START MAKING TOUGH SPENDING DECISIONS
“Downgrade to less expensive products. Cut out subscriptions you’re not using enough…”Liz Claman, host of “The Claman Countdown” at FOX Business News said.
CUT BACK ON NON-NECESSITIES
“Cut back on the non-necessities and find ways to increase your income,” said Tonya Rapley, author of “The Money Manual.”
PUT YOUR MONEY INTO BONDS
“…Putting your money into Treasury I Bonds, investing in real estate or other alternative investments are the best ways to fight the impacts of inflation,” said Danetha Doe, the creator of Money & Mimosas.
ADD TO YOUR EMERGENCY FUND
Money and career expert Tori Dunlap and founder of Her First $100K, host of the “Financial Feminist” podcast advises on the improvement of financial health through creating an Emergency Fund.
BE AWARE OF THE RISK OF MULTI-SECTOR RALLIES
“Changing rates could mean that hard assets diverge from soft assets in other directions,” said Sam Bankman-Fried, founder and CEO of Alameda Research and FTX. “…make sure you budget for the potential of increased prices,” he advices.
HAVE A FINANCIAL PLAN THAT ALREADY ACCOUNTS FOR INFLATION
Ramit Sethi, financial educator and owner of IWillTeachYouToBeRich.com, said a much better approach to fighting inflation is to have a financial plan that already accounts for rising prices. “At least 10% of your money should be going to investments, automatically, every month,” he said.
INVEST
“Invest, invest, invest!” said Mandi Woodruff-Santos, co-host of the popular podcast “Brown Ambition.”
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