{"id":639,"date":"2022-07-12T00:00:00","date_gmt":"2022-07-12T00:00:00","guid":{"rendered":"https:\/\/qa.simplifimoney.com\/blog\/fight-inflation-and-protect-your-finances\/"},"modified":"2024-11-18T10:20:40","modified_gmt":"2024-11-18T18:20:40","slug":"fight-inflation-and-protect-your-finances","status":"publish","type":"post","link":"https:\/\/www.quicken.com\/blog\/fight-inflation-and-protect-your-finances\/","title":{"rendered":"Top 8 Ways to Fight Inflation and Protect Your Finances"},"content":{"rendered":"\n<p>Are current economic conditions making you rethink your plans for 2022? If so, you\u2019re not alone. According to our latest study, 60% of the people who wanted to buy a car are now reconsidering the purchase. For prospective homebuyers, that number is as high as 69%.<\/p>\n\n\n\n<p>More than a third of Americans who wanted to get married or have a child this year are rethinking those plans too, but this bleak picture of the months ahead has a silver lining. For those who are taking control of their finances and making tough choices, their financial future is much more likely to remain secure.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">Keeping your finances on track during economic uncertainty<\/h2>\n\n\n\n<p>Just ask Paul Gipson. He\u2019s been through it before. When the aerospace industry plummeted after 9\/11, the company he worked for made 15% pay cuts across the board and lowered its 401k matching program. <a href=\"\/blog\/quicken-stories-paul-gipson\">Gipson used Quicken<\/a> to see where his family could cut back and where they couldn\u2019t, adjusting their budget to protect their retirement plan.<\/p>\n\n\n\n<p>Today, he and his wife are enjoying a comfortable retirement. By tightening their belts and planning ahead, they were able to weather the storm, and so can you. Here are 8 tips to help you take control of your finances, fight inflation, and come out ahead.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">Top 8 ways to fight inflation and protect your finances<\/h2>\n\n\n\n<h3 class=\"wp-block-heading\">1. Understand your budget<\/h3>\n\n\n\n<p>First, break your spending into categories so you can see where your money is going. Then, pay attention to your spending in each category.<\/p>\n\n\n\n<p>With inflation impacting everything from food to travel prices, you may see some of your categories increase over time even if it doesn\u2019t feel like you\u2019ve been buying \u2018more.\u2019 This can help signal where you need to make changes to your habits and spending patterns, so you don\u2019t feel strapped for cash.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">2. Save your bonus<\/h3>\n\n\n\n<p>When you get a bonus from your employer, you may feel inclined to spend it to reward your hard work. Before the money comes in, consider your finances as a whole and decide how much of that money you need to save.<\/p>\n\n\n\n<p>Setting aside most of those funds in an investment account, retirement account, or savings account might be more rewarding in the long run.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">3. Set specific goals<\/h3>\n\n\n\n<p>In times of economic uncertainty, it\u2019s important to keep setting financial goals. Nearly half of our respondents (47%) were able to build an emergency fund over the last two years with money they saved by delaying large purchases.<\/p>\n\n\n\n<p>Maybe it\u2019s not the best time to purchase a new car or home, and that\u2019s okay. Even with inflation eating into our monthly budgets, we can still make choices that protect and build our savings.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">4. Clear away debts<\/h3>\n\n\n\n<p>Make a list of all your debts and pay the most expensive ones off first. For example, prioritize those that have the highest interest rates or that may prevent you from achieving other financial goals. After paying off each debt, move on to the next until you\u2019ve cleared them all away.<\/p>\n\n\n\n<p>As you prioritize your most expensive debt, keep paying the minimum amount owed across all your debts to avoid late payments and protect your credit score.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">5. Make lifestyle changes<\/h3>\n\n\n\n<p>If you\u2019re dreading the idea of making changes to your lifestyle, try to look at the process in a new light\u2014as an opportunity to reassess what\u2019s most important to you.<\/p>\n\n\n\n<p>The majority of our respondents said that they\u2019ve cut back on driving (66%) and eating out (63%) to combat inflation. Consider using these kinds of changes as an opportunity to spend more time with family, preparing meals and eating together.<\/p>\n\n\n\n<p>If that doesn\u2019t fit your situation, look for different places to save. Remember, you don\u2019t have to cut back on everything. Choose your priorities to protect the spending that brings you the most joy\u2014for today and tomorrow.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">6. Set up autosave<\/h3>\n\n\n\n<p>One of the best ways to keep growing your savings is by putting a set percentage of each paycheck aside. Instead of waiting until the end of the month, set up a recurring automatic transfer from your checking to your savings account just a few days after your paycheck hits.<\/p>\n\n\n\n<p>By starting with small amounts, like $20 or $50, you can pave a pain-free road to a comfortable emergency fund. You\u2019ll be surprised how quickly your savings will add up!<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">7. Take stock of subscriptions and bills<\/h3>\n\n\n\n<p>Start by coming through your list of subscriptions to see what you can live without and where you can cut back.<\/p>\n\n\n\n<ul class=\"wp-block-list\"><li>Are there subscriptions you don\u2019t use anymore?<\/li><li>Could you group some with other family members for a cheaper family plan?<\/li><li>Would paying annually instead of monthly save you money?<\/li><\/ul>\n\n\n\n<p>Then, for recurring bills like insurance or cable TV, explore your alternatives. Maybe your needs have changed and you could benefit by downgrading plans, or maybe you could find a better price by shopping around.<\/p>\n\n\n\n<p>Before you start making tough choices and giving up things you enjoy, take a closer look. You might be able to save money without giving up anything that matters to you.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">8. Take a staycation<\/h3>\n\n\n\n<p>During hard economic times, people often cut back on vacations and discretionary spending. Of our respondents, over half (52%) cut back on travel.<\/p>\n\n\n\n<p>Still, it\u2019s important to practice self-care, take breaks from work, and recharge. Instead of that trip to Disney, consider a more affordable staycation or smaller expenses (like getting your nails done, going on a day trip, or going to the movies) to unwind instead of giving up on fun activities entirely.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">Final thoughts<\/h2>\n\n\n\n<p>During hard economic times, it\u2019s important to make financial choices that continue to serve your goals in the long run. While it isn&#8217;t fun reassessing and adjusting your lifestyle choices, it\u2019s important to keep making financial decisions that can help you protect your financial future.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Fight inflation and protect your budget with these 8 easy tips from the experts at Quicken. Take control of your finances and reach your goals with confidence.<\/p>\n","protected":false},"author":59,"featured_media":640,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_seopress_robots_primary_cat":"none","_seopress_titles_title":"Top 8 Ways to Fight Inflation and Protect Your Finances | Quicken","_seopress_titles_desc":"Fight inflation and protect your budget with these 8 easy tips from the experts at Quicken. Take control of your finances and reach your goals with confidence.","_seopress_robots_index":"","inline_featured_image":false,"footnotes":""},"categories":[108],"tags":[],"class_list":["post-639","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-budgeting-savings"],"acf":[],"jetpack_featured_media_url":"https:\/\/www.quicken.com\/blog\/wp-content\/uploads\/2022\/08\/couple-looking-at-laptop-together.jpg","_links":{"self":[{"href":"https:\/\/www.quicken.com\/blog\/wp-json\/wp\/v2\/posts\/639","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.quicken.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.quicken.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.quicken.com\/blog\/wp-json\/wp\/v2\/users\/59"}],"replies":[{"embeddable":true,"href":"https:\/\/www.quicken.com\/blog\/wp-json\/wp\/v2\/comments?post=639"}],"version-history":[{"count":3,"href":"https:\/\/www.quicken.com\/blog\/wp-json\/wp\/v2\/posts\/639\/revisions"}],"predecessor-version":[{"id":4460,"href":"https:\/\/www.quicken.com\/blog\/wp-json\/wp\/v2\/posts\/639\/revisions\/4460"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.quicken.com\/blog\/wp-json\/wp\/v2\/media\/640"}],"wp:attachment":[{"href":"https:\/\/www.quicken.com\/blog\/wp-json\/wp\/v2\/media?parent=639"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.quicken.com\/blog\/wp-json\/wp\/v2\/categories?post=639"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.quicken.com\/blog\/wp-json\/wp\/v2\/tags?post=639"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}