Inflation is an increase in the prices of goods and services that decreases the purchasing power of your money. Take these five steps to minimize the current inflation impact on your financial life.
1. Reduce Debt & Expenses – Reducing high interest debt will provide more cash flow for monthly spending and saving, and may improve your credit score – which makes it easier and less costly to borrow for larger purchases in the future.
What Next?
• Move Your Balances to a Best Reward VISA Credit Card with a Possible Lower APR.*
• Refinance Your Auto Loan with Best Reward and Possibly Lower Your Rate and Payment.
• Enroll for Best Reward Online Account Alerts to Avoid Overdrafts and Possible Fraud.
Visa Credit Card Refinance Auto Account Alerts
2. Create a Monthly Budget – If you don’t have a budget, it’s time to create one. If you do have a budget, this is the time to review it. A budget is simply a plan for your money. During your review, look to cut items that are nonessential; such as subscriptions, memberships, entertainment, eating out, or that daily coffee.
What Next?
• Download Your Account Information Directly into Quicken® within Best Reward Online or Download a FREE Mobile App such as EveryDollar.
Best Reward Online EveryDollar
3. Earn More If Possible – Ask for a raise, find a higher-paying job, or add a new source of income. What can you sell, rent, or donate to others? Eligible donations are tax deductible, but be sure that the recipient is a charitable organization and keep your donation receipts. According to a new MarketWatch Guides study, “More than half (54%) of Americans say they’ve adopted a side hustle to supplement their primary source of income in the last 12 months.”
What Next?
• If you have money saved, move those funds into a Best Reward Share Certificate or Money Market Account. While interest rates are higher on loans, they are also higher on these deposit options.
Share Certificate Money Market Account
4. Build Your Emergency Fund – Aim to save at least three to six months' worth of expenses to protect yourself from sudden economic shifts, job loss, medical emergencies, car repairs, and more. These things can and often do happen; be prepared.
What Next?
• Set up your direct deposit to disperse a portion of your paycheck into a Best Reward Savings Account dedicated to your emergency fund. You won’t forget do this or miss this money once it’s automated. Pay yourself first and be sure to include this item in your monthly budget.
Direct Deposit Savings Account
5. Review Your Insurance – Inflation has increased the cost of insurance. Best Reward offers convenient supplemental insurance with member discounts.
What Next?
• Get a FREE quote for AD&D, Auto, Home, Life, Credit Life, Credit Disability, and more. Many members have already made the switch. Protect your family and assets wisely and affordably.
Insurance Products