Financial expert recommends budget with current inflation prices

BIRMINGHAM, Ala. (WBRC) – As we all know, inflation impacts everything from gas prices to grocery store prices.

How long until we can see relief and what should you do while waiting?

A local financial expert says this could continue to be a problem for next year, but certainly for the next few months.

Marshall Clay, senior adviser at Welch Group, says it’s not a quick or easy fix.

He says inflation is a major reason why interest rates are skyrocketing. It’s a way for the federal government to lower everyday prices, but we don’t yet know if or when it will help.

Clay says inflation is the number one concern for Americans right now and that everyone will be dealing with it for the next three, six, nine months or even more than a year.

Her biggest piece of advice is to start budgeting now.

“Watch your budgets,” Clay said. “Make sure you’re spending money on the right things. Make sure you don’t spend money lightly on miscellaneous things, because you’ll probably need some of that extra free cash flow to pay for the things you absolutely need, not necessarily what you want. .

The next time you choose to splurge or not, keep those high prices in mind. It may be better to go ahead and save instead.

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Edward N. Arrington