Ways to fight inflation

Published: Mar. 14, 2022 at 7:01 AM EDT|Updated: Mar. 14, 2022 at 7:03 AM EDT
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RICHMOND, Va. (WWBT) - Consumer prices are still showing no sign of slowing down. The US Labor Department reports inflation rising to 7.5% in January.

There are a few things you can do to protect yourself from inflation. Our partners at the financial website NerdWallet gathered some tips to help you fight this ongoing problem.

First, examine your spending now! Cut down entertainment or travel budgets by about 5% and it will help you with the rising costs we face just about everywhere.

Don’t delay a major purchase, something you really need because prices will likely rise.

Also, shop strategically, buy generic brands and prescriptions. Use coupons or cash back apps and store loyalty programs.

Use apps like GasBuddy GetUpside that help you save on gas.

Also, look for little savings. Try to eliminate any fees you pay for credit cards or bank accounts. Renegotiate your cable, cell phone, or streaming bills, and reduce your subscriptions. Make sure you’ve canceled anything you’ve stopped using or caring about.

The experts at Nerdwallet say to try to bring in more money. Look for financial institutions that pay higher interest rates, so you earn more on savings.

Finally, don’t be afraid to ask for a raise! You don’t know the answer until you try.

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