image of this article category

5 Tips to improve your financial future during High Inflation

23.03.2023 07:38 AM
Latest
5 Tips to improve your financial future during High Inflation
dooklik website logo
share
share this article on facebook
share this article on twitter
share this article on whatsapp
share this article on facebook messenger
5 Tips to improve your financial future during High Inflation

High inflation rates affect the ability of individuals to save money, as income is barely enough to meet the basic requirements of food and clothing, although you can save some of this money to hedge against the vagaries of time by following some small tricks, according to tips provided by Rose Niang, Director of Financial Planning In "Edelman Financial Engines".

First: Determine your financial situation

You must first paint a complete picture of your financial condition at the present time, how much income you get each month, and what are your total expenses and liabilities.

Having done this, divide the total expenses into "needs" and "wants." For example, paying rent or car payments is a specific need, while buying flowers is a desire.

With the Desires item, you can specify what is most important to you, and what can be given up to improve your financial situation.

Second: Pay off high-interest debt

If you have a purchase card, you must pay your dues on time before the interest is charged by the bank, because a lot of your hard-earned money will go to paying interest costs instead of the principal, and saving these interests can save you quite a lot of money in the long run.

Third: Immunization against rising interest rates in other ways

With the tendency of most central banks to raise interest rates to curb inflation, you should reconsider obtaining bank loans to purchase goods that are not necessary or that can be postponed to another time, and in the event that you resort to installments, try to choose interest-free offers, or a large down payment to reduce Premium benefits.

Fourth: Insure your loved ones

If you have young children and want to ensure their financial future is secured after your death, you should consider augmenting your employer-provided life insurance policy.

Fifth: Diversify the investment portfolio

It is better to avoid putting all your investments in one basket, to ensure positive financial returns from the largest number of sectors.

You can invest part of your money in the stock market, buy bank certificates, and you can allocate part of this money to buy value-retaining assets such as gold and real estate.

Related Articles
doolik website logo
On Friday, Meta introduced PARTNR, a new research initiative focused on human-robot interaction (HRI) within home environments. The project aims to study how humans and robots can work together on everyday chores such as cleaning, cooking, and handling food deliveries.
doolik website logo
Innovative technology is revolutionizing the electric vehicle (EV) market, shaping the landscape of EV charging solutions. From home charging setups to public charging stations and advanced gantries, the demand for efficient charging infrastructure continues to grow. With the rapid expansion of the EV industry, the market for portable chargers is undergoing a significant transformation.
Live Video Streaming
Live video streaming lets you engage with your audience in real time with a video feed. Broadcast your daily show to your audience with no limits, no buffering and high quality videos. Reach all devices anytime anywhere with different video qualities that suits any device and any connection.
$1,120/YE*
The website uses cookies to improve your experience. We’ll assume you’re ok with this, but you can opt-out if you wish.
ACCEPT