Four Tips on How to Successfully Deal With Inflation

In a report provided by HelpAdvisor, Nevada is the second most expensive state for groceries nationwide, costing each household at least $294.76 a week! It’s no surprise that many families in Las Vegas are feeling the effects of inflation on their wallets and everyday expenses. Learning how to deal with inflation is crucial.

How to deal with inflation - Clark County Credit Union in Las Vegas, Nevada

Here are tips and strategies that you can use to help lessen the strain of inflation on your finances.

  1. Stick to a food spending plan. Coming up with a plan before you head out to the grocery store will prevent impulse buying and avoid overspending. Listen to episode 37 of The Perfect Bite where they discuss Tips to Save Money on Your Food Bill and Meal Planning Hacks. Plus, check out this article to learn more about budgeting your household finances for general savings.
  2. Try to consolidate several debts. If you’re paying multiple high interest debts, combining all your debts into a single payment reduces the total amount paid towards interest, helping you to save money and pay off your debts more efficiently. Here are some consolidation options that are worth checking out.
  3. Look for ways to increase income. Another strategy to mitigate the effects of inflation is to increase your income. Look for part-time jobs or freelance gigs to boost your earnings. By increasing your income, you can use a percentage of your second income to continue building an emergency fund and improve your financial stability during this rough time.
  4. Consider high-yield accounts. As you’re building your emergency fund, it’s crucial to protect the value of your emergency fund. Putting your funds in a high-yield checking or savings account can be a smart choice, helping your money grow faster while having quick access to your funds when needed. See our current rates for more information.

Conclusion

You may have little control over inflation, but you can control how you respond to it by following these tips and staying proactive in managing your finances. If you’re looking for ways to consolidate debts or transfer your emergency funds to a high-yield account, CCCU offers high-yield accounts and free financial tools you need to combat inflation. Simply visit www.CCCULV.org or call us at 702-228-2228 to speak to one of our financial advisors.