6 Ways to Protect Your Money from Inflation

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Inflation means prices are rising and your purchasing power is declining. You can’t get the goods and services you’re used to buying without paying more for them.

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[{"selector":"#anim-0ce28f50-9eb3-4dfe-8194-3d438e1337f3","keyframes":{"opacity":[0,1]},"delay":0,"duration":2000,"easing":"cubic-bezier(.3,0,.55,1)","fill":"both"}] [{"selector":"#anim-66abf036-a517-4a1e-9d12-e45b57ddc09d","keyframes":{"transform":["scale(0.3333333333333333)","scale(1)"]},"delay":0,"duration":2000,"easing":"cubic-bezier(.3,0,.55,1)","fill":"forwards"}] Taking the time to reassess the potential earnings from your savings account can be an important step in offsetting inflation’s impact on your bottom line. Medium Brush Stroke Learn more

But there are other strategies you also may want to consider. Here are steps that can help you protect yourself from inflation.

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1. Buying vs. Renting a Home

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If you buy a house, on the other hand, you’re more likely to have a fixed monthly payment that’s locked in for the life of your mortgage.

2. Financing Your Home

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If you’re borrowing money for 30 years (the most common mortgage term) at a competitive interest rate and you aren’t paying more than the home’s appraised value inflation could work for you.

3. Preparing Ahead of Time

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Keep in mind, though, that if you pay for those goods with a high-interest credit card and you don’t pay off the balance each month, you might not see any savings.

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