As we have all noticed our dollar doesn’t go as far as it once use too. A lot of us are looking for ways on how to survive inflation and manage your credit at the same time. Inflation specifically will not affect your credit report and there are ways to save and pay your creditors during these difficult times.
HOW TO SURVIVE INFLATION ON A BUDGET
Making a budget can seem like a task but once you have everything in front of you, it will make how to survive inflation and manage your credit that much easier. Grab a seat, open up excel, notepad or whatever you have and start listing expenses that are must haves (Food, utilities. Etc.) and figure out the average you owe each month.
Next list things like, eating out, shopping, subscriptions you pay for but don’t use or can live without – anything and everything that hits your bank account. Now, start to weed out or cutback on those items you do not need. You’d be surprised at how much you can save. Anything left over, put aside for emergency funds or paying more towards your debt.
HOW TO SURVIVE PAYING OFF YOUR CREDIT CARDS
With the savings you just managed to achieve by weeding out things you can live without, use that money to either put away in an emergency fund or pay off your credit cards. I would start with the high interest rate cards first, once paid off move on to the next. You can also speak with your creditors on lowering your interest rates. It never hurts to try.
PUT YOUR CREDIT CARDS IN A LOCKBOX
While inflation maybe temporary it may be a good idea to hold off on those home make overs or those shoes you love. Spend time with family and enjoy the outdoors, it is free to do and nature will do wonders for your overall mental and physical health.
REVIEW YOUR CREDIT REPORT
Now that you have worked so hard on keeping you bills down and paid, it is time to review you credit. Look over all the accounts for any that may not belong to you or are reporting inaccurate information. Check to make sure your personal information section is accurate and there is no funny business going on. A good place to check is at www.annualcreditreport.com. It is free. You can also use the credit bureaus websites directly. If you need further help, please contact us at www.mycreditgroup.com.