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Advisor shares top tips on how to protect your money against inflation

Inflation may have started to ease, but it remains well above most consumers’ comfort level, and spending has slowed considerably, according to recent reports.

The core consumer price index for May was 5.3%, while the personal consumption expenditure price index rose just 0.3% for the month excluding food and l ‘energy.

“At the end of the day, everyone feels rushed,” said Lazetta Certified Financial Planner Rainey Braxton, co-founder and co-CEO of 2050 Wealth Partners.

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However, it is part of the cycle, she added. And those who set aside funds in an emergency savings account, review their income and expenses, and even hone their job skills, will be better prepared for any uncertainty ahead, said Braxton, who is also a member of CNBC’s Financial Advisor Council.

“Congratulations to the people who said, ‘I’m going to prepare for a rainy day,’ because the rainy days are here,” she said. “People who enjoyed the ride without planning ahead are the ones who really feel the pressure.”

How to prepare for the ups and downs

A few simple budgeting tips are a good place to start, Braxton advised.

Review every recurring expense and eliminate unnecessary services like subscriptions or premium movie channels you rarely watch, she said.

Going forward, a good way to reduce the amount you spend is to consider some of the trade-offs, Braxton said, adding that it’s good to ask questions such as “Am I really using these purchases ?”

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“The key is to reassess your income and expenses,” Braxton said, to make sure they match your current situation.

Also look for ways to increase your income: there are many opportunities to turn unwanted clothes or household items into cash. You can consign in person or online through sites like Tradesy, Poshmark, and thredUP.

Alternatively, with sky-high house prices, demand for rental accommodation is skyrocketing and anyone with a little extra space may be able to turn a room into a source of income. For some, this could be an investment opportunity, Braxton said.

Otherwise, take a side gig or start a business by leveraging your skills or experience, Braxton suggested. Today, nearly half, or 44%, of Americans have parallel turmoil amid inflation, which is a 13% jump from 2020, according to a LendingTree survey.

A Google search can also help identify ways to secure a second stream of income, Braxton said. “The key is to be creative.”

“Take the challenge, even if it’s $25 a month,” she advised. “So when life gives you circumstances where you’re forced to pivot, you’ll have the cash in hand.”


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