8 On Your Side: Wealth management expert tips to help combat inflation

8 On Your Side: Wealth management expert tips to help combat inflation

Posted on

LAS VEGAS (KLAS) — For those who live paycheck to paycheck you are not alone, nearly 2/3 of Americans said they struggle to make ends meet, according to Brad Zucker financial professional from SMA Wealth Management.

“Wage growth is not keeping up with rising inflation,” he told 8 News Now.

Zucker went on to describe the financial toll it’s taken on many people. Credit card debt is 13% higher than last year. It was the largest year-over-year jump in more than 20 years.

He advised many to budget as he believes it’s the key to financial security and can reduce a lot of stress by knowing how much a person has coming in and how much money is going out.

“I think it’s important people understand, you must have a game plan, to combat
inflation and rising cost of living,” Zucker added.

NerdWallet has a free app that can help those interested in tracking their expenses.

“If you are living paycheck to paycheck you’re going to be giving up on discretionary expenses, going out to restaurants, buying clothes, technology or gadgets, or taking a vacation,” he added.

Zucker also advised cutting back on small things some examples included unchecking the auto-renew options on any subscriptions you aren’t using regularly. Music streaming services, car wash services, gym memberships, online magazines, and ebooks are also good examples.

He also had another tip that could give some more money in their next paycheck.

“If you filed your taxes in April and get back a tax refund, you want to change your tax withholding right now, it will immediately increase your monthly income, and next April your tax refund will be a lot smaller,” Zucker added.

Source link

Leave a Reply

Your email address will not be published. Required fields are marked *