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Strategies to Build Personal Finance When Inflation is High
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[QUOTE="Jasz, post: 257650, member: 61772"] When inflation is high, it makes sense to build your personal finances around your income. Because the cost of living continues to rise, inflation-adjusted paychecks are getting smaller. To keep pace with your fixed costs, you need to save more than you did a decade ago. And you need to start saving sooner than you might otherwise have done. If you want to maintain your lifestyle and avoid debt but don't want to slash your spending or sacrifice other goals, here are four strategies for building savings when inflation is high: 1. Make it automatic. In order to avoid thinking about saving, many people set up automatic transfers from their checking account into a separate savings account each month. The money comes from paycheck deductions or by paying extra on your credit card bill. This strategy can work well if you have a good record of saving and have never missed a scheduled transfer before (or at least haven't in a long time). But if you're new at this — or if something goes wrong — it's best not to rely on this method alone: You could easily miss payments that aren't being transferred automatically and wind up in a worse situation than if you hadn't started at all. 2. Pay down debt quickly and aggressively when possible. If possible, pay off credit cards with high interest rates as soon as possible so that they won’t continue to take up valuable space in your wallet and heart (and affect your credit score). If this isn’t possible or if paying off the highest interest rate first would make sense prioritize payments on other debts such as mortgages or auto loans over other debts such as student debt. [/QUOTE]
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