• 5 Ways to Beat Inflation

  • Feb 2 2024
  • Duración: 10 m
  • Podcast

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5 Ways to Beat Inflation

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  • Resumen

  • Inflation is public enemy number one for the American budget right now. As prices continue rising faster than incomes, everyone feels the squeeze. From filling up your gas tank to buying groceries and paying rent or a mortgage, the impact is unavoidable. So what can you do besides feel powerless? A lot, actually. In this week's episode of The PSA, your money expert Damien outlines five solid tactics for inflation-proofing your finances so you can not only survive but thrive.


    First, Damien reveals what millionaires are buying at Dollar Tree. Hint: it's not just junk. These savvy shoppers stock up on certain basic necessities to save big money.


    Next, Damien dives into his two categories of tips for leveraging high inflation to your advantage: earning more and spending less. On the earning side, he explains why it pays to shift your cash into high-yield savings accounts when rates are up. Damien recommends his top picks for online banks offering over 5% APY. He also discusses how historically the stock market beats inflation over time, making now an ideal moment to invest those longer-term funds.


    On the spending side, Damien urges you to pay down any variable-rate debt before that debt gets even more expensive. He also recommends pausing spending on goods hit hardest by inflation, like lumber, and waiting for prices to stabilize. Finally, as a long-term customer, use this inflationary period to call up your cable company, gym, or streaming services and negotiate better rates. You have leverage - use it!


    Damien wraps up the episode by exposing how retailers use sneaky price anchoring tactics to make deals seem hotter than they really are. He shares his favorite apps to track price history so you can tell an actual bargain from a marketing gimmick.


    If you feel overwhelmed by the relentless impacts of inflation, let Damien give you a game plan to tip the scales back in your favor. Tune in to this week’s episode of Your Money On Easy Mode to inflation-proof your money and regain control.
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