Most people in Washington and across America are trying to manage inflation that’s keeping prices on nearly everything quite high.
Financial tips from the Better Business Bureau of Washington can help protect yourself financially, and deal with changing economic conditions.
The BBB says now is the time to be shopping around for discounts and sales. The group says with inflation sending costs up, shopping store brands are typical ways to save day to day, especially when buying regular staples like groceries. The group also says planning your meals for a week or maybe two can help you shop for certain items and use the lead time to find better prices and save some money.
The BBB also says it’s time to tighten budgets. Canceling subscriptions is the first easy thing to do to save money. No matter what you’re buying, dig into the details on price and find the best value, not necessarily the lowest price. Hold off on big-ticket purchases — wait on car and home purchases unless you can pay all cash.
Roseanne Freitas with BBB of Washington says avoid using credit cards if you can or pay them off each month.
“Paying down your credit card always helps because we know the interest rates on your credit card are tied to the current interest rate as they’ve gone up, so have those interest rates. Any time you pay interest, that’s money you are not putting in your pockets,” said Freitas.
Amid the inflation pinch, it is not time to refinance your home mortgage or anything else at the moment.
It’s also time to reduce discretionary spending, eating out less and cooking at home more.
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