The U.S. is currently experiencing the highest inflation levels in 40 years, with a spike in prices for consumer goods. To help Miami Valley families fight this hardship, Day Air has put together some tips to help you handle the cost of inflation.
Review your spending habits.
Keep tabs on your spending and consider taking a break from non-essential expenses. Stretch your budget to make your dollar go further by shopping at bulk stores like Sam’s Club or Costco. As a Day Air member, you have access to Day Air Premium Perks which offers savings at local and national retailers. There are many free budgeting apps to help you such as Mint, Pocket Guard, and Goodbudget.
Put an end to those nuisance fees once and for all.
With every dollar worth less, no one can afford to waste them. So now is the time to get rid of those monthly bank service fees, ATM charges, and other costs that may be lingering. If you are paying monthly service fees at other financial institutions, now is the time to move your checking/debit account to Day Air. Day Air offers checking/debit accounts with no monthly service charges, free mobile and online banking, and access to over 30,000 surcharge-free ATMs nationwide.
Emergency funds are key.
Open a separate savings account and set aside three to six months of living expenses to be used for emergencies only. We recommend opening a Day Air savings account that feature some of the best dividend rates in the Miami Valley. Compare our rates against the competition and see how much more your money could be earning at Day Air today. Or use Day Air Save the Change to make saving effortless by automatically rounding up each purchase and putting the extra change into a savings account.
Invest smartly in your retirement plan.
Don’t neglect long-term savings like your retirement funds, which take advantage of compounding. Always diversify your investments to combat inflation. If you want to go the extra mile, consider investing in stocks that perform well during an inflationary period such as food, health care, and energy. Need some help? Book a complimentary, no-obligation appointment with our CFS* Financial Advisors to see where you stand.
Free up cash by refinancing.
Mortgage rates have bounced from their pandemic-era lows, but homeowners might still be able to find an offer on the market that’s better than what they’re currently paying. Refinancing your mortgage could potentially shave hundreds of dollars off your monthly payment, freeing up crucial cash in a high inflationary environment.
Consolidate your credit card debt.
Consolidate high-interest credit card debt with a low-rate balance transfer credit card. Day Air Credit Union is currently offering our Platinum Low-Rate VISA® Credit Card, which features low rates, no annual fee or overlimit fee, a 25-day grace period on purchases and security to purchase online through verified by VISA®
Re-evaluate your budget to cut unnecessary expenses, as best you can.
Postpone big-ticket purchases. Prices will eventually come down, so if your wallet is hurting right now, postponing a big purchase may help. If you do need to make a purchase and are strapped for cash, you may want to move quickly before interest rates rise any further. A low-rate Personal Loan or fixed-rate Home Equity Loan from Day Air can provide you with a fixed monthly payment that can help you budget.
Inflation is nothing new. When prices are rising, it is important to realize that spending power can be retained. The ability to make strategic changes to how you shop, drive, cook, and live your daily life still exists. The inflation-fighting tips listed above may help make the most of those shrinking dollars.
As always, Day Air is here to help enhance your financial well-being, don’t hesitate to reach out if you need assistance during this inflationary period.
