Protecting your finances against inflation

Inflation is a hot topic in the current economic climate. As inflation rises, money loses its value over time. Join us as we find small changes that you can make to deal with this rise.

Inflation is a hot topic in the current economic climate. As inflation rises, money loses its value over time. This happens constantly, as you’ll notice that prices tend to rise, usually in line with the wages that you receive from your employer. In other words, your “purchasing power” is dictated by the rate of inflation in the economy. Right now, prices are rising so quickly that average pay is not keeping up with inflation. Join us as we find small changes that you can make to deal with this rise.

  • Trim regular costs, where possible

    You may find yourself on a tighter budget than usual at present, as a result, any uptick in prices will put a further squeeze on your spending power. Before you decide to sacrifice some of your luxuries, such as streaming subscriptions or magazine subscriptions, consider finding savings on other services first. For instance, you could try and save money on your mobile phone contract, or perhaps your broadband connection or home insurance provider.

  • Consider switching at the supermarket

    You may find that your supermarket shop is increasing week on week, this is potentially the most common knock-on effect of inflation. However, by switching products from branded goods to supermarket branded goods, you could make a significant saving. Switching from fresh fruit and vegetables to frozen, where possible, can also be great for saving. There are still ways to save in the supermarket, even if prices are increasing.

  • Don’t be afraid of making big purchases

    It may seem strange, but it may be the best time to make a big purchase. The price of cars, both used and new have been increasing over the past year, and they seem to continue to rise. This is the same for home improvement projects and holidays. If you can afford these big purchases now, it may save you money to make that decision now before prices continue to increase.

  • Find the best possible savings rate

    The low interest rates on high-street savings accounts make saving an unattractive prospect for many of us. However, Serve and Protect CU recently announced our dividend rate for the previous financial year of 1%, which is a market leading savings return for our members. Not only is it a great rate of return on savings, but it’s also easy access.

Prepare for the future

With the rate of inflation on the rise, now is the best time to evaluate your spending habits. Having a budget plan in place will help you to manage overspending, while also helping you to save. Why not learn more about how you can start saving with Serve and Protect CU today via:

  • The information provided in this article is for guidance and educational purposes only. Police Credit Union Ltd. does not offer regulated financial advice. Please seek independent financial advice.

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