Here are some ways to save more during periods of inflation. Also, more of this week's best money reads from experts.
During inflation, consumers can adjust their spending and saving strategies to help lessen the impact that inflation has on the value of their money. It's important to have liquid cash set aside for emergencies, but beyond an emergency fund, there are other ways to save money and help retain its value. These methods include seeking out higher interest rates on bank accounts, retooling your budget and spending, investing your excess cash or buying treasury bonds.
When the cost of borrowing becomes more expensive, higher interest rates trickle down to consumer products such as loans and mortgages, making them more expensive. But higher interest rates may also apply to deposit accounts, meaning that banks start to offer higher interest rates on checking, savings and certificates of deposit.
Some people are taking even more radical steps to save money. Amanda Claypool , a financial blogger based in upstate New York, has recently made larger lifestyle changes to keep her costs low in the face of inflation. She spent 2021 living out of her car while driving around the country and plans to return to that way of living soon to save on housing costs.
"For someone who has a lot of cash sitting on the sideline, could help you not lose money," Russell says."More people might be willing to take on more risk because they want a higher rate of return." Inflation Relief May Be On The Way, But Consumers Forced To Spend More Now High prices are forcing Americans to spend more and save less. But they’re not taking on more debt—at least, not yet.
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