BIRMINGHAM, Ala. (WBRC) – As we are all very much aware, inflation is impacting everything from gas prices to grocery prices.
How long until we can see some relief and what should you do in the meantime?
A local finance expert says this could continue being a problem for the next year, but definitely for the next few months.
Marshall Clay, a senior advisor at The Welch Group, says it’s not a quick or easy fix.
He says inflation is a big reason interest rates are spiking. It’s a way for the federal government to bring everyday prices back down, but we don’t yet know if or when they will help.
Clay says inflation is the number one concern for Americans right now and everyone will deal with it for the next three, six, nine months, or maybe even upwards of a year.
His biggest piece of advice is to start budgeting now.
“Monitor your budgets,” said Clay. “Make sure that you’re spending money on the right things. Make sure that you’re not frivolously spending money on various things because you’re probably going to need some of that extra free cash flow to pay for the things you absolutely need, not necessarily what you want.”