6 Ways to Dodge Inflation in 2020

Inflation is unavoidable. As time marches on, the cost of goods and services tends to rise.

The good news? You have the power to fight back against these price hikes. A little intelligent planning — and a lot of smart spending — can bring inflation’s impact to heel.

Here are six ways to tame inflation in the new year.

Invest

As almost every financial expert will tell you, investing in the stock market gives you the best odds of keeping the value of your money ahead of inflation.

But, you will have to take some risk to achieve this result. Risk-free alternatives — such as parking your money in a bank savings account — are almost certain to put you at risk of seeing inflation erode the value of your dollars.

Nervous about taking the plunge? We’re here to help! Begin by reading “8 Basics That Beginning Investors Must Know.”

If reading that article doesn’t immediately calm your investing fears, don’t fret. Either start slow or spend more time learning about investing before taking the plunge.

And while you wait to get up your nerve, at least get the best safe return possible on your savings. Stop by our Solutions Center and look for a savings account with a great rate.

Eat smarter

There are plenty of ways to save on food costs. Follow simple tips such as buying in bulk and, when items are on sale, freezing what you don’t need and eating it later. You also can save by purchasing generics or store brands.

Also, check out our regularly updated deals page, where there are food freebies and discounts almost every day of the week.

Look for lower rent

There are a lot of good reasons to become a homeowner. But renting makes more sense for some people. If you are among the latter group of folks, look for a better deal on your rent in the coming year. For tips, check out “9 Ways to Save Big on Renting Your Next Home.”

Buy a used car

If you’re shopping for a vehicle, better fuel efficiency will save you money in the long run. And, in most cases, you’re much better off skipping a new car and buying something slightly used instead. For more tips, check out “5 Steps You Must Take Before Buying a Used Car.”

Seek financial aid

This seems like obvious advice for the college-bound, yet too many students miss opportunities to cut costs. Make sure you aren’t one of them by reading “15 Ways for College Students to Save Money.”

Give your health insurance a checkup

If you don’t have coverage through your employer, comparison shopping on insurance rates can save you more than an apple a day. For more advice, check out “How to Save on Rising Health Insurance Premiums.”

How do you tame inflation? Share your tips in comments below or on our Facebook page.

Disclosure: The information you read here is always objective. However, we sometimes receive compensation when you click links within our stories.

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