April Topic of the Month: What can you do to combat inflation?
Prices are going up—at the gas pump, in the housing market, and everywhere else. Inflation is a work in everyone’s vocabulary today, and the question that comes with it is, “what can I do to protect myself from it?” We have suggestions to help you deal with rising prices.
In a period of high inflation, it’s a good idea to try to defer big purchases if you’re able to do so. Remember, not everything will always be more expensive. If you can defer to on things like cars, houses, and others while the market normalizes, you may be able to save money as demand drops. If you do end up having to make a purchase that suddenly costs much more, you can make use of an emergency fund.
If you’re able to start putting away more money, you can build or add to your emergency fund. This is a fund, separate from your other saving accounts, can save you from using credit cards or loans with high interests. You might aim to save a one, five, or ten thousand dollars, depending on your life circumstances.
You can also reflect on your investments to see what’s serving you, and what might be reallocated to better serve you during this time. This is best done in conversation with your financial advisor, and we’re always happy to help you determine the best course of action. Call Orsinger Investment Group, Inc. at (724) 588-9067 to find a time to talk about your individual inflation solutions today.