While inflation is at the highest it’s been since the early 1980s, many people — especially those living paycheck to paycheck — may be struggling to save any money at all.
Inflation is likely to remain high, with most economists polled in Bankrate’s Second-Quarter Economic Indicator survey predicting inflation will remain as expected or heat up even faster. With consumer prices sky-high, inflation continues to outpace wage growth and savings rates, making it difficult for Americans to find room for saving.
Still, it’s important to save — or avoid spending what savings you have — especially with the potential for a recession. Until the beast of inflation is tamed, there are some strategies you can take to soften its blow on your finances, protect savings and develop better financial health overall.
