[ad_1]
Inflation affects the costs of everyday life, such as groceries, gasoline, rent payments, and car purchases. Finding ways to grow your income during periods of high inflation is important to avoid going into debt or having to immerse yourself in savings to reach your goals. Fifth Third recognizes that the purchasing power of our customers is currently declining and offers the following tips, products and services to help you budget during times of inflation.
Determine where you can cut
The first step to controlling your spending is creating a budget that accurately tracks your monthly expenses. There are online expense calculators (such as Fifth Third’s) that show how much of your income is allocated for essential expenses like rent, childcare, car payments, and how much you spend on discretionary things like dining out, travel, entertainment, etc. You can see who is there.
While you may not be able to cut your fixed costs in the short term, there are many ways you can adjust your discretionary spending. Consider cost-saving measures such as deferring new car purchases, eating out less, skipping lattes, and buying less clothes.
Then you need to decide where to cut your spending. Here are some budgeting tips to help you cut your spending.
-
Cancel subscriptions to streaming services and cable TV channels you no longer watch frequently.
-
At the grocery store, skip expensive brands in favor of house brands, which are often made by the same manufacturer.Plan your meals a week ahead and bring a list with you. A single trip to the store can save you money on gas and avoid wasting money on expensive convenience food. Online grocery shopping with free in-store pickup is another way to cut costs and avoid impulse purchases. Be sure to use these digital coupons.
-
If you use a credit card to pay your expenses monthly, make sure the card rewards you and pays the balance each month.
-
Limit impulse purchases by setting a wait time of, say, 24 hours or more between the time you decide to buy something and the time you pay for it. A small window of opportunity often prevents you from buying something you don’t really need.
debt consolidation
Another way to make more money during periods of high inflation is to reduce interest on debt. Consider consolidating your credit card debt into a transferable credit card. This results in a 0% annualized annual rate (APR) on the amount of debt transferred over a year after paying a nominal transfer fee. This will give you time to pay off your debt without interest rates that may continue to rise, improving your credit score in the process.
For example, Fifth Third has a number of cards with referral rewards that have little or no APR for purchases or balance transfers over a period of time. See 53.com/content/fifth-third/en/personal-banking/bank/credit-cards.html for more information.
keep cash ready
Aim to build an emergency fund that can cover at least three months of living expenses. Securing adequate savings is a key strategy for dealing with today’s skyrocketing prices. When you need a new computer, refrigerator, or car, you don’t want to sacrifice quality or go into debt for a big, essential purchase.
About the Fifth Third
Fifth Third is a bank that has been innovating as long as history. Since 1858, we’ve helped individuals, families, businesses and communities grow through smart financial services that improve lives. Our initial list was extensive, and that list continues to grow as we explore the intersection of technology-driven innovation, dedicated people, and focused community impact. It is one of the few US-based banks to be named one of Ethisphere’s World’s Most Ethical Companies.® For several years. Committed to taking care of our customers, employees, communities and shareholders, our goal is not only to be the best performing regional bank in the country, but also to be the most valued and trusted bank in the country. to be.
The Fifth Third Bank, National Association is a federally chartered agency. Fifth Third Bank Corp is the indirect parent company of Fifth Third Bank, whose common stock is traded on his NASDAQ.® Global select market under the symbol “FITB”. Investor information and press releases are available at www.53.com. Member FDIC.
View source version at businesswire.com: https://www.businesswire.com/news/home/20230123005075/en/
[ad_2]
Source link
