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Five ways to beat inflation to get ahead

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    Richard Barrington shows you how to even out inflation and your income growth

  • Duration 6:50
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And if you're I think about keeping your money out of the stock market and putting it in the bank to accrue some interest.

You may be losing the battle against inflation Richard Barrington senior financial advisor -- money rates dot com joining us now via Skype and and Richard thanks for joining us we -- we've just altered an article that's up on foxbusiness.com.

I think we have.

A quick snap of data and Richard you you're talking about five ways to beat inflation.

-- -- you see the headlines there attack credit card debt shop online with care compare insurance.

Annually reevaluate entertainment options and finding the best savings account rates will.

We'll start off of attacking credit card debt because we know Americans -- done a pretty decent job over the past couple of years but.

It's it's a good place to start when you starting -- to clean your own balance sheet -- correct.

-- -- -- -- -- Credit card interest rates are really out of whack.

-- what we're seeing going go on interest rates otherwise is as you know.

I'm saving discount rates -- down below well below 1% on average -- credit card.

High interest rates are are in the neighborhood of 13%.

This is an end -- extensive.

Way to purchase sentenced Ahmanson and I guess it would be well -- go ahead I think what people forgotten is -- credit cards are designed.

For short term borrowing I had -- over the years Americans have gotten in the habit of turning -- into long term debt.

And it just extraordinarily expensive form of long term.

That so what's the first step -- -- start paying it down more aggressively or do you play a game in trying to switch to another card with a lower balance transfer rates.

You see some of those have crawl back up not and proliferating nearly as much as they were a decade ago but.

Some of -- zeros and the 5% to the lower percentage winds are still floating around.

It -- true if you do play the balance transfer game you have to be very careful.

To check -- -- the interest rate but also the data transfer fees that a lot of -- rounds charge and then of course what when it steps up to after the introductory period is ever since they always the other devil's in the details about one that.

Let's move on to shop online.

With care now is shopping -- certainly made a lot easier -- shop comparatively instead of having to go from store to store which if I guess if -- it everything's -- one laws not as difficult but if you're gonna go all over town.

If you take a lot of time and in in May negate some of the savings but.

Taught us about the strategy and of how you do this as opposed to -- your -- -- finding necessarily the lowest price but.

-- do best way to go about it will let them.

The concern is we is -- shopping online and shop online EU may -- -- Comparison shopping and it is the ideal way to do your research but I think the mistake.

The -- people -- eight Obama a lot of times is that.

They look at an online price for something compare with what it would cost in the store but they don't factor in the shipping charges.

Men and so why you want to make sure that that's part of part of your calculation because -- -- You know it's almost like an afterthought when you're checking out your -- shopping basket on line and that kind of the last thing that pops up is what the should be charges are.

-- -- that can really changed a a bargain into something you're overpaying.

More -- particularly if you do return some folks off very as office one with famously for free returns but other folks -- you can really I didn't get eaten up.

On some of those charges and I another one that he may be.

People and I may not look for -- -- but he is you clearly that you can save money by comparing your insurance annually.

Yes and down you know added reason to.

It could -- up through that went out there is that this is a relatively.

Big ticket item.

Men and so it is it's an opportunity to to you don't really saves money I think -- kind of -- this whole discussion return beat inflation.

It's a little like the expression in baseball playing small -- there's no.

Being in school more.

I'm between artificially low interest rates and shaky stock market right no big schoolwork it's gonna get -- head of East Asia you have to be prepared to do a lot of little -- tell us well.

-- morning Richard we're gonna bring up the that the comparison of how much prices have gone up in the past twenty years and in in people just superb frame of reference from people who realize things are more expensive now but don't realize that.

You know -- and since you know more than doubled in price since that I 1992.

-- Yes and -- you're just you're here an example this open the problem is that we did a calculation that over the last three years.

Because interest rates are so well.

Americans -- cost a total of over 500 billion dollars in purchasing power.

Arm because of this artificial conditions we've been -- -- interest rates being below inflation historically interest rates usually little ahead inflation's.

But that's been kind of turn on its -- Alberta.

Round last few years an attempt to stimulate the economy and we don't know how well that's what yet I had seen -- thing here though you mean -- -- -- right maybe not -- to be able to make more money given that the labor market right now last year investments are Naimi I don't know Los.

Tightening the belt -- -- you volume from everybody entertainment options you -- -- cutting the cord from cable or are maybe getting rid of some of the other the channels out there.

IC EO American households a lot of times had a bad habit.

They overtime they acquire more and more expenses and they don't sort of replaces oldest and biggest -- remarks.

It.

Younger demographic groups in particular are now spending more time online than they are in front of the television right and so when you look at that hundred dollar plus cable package that you may have -- you wanna ask are we using less the same way we used to a few years ago and you -- that's been replaced with more online entertainment.

Then you know why are you still.

-- is not well Richard we're at the -- folks to our website cheap flight here to find the best savings account rates and thank you so much for joining us to talk about.

Waste five ways to beat inflation on foxbusiness.com.

Right now and look forward it is chatting with you again sometime soon and quick -- speaking of chats just off the boards here we're hearing from David Larsen saying -- investing in local farms may help beat inflation certainly has been a good investment over the past decade -- the most lucrative but.

Unclear whether subsidies will continue for farmland.

Also one way to fight inflation is to not print money but pay your bills we were just hearing about that and also of course.

-- when he gets a credit card charges more than 20% is not a Smart person that's from --

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