Financial strategies to help combat high inflation
High yield savings accounts pay more than a regular savings account
InvestigateTV - With the current inflation rate still high around 6.5%, as reported by the U.S. Bureau of Labor Statistics (USBLS), many consumers are looking for ways to combat high prices and hold steady on spending.
Danetha Doe, the creator of the website Money & Mimosas, recommended four steps to keeping prices in check. Her financial philosophy is being fiscally responsible, while also having fun.
Mindful spending: Prioritize what you love but find cheaper ways to do it. For example if you love shopping, instead of buying new clothes, look for sites like TheRealReal or Le Tote, which are resale sites and do your shopping there.
Find a way to make your money work for you: Invest in yourself. Consider enrolling in a personal finance course or signing up for classes so you can eventually make more money at work.
Optimize your savings account: Most traditional big banks have an interest rate around .06%. High yield savings account at banks like Ally or Lending Club have interest rates closer to 2%.
Find a way to earn more money: Get a side hustle where you earn a little more income - maybe you can out a room in your home, rent out your car, or become an online coach or tutor.
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