Life Kit How to protect yourself from inflation
29 snips
Aug 11, 2022 
Michelle Singletary, personal finance columnist for The Washington Post and author of a crisis survival guide, dives into the challenges of high inflation and rising interest rates. She shares strategies for managing debt effectively and emphasizes the importance of prioritizing smaller debts for motivation. Listeners learn about high-yield savings options like I-bonds, emotional resilience during economic downturns, and the value of preparing for future financial challenges. The conversation blends practical tips with a dose of optimism.
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Debt Snowball Method
- List all your debts from smallest to largest and pay off the smallest ones first.
- This can create a psychological boost and motivate you to tackle larger debts later.
Investing in I-Bonds
- Consider I-bonds, which are indexed to inflation and currently offer high interest rates.
- Purchase them through treasurydirect.gov, with a limit of $10,000 per calendar year.
Recession Preparedness
- Act as if you're always in a recession to be prepared.
- Evaluate your financial situation, whether you are struggling, moderately impacted, or financially secure, and adjust spending accordingly.
