tip is to set priorities. A lot of us have recurring expenses in our budgets so you may drop things like streaming services to save money.
“It’s really a time to separate needs from wants and see if you can sort of hold off on those nice to have items and really only focus on what you need. I think that’s going to be really important for the next year or so,” Clay said.
You can also get cash back depending on what credit card you have. Remember, don’t apply for too many credit cards at once because it could ding your credit score.
CLICK HERE TO GET THE WBRC FOX6 NEWS APP
Subscribe to our WBRC newsletter and receive the latest local news and weather straight to your email.
Copyright 2022 WBRC. All rights reserved.
