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Inflationis the silent wealth killer.
You might not notice it right away, but it silently erodes your savings over time.
High-yield savings products like money market accounts and certificates of deposit offer competitive interest rates.
Make your money work for you, said Suzzette Bruce, assistant vice president and branch manager atAddition Financial.
Track Your Spending
Inflation impacts everyone differently.
Thats why its important to know where your money is going before making adjustments.
Go see where your actual expenses have risen due to inflation.
So, a good thing to do is check in to see where youve actually been impacted.
While cutting expenses helps, earning more allows you to grow your savings without sacrificing your lifestyle.
Shovel snow, bake cookies or walk dogs.
Pay Down High-Interest Debt
High-interest debt is one of the major obstacles to growing your savings.
Every dollar you pay in interest is a dollar thats not working for you.
Invest
The stock market can feel scary and risky, especially with the current volatility.
While they may be risky, you have time to risk temporary gains forlong-term track recordsof growth.
Long-term investing is the current best approach to beating inflation and having your money grow steadily.
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