{"id":24822,"date":"2021-12-03T08:09:00","date_gmt":"2021-12-03T14:09:00","guid":{"rendered":"https:\/\/wealtheo.com\/?p=24822"},"modified":"2021-12-17T09:28:06","modified_gmt":"2021-12-17T15:28:06","slug":"taking-charge-of-personal-finances-during-covid-inflation-spike","status":"publish","type":"post","link":"https:\/\/wealtheo.com\/articles\/from-the-founder\/taking-charge-of-personal-finances-during-covid-inflation-spike\/","title":{"rendered":"Taking Charge of Personal Finances During Covid & Inflation Spike"},"content":{"rendered":"\n

The pandemic has brought some unique advantages and disadvantages to the personal finances of most individuals. Now, in addition to navigating those challenges, inflation is spiraling under the current administration. What should a person be doing right now to counter the impact of these two very significant impacts on your personal finances?<\/p>\n\n\n\n

In some ways, the pandemic may have helped reduce personal expenses. If your employer has mandated or allowed you to work remotely from home, you no longer have gas expenses, vehicle wear and tear (maintenance costs), work clothes expenses, and indirect cost reduction if you ate out for lunch every day. On the other hand, if your children could no longer attend school, now you may have additional child-care expenses in your home while you work. Also, it\u2019s possible you needed to upgrade your Internet connectivity to be able to work efficiently from home. If you have money in a savings account, the current inflation rate is 6.2% – which is likely much higher than the interest rate you are saving. The average national savings interest rate is less than 1%, therefore your money in a simple interest-bearing account is losing value every day.<\/p>\n\n\n\n

Here are some steps you can take to maintain and\/or improve your financial position during this pandemic and high-inflationary period:<\/p>\n\n\n\n