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5 Tips to improve your financial future during High Inflation

23.03.2023 07:38 AM
5 Tips to improve your financial future during High Inflation
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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.

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