Consumers are dealing with rising prices everywhere, including on basic needs like gas and food. At the same time, rising interest rates can translate into higher monthly credit card payments for people carrying debt.
Higher costs for everyday spending and debt may contribute to greater financial strain on people’s budgets. While not many consumers can change those macroeconomic factors, they can compensate for them by finding new ways to save across some popular spending categories.
Here are three strategies that can help:
Trim gas expenses through smarter driving
You can drive less and spend less on gas by carpooling, grouping errands together, and using apps to plan the most efficient route. A good driving tip is to aim to drive at 50 miles per hour whenever possible because fuel economy peaks at that speed. Also, planning where you’ll buy gas in advance based on the lowest prices can be worthwhile. It’s always best to utilize rewards credit cards when purchasing gas, such as NextMark Platinum Rewards Visa® credit card, which can help increase your rewards and allows you to spend them on what you want later.
Build more savings in a high-yield account
High-yield savings accounts are often the best option to save your money. These accounts allow you to keep your money at higher rates with lower risk. You are missing out on free money if your funds are earning little to nothing in a traditional bank. Credit Unions have a history of offering higher deposit rates. So take advantage of these high-yield savings accounts by bringing over non-NextMark funds to us. Check out our rates here.
Pay off high-interest debt.
Lastly, rising interest rates mean that credit card debt will become more expensive, which makes paying it off as soon as possible a savvy move. Debt payoff can be challenging when you’re also paying more for everything. Consider contacting NextMark Credit Union and speaking with us regarding debt payoff. Our goal is to help our members survive in the world of money®. We will help you to take advantage of the rising rates instead of falling victim to them.