Worried About Inflation? Here are 5 Ways to Keep Cost of Living Increases in Check
Inflation is a word that fills many with dread. A recent Harris Poll found that 55% of Americans are worried about inflation and what it will do to their cost of living.
It's not a surprise people are afraid. The most recent inflation reading from the Consumer Price Index came in at 6.8%, recording the highest year-over-year increase since 1982.
Fortunately, there are things you can do to keep your costs manageable to avoid any significant shocks when prices are on the rise.
Ask for an Inflation Raise
If inflation is 5% and it's expected to remain that way, you can ask for a 5% raise to adjust your salary for the rise in the costs of goods and services.
Consolidate Your Debt to Beat Interest Hikes
With experts forecasting interest rate increases, this could be an option you may want to consider if you have debt.
Get a Budget
For example, when prices start to go up, a budget can help you ensure that you're not overspending in areas where you don't need to.
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