Record gas prices and skyrocketing inflation are stretching paychecks thinner for many in the Bay Area. Here are some tips from a certified financial planner on how to help cope with the rising costs:
Don’t dip into retirement or emergency savings or go further into debt to cope with inflation.
Calculate your"personal inflation rate": Compare your bank and credit card statements from last year to the past three months then look at where your spending has increased most."And that has been a huge benefit because then we can look at potentially cutting back some discretionary spending where inflation is high and reallocate that money to places where it’s the most necessary," Gaeta says.
Gaeta also advises to those who are able having 3-6 months of living expenses saved up and try to save about 15% from each paycheck.
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