Experts help with budgeting amid inflation rising
BIRMINGHAM, Ala. (WBRC) - Experts said we can expect higher prices and inflated costs for at least the rest of the year.
“You want to watch your budget,” Senior Advisor with The Welch Group Marshall Clay said. “The budget and the credit card use go hand and hand. You certainly don’t want to be carrying debt from one month to the next. You want to pay it off as quickly as possible.”
He said paying cards off as quickly as you can can help prevent you from paying even more.
“With the increase in interest rates, those rates on credit cards are going to go up,” Clay said. “So, if you are carrying debt from one month to the next, and you’re paying interest payments, you can rest assured that those interest payments are likely to go up.”
Clay said using coupon and grocery store rewards programs can save you dollars while shopping.
“A lot of grocery stores these days have those rewards cards,” Clay said. “If you don’t have that card, you’re paying full price, but if you have it, it can save you ten to fifteen dollars on your bills.”
Clay said you don’t need to cut out all extras, just some. Compromising can help your budget.
“You really have to think outside of the box, especially if your budget is really tight,” he said. “Particularly alcohol. If you look at restaurants, that is how they make most of their money is through alcohol sales, so if you eliminate that, you can go out and have an enjoyable time and not spend as much money.”
But, he said you have to stay consistent in the cut backs to notice more money in your pocket.
“Doing one off here and there isn’t really going to change your life too much,” Clay said. “But, if you do it often enough, it’ll start growing into something more meaningful.”
Consumer Price Index data shows that inflation shot up by nearly eight percent in February compared to last year.
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