How to protect yourself from inflation

Crisis Tactics

In times of personal financial crises, prioritizing essential expenses is crucial. Michelle Singletary advises taking an immediate assessment of your financial situation to identify which bills are absolutely necessary to cover, such as housing, food, and transportation for job interviews 1. She emphasizes the importance of not being afraid to let go of non-essential expenses during these tough times.

You got to cover the necessities, the roof over your head, the food on the table, the ability to drive to get to a job interview.

--- Michelle Singletary

This approach helps manage limited resources effectively and ensures that the most critical needs are met.

   

External Help

Reaching out for assistance is a vital step during financial hardships. Michelle Singletary highlights the importance of communicating with creditors and landlords to explain your situation 1. Many creditors are willing to offer temporary relief if they are informed about your financial difficulties.

You'd be surprised at how often your creditors will give you a break if you just pick up the phone and call them.

--- Michelle Singletary

This proactive approach can provide much-needed breathing room and potentially prevent further financial strain.