Five Tips to Combat Inflation

Addy & Casey discuss their favorite tips and tricks to combat the pitfalls of inflation. 

1. Introduction

- The hosts, Casey and Addy discuss the impact of inflation on American households.

- They emphasize the importance of taking action to combat the effects of rising costs.

2. Importance of Tracking Spending

- The hosts recommend getting comfortable with reviewing your spending through banking apps and digital tools.

- They suggest building habits like checking your accounts daily or on specific dates (1st and 15th) to stay on top of your finances.

3. Budgeting and Expense Tracking

- The hosts encourage creating a budget, even if it's a simple one, to understand your spending patterns.

- They recommend reviewing your past 2-3 months of expenses to identify areas for potential savings.

4. Grocery Shopping Strategies

- Making a shopping list and avoiding grocery shopping while hungry can help reduce impulse purchases and food waste.

- The hosts suggest leaving the kids at home to minimize additional spending temptations.

5. Managing Credit Card Debt

- The hosts discuss the high interest rates and fees charged by major credit card companies, highlighting the importance of addressing this debt.

- They recommend exploring options like balance transfer offers or debt consolidation loans to reduce interest rates and pay down the balances more effectively.

6. Refinancing Auto Loans

- The hosts note that the auto industry has seen a significant drop in used car values, leading to opportunities to refinance high-interest auto loans.

- They emphasize the importance of avoiding multiple hard credit checks when exploring refinancing options.

7. Maintaining Vehicles

- The hosts suggest prioritizing regular maintenance, such as oil changes and air filter replacements, to avoid costly repairs down the line.

- They highlight the potential savings of doing some maintenance tasks yourself, like replacing air filters.

8. Reviewing Insurance Policies

- The hosts recommend reviewing your auto and home insurance policies, as loyalty may not be rewarded, and there may be opportunities for savings by switching providers.

- They note that credit scores can also impact insurance rates, so it's essential to maintain a good credit profile.

9. Conclusion

- The hosts summarize the key tips for combating inflation, including getting comfortable with your finances, patching up spending leaks, and exploring opportunities to reduce interest rates and payments.

- They emphasize the importance of taking action and staying vigilant to stay ahead of the challenges posed by rising costs.

Mikal Mele

Loan Officer & Mortgage Advisor

NMLS 963197

Casey Carpenter

Loan Officer & Mortgage Advisor

NMLS 1458123

Addy Nett

Loan Officer & Mortgage Advisor

NMLS 1542184

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