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Feeling like your paycheck doesn’t go as far lately? That’s not your imagination. That’s inflation.
According to the Consumer Price Index, overall inflation jumped 6.8% between November 2020 and November 2021. That’s the biggest leap in nearly 40 years.
Sound scary? It is. But don’t let financial fears paralyze you. Instead, look for ways to turn inflationary woes into financial wins.
Understand: We’re not talking just about short-term inflation-proofing. Tactics such as using coupons or wearing your winter coat an extra year are fine ways to balance the household budget. But you also need to think long-term.
Yes, using grocery coupons will save you $10 this week. But the purchasing power of that $10 is being eroded every year. So why not put it into an investing platform, rather than into your piggy bank?
Or why not use the hour(s) you spent researching and downloading those coupons to find a much bigger gain, such as saving hundreds of dollars every year on an essential expense?
A few savvy tactics can save you some serious coin. Take a look.
1. Save thousands on your mortgage
Have you checked mortgage rates lately? If you bought your home a while back, you’re probably paying a lot more in interest than you should.
Refinancing sounds like a lot of work, and it can be. Luckily, a direct lender called Better will make things a lot simpler on your end.
The company can give you rate quotes almost instantly. Better doesn’t charge lender fees or origination fees, and it offers an on-demand rate lock.
Of course, refinancing isn’t the right choice for everyone. You need to make sure the cost of refinancing makes sense for your future plans.
However, millions of homeowners are loving those lower monthly payments after refinancing. Your potential savings could be as much as $3,000 per year. Imagine what that money could do for your household’s bottom line.
Take a few seconds to get your new, personalized rate, and see how much you could save.
2. Add $1.7 million to your retirement
Think you’re doing okay with your company’s entry-level 401(k) offering or with picking your own investment opportunities? Think again.
According to a Vanguard study, on average, a self-managed $500,000 investment will grow into $1.69 million in 25 years. Not bad. But check this out: Under the care of an adviser, according to the Vanguard study, that same money would turn into $3.4 million. Don’t you want twice as much from the same investment?
Imagine what you could do with an extra $1.7 million. You could put …….