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Here are 5 ways to save money during inflation

As inflation rises, your purchasing power goes down. But there are practical moves you can make that can help you save money.

SAN ANTONIO — As inflation rises, your purchasing power goes down. But there are practical moves you can make that can help you save money.

Check out these five tips from Derrick Kinney, a financial expert and author. He’s written a book called Good Money Revolution, which goes over ways to add meaning to your money to build your wealth. Kinney says there are simple changes you can make to get more cash in your wallet.

Check your subscriptions

“Think about the Hulu’s, the Netflix. All the things you subscribe to and ask yourself, where do I get the biggest benefit from? And what do I get the lowest benefit from and cut it,” said Kinney. “The key is to take those savings and put it toward the highest interest debt you’ve got.”

Pay Down Debt

Kinney says to look for 0% balance transfer offers that can protect you from high rates. He also, recommends paying credit card debt from the highest interest to lowest.

“You want to be the CEO of your dollars. Without direction, your dollars can be pretty unruly and can have some behavior problems. You want to make sure you want to direct them to where you want them to go all the time,” he said.

Cut Commoditized Items

“In Texas, we can choose our electricity provider. You can choose your homeowner’s insurance, automobile insurance, renters insurance. All of those for the most part, except for really good customer service, are pretty much the same,” said Kinney. “Call those companies and say look, I’m thinking about changing. Do you have a new customer special or deal to keep my business? Magically, this happens almost all the time. A savings deal appears.”

Refinance mortgage

“Call your current mortgage provider and say look, I’m considering changing. Is there a deal you have or can you save me on some fees or reduce the interest rate? Cut a 30 year down to a 20 and so forth. See what they say because they want to keep your business,” advised Kinney.

Bonus Check

Kinney says you can ask for extra money. He recommends finding ways to increase the business and reduce costs to add value to your position at work. He says if you don’t get what you ask for, moving jobs is another option.

“People are hiring and sometimes the grass is greener. Just because your boss says no, even after your best efforts, another boss may recognize the hidden value you provide and will likely pay you more. It’s a great way to jumpstart some of your saving goals as well,” he said.

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