Inflation, or a reduction in purchasing power reflected by the increased price of goods and services, is the highest it's been since 1981 – an increase of 8.6% over this past year alone. A surge this big means you're likely already feeling the impacts of inflation in your life, when you shop for groceries or fill up your gas tank. ⛽️
And while the Fed tries to slow inflation, by increasing interest rates in hopes that it slows the economy down (and prices return to normal), you may be wondering how Truebill can help you in the meantime.
We’re glad you asked 😉
Here are five ways you can use Rocket Money today to stay on top of inflation and your money:
1. Update your budget 💰
Now is a good time to update your budget to adjust for any categories that may be a bit higher due to inflation, like gas or groceries. You can manage your budget by clicking the gear icon on the top left side of the app. If you prefer a larger screen, you can also manage your budget with Rocket Money on the web! Log in here.
2. Monitor your spending 💸
Monitoring your spending can help you stay on top and adjust for big price swings when inflation gets a little crazy. Not sure where to look? Simply click on a category in the Spending tab to view a graph of month-over-month spend, where you can compare how spending in previous months may have changed as a result of inflation. You can also view your total spending at the top of the Spending tab.
3. Check or start your emergency fund 🚨
While an emergency fund is always important, it's particularly important during times of inflation, because as the government increases interest rates in an effort to fight inflation, it gets more and more expensive for you to borrow money (on a credit card, for example). This means an emergency fund can save you money by helping you stay out of debt when the unexpected happens. If you don't already have one started, check out Rocket Money's Smart Savings where we can help you save for an emergency (or anything else) automatically based on your spending habits.
4. Score some savings 🎉
As some expenses categories rise due to inflation, look to other areas where you may be able to cut back and balance out your budget. Can’t find anywhere to reduce? Consider pausing or cancelling a subscription or have Rocket Money negotiate a bill to score some savings.
5. Revisit your rates 💡
Looking to lower your energy bill or how much you pay for car insurance? Rocket Money has partnered with a few awesome companies to bring you even more savings. Check out the below to see where we may be able to help!
- Did you know that 40% of Americans are overpaying for car insurance? Check out Trellis to make sure you’re getting the best rate possible
- We teamed up with Arcadia to help lower your electric bill while using clean energy. See if it makes sense for you and your home here
- Working you paying down your credit card debt? Visit Rocket Loans to see if you can consolidate your debt at a lower rate.
We hope these tips are helpful as you move through inflation’s highs and lows.