INFLATION IS NOT THE SAME FOR EVERYONE
Inflation hit a 7.5% national average in January, but that’s not likely to be your inflation rate, says Ashton. You may consume different items than the average person and you may not live in an average place, so your particular rate of inflation quite likely varies from the average, according to Ashton. So, rather than agonizing over a single number as a spending power loss to recoup, use the small money moves above to improve your financial position slowly but surely.
The article How to Protect Your Spending Power from Inflation was originally written by NerdWallet on February 22, 2022, and published by The Associated Press.
HAL M. BUNDRICK CFP ® is a writer at NerdWallet.
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