appy August! I hope
everyone is having a
wonderful summer
like I am. On all levels over the past year, the conversation and solutions to inflation have been on everyone’s mind. Are all the answers here? Probably not, but I have a few items to put in your Financial Lifestyle arsenal that our 1st Capital Wealth Management clients use to boost their bottom line.
If you can use these tools, I’m certain you will see a few upticks in your finances and a reduction in the stresses from the overall impact of inflation.
Photo Credit Alexander Grey
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Tools To Help Manage Your Budget and Inflation:
1)
You can do better than 1% on purchases. Look for one that does not have an annual fee and that gives additional cash back on the categories in which you frequently shop and that has a sign-up bonus. It’s not uncommon to get 3% back or more on some categories.
2)
Call your credit card issuer and ask for a lower rate. According to a recent survey we reviewed, 76% of cardholders who did so were successful. The average rate reduction was 6.3 percentage points.
3)
The same survey found that most credit card holders proved successful when they requested the fee for paying late be waived. So, you should ask…any savings is a savings. Especially, when late fees typically run $30-$40.
4)
The typical balance transfer credit card offers 12-15 months without interest, and some cards have balance transfer periods up to 21 months. That can be a huge savings with interest rates rising to an average of more than 20 percent for cardholders.