6 Ways to Protect Your Money from Inflation

[{"selector":"#anim-5a863945-369a-4f73-90a1-3072389a75b2","keyframes":{"opacity":[0,1]},"delay":0,"duration":2000,"easing":"cubic-bezier(.3,0,.55,1)","fill":"both"}] [{"selector":"#anim-b7c55f87-86df-40f4-be61-599f879c5308","keyframes":{"transform":["scale(0.3333333333333333)","scale(1)"]},"delay":0,"duration":2000,"easing":"cubic-bezier(.3,0,.55,1)","fill":"forwards"}] Learn more

[{"selector":"#anim-6f623763-b105-4b88-bbf0-ef7923fa97f3","keyframes":{"opacity":[0,1]},"delay":0,"duration":2000,"easing":"cubic-bezier(.3,0,.55,1)","fill":"both"}] [{"selector":"#anim-2e2b3b44-77d5-4946-947f-dfbe2518c447","keyframes":{"transform":["scale(0.3333333333333333)","scale(1)"]},"delay":0,"duration":2000,"easing":"cubic-bezier(.3,0,.55,1)","fill":"forwards"}] 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. Learn more

[{"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

[{"selector":"#anim-5c31525a-242e-48a3-b551-d8614808db1b","keyframes":{"opacity":[0,1]},"delay":0,"duration":2000,"easing":"cubic-bezier(.3,0,.55,1)","fill":"both"}] [{"selector":"#anim-5b4cb789-ba27-46ab-85b4-c72057231f67","keyframes":{"transform":["scale(0.3333333333333333)","scale(1)"]},"delay":0,"duration":2000,"easing":"cubic-bezier(.3,0,.55,1)","fill":"forwards"}] But there are other strategies you also may want to consider. Here are steps that can help you protect yourself from inflation. Learn more

1. Buying vs. Renting a Home

[{"selector":"#anim-72195568-925b-44c1-9675-1d03ff4a92fc","keyframes":{"opacity":[0,1]},"delay":0,"duration":2000,"easing":"cubic-bezier(.3,0,.55,1)","fill":"both"}] [{"selector":"#anim-a74940c3-aeca-451a-adf8-6a97426e4b47","keyframes":{"transform":["scale(0.3333333333333333)","scale(1)"]},"delay":0,"duration":2000,"easing":"cubic-bezier(.3,0,.55,1)","fill":"forwards"}] If you’re a renter, you’re probably at the mercy of your landlord when it comes to how much your monthly payment could go up when it’s time to renew your lease. Learn more

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

[{"selector":"#anim-9149388e-4de8-4dc7-98ba-2a5cb8eeb546","keyframes":{"opacity":[0,1]},"delay":0,"duration":2000,"easing":"cubic-bezier(.3,0,.55,1)","fill":"both"}] [{"selector":"#anim-ae72dd31-4bfd-43ab-a5b8-94ffd0faa230","keyframes":{"transform":["scale(0.3333333333333333)","scale(1)"]},"delay":0,"duration":2000,"easing":"cubic-bezier(.3,0,.55,1)","fill":"forwards"}] Especially if you’re a first-time homebuyer, you might feel more than a little overwhelmed thinking about signing off on a 30-year fixed-rate mortgage. Learn more

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

[{"selector":"#anim-91d53eae-6dd3-4f3c-9352-92f196a8e7e1","keyframes":{"opacity":[0,1]},"delay":0,"duration":2000,"easing":"cubic-bezier(.3,0,.55,1)","fill":"both"}] [{"selector":"#anim-f8475780-da03-4a70-983a-b81713fda55d","keyframes":{"transform":["scale(0.3333333333333333)","scale(1)"]},"delay":0,"duration":2000,"easing":"cubic-bezier(.3,0,.55,1)","fill":"forwards"}] If you have the room and a knack for bargain-hunting, it may make sense to build up a supply of the kinds of goods that could be affected by inflationary prices. Learn more

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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[{"selector":"#anim-2bf34bb1-368c-4992-bebe-a7d82beef32d","keyframes":{"opacity":[0,1]},"delay":0,"duration":2000,"easing":"cubic-bezier(.3,0,.55,1)","fill":"both"}] [{"selector":"#anim-289edcfb-0e75-47e8-a92c-fc9d0529bc6c","keyframes":{"transform":["scale(0.3333333333333333)","scale(1)"]},"delay":0,"duration":2000,"easing":"cubic-bezier(.3,0,.55,1)","fill":"forwards"}] Learn more

[{"selector":"#anim-65b5933b-fa66-496c-af4f-a83734443643","keyframes":{"opacity":[0,1]},"delay":0,"duration":2000,"easing":"cubic-bezier(.3,0,.55,1)","fill":"both"}] [{"selector":"#anim-186def97-06f6-4c3c-8471-3a5b8762634a","keyframes":{"transform":["scale(0.3333333333333333)","scale(1)"]},"delay":0,"duration":2000,"easing":"cubic-bezier(.3,0,.55,1)","fill":"forwards"}] Finding a financial advisor doesn’t have to be hard. SmartAsset’s free quiz matches you with fiduciary financial advisors in your area or who serve your area. If you are ready to be matched with financial advisors that can help you achieve your financial goals, take the quiz now . Take Quiz Now!