The Federal Reserve this week raised the interest rate to try to cool down inflation. But how long will it take before the average American feels it?
Many Bay Area consumers have watched their monthly bills skyrocket this year because of rising gas prices, surging inflation and soaring debt. Gas in the region alone has jumped to near $7 a gallon, more than $2 above prices a year ago.
On Wednesday, the Fed announced an interest rate increase of 0.75%, with the hope it would slow rising consumer prices. But experts say it is unlikely consumers will see relief in the short-term.
Here are some tips from financial experts on how to save money:
- Use less fuel by grouping trips together, driving the speed limit and avoiding idling.
- When grocery shopping, make a list of items you want to buy and then look for sales.
- Make a list of your medications, and then go to GoodRx, Blink Health and Scriptco to compare prices.
- If you have credit card debt, pay it off soon.
- If you're in the market for a car or home, lock in the rate soon.