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Grocery prices, particularly for eggs, experienced a 2.6% uptick the same month.
Which tried and true approaches, as well as fresh moves, should they make?
Clement recommends baby boomers follow these five strategies tocombat inflation.
Beef Up Your Emergency Fund
Many boomers may already have an emergency fund.
Clement wants boomers to take this fund a step further and consider the Minimum-to-Survive, Maximum-to-Thrive Rule.
He uses the example of a boomer that determines their minimum is $1,200 a month.
For six months, they would need $7,200 in their emergency fund.
Whenever possible, he also recommends paying more than the minimum amount owed.
Get Strategic About Finding Money
How frugal is your budget, really?
How about calling your internet provider or phone carrier to negotiate a cheaper monthly plan?
To reroute cash, Clement said now is the time to slash subscriptions and haggle bills.
They take the remaining 40% and divide it into two halves.
The charities you love and your future self, like investments, get 20%.
The other 20% goes towards experiencing the world with loved ones.
Lets use the example that you have a $5,000 monthly take-home income.
Think rentals, businesses and side hustles, among others.
Clement said these assets are meant to live outside of you but are born by you.
The sooner you do, the closer you are to freedom, he said.
Never depend on one income stream, which is what most people spend their lives doing.
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