I was happy to share some thoughts as requested but the system wanted me to join so many other topic areas it just got overwhelming. Sorry, I bailed. R-
Feel free to share it here Rob.
As a retired person there is little scope to increase earnings or climb any corporate ladder. Although investments are now dropping in value I have a very reasonable pension portfolio. My partner works and is in a well paid job but being on a short term contract there is little chance of corporate advancement. We have a financial advisor who we trust and his recent update was comforting. So we are not poor, or struggling, but the future is of concern particularly as my partners contract expires in June, but we are pretty sure it will be renewed if only for another of the short term variety. We enjoy ourselves within our means and keep our heads above water. We recognise that there are those worse off and do what we can to support them through charity or their own efforts.
So, with that background dealt with what do we do to combat inflation?
Any necessary tech purchase is researched carefully for spec, warranty and price. We have a credit card but only use it if we think we might need S.75 protection, which is rare.
We have 4 debit cards between us, two though are only for holiday use as they have no withdrawal fees for overseas ATM [there is a limit – which is why we have two] and applying for Chase as the interest rate is excellent and you get cash back for a year.
We always shop around for vehicle/house insurance, broadband and car breakdown renewal quotes, not feeling any loyalty to our current providers.
We are getting even sharper with electricity and heating oil use and large general household purchases are discussed in terms of need rather than want.
I am constantly reading two Fintech forums and find the information, whilst broad in scope and not always finance related, to be very enlightening, and of course use Nova money to keep an eye on [nearly] everything. Although not very astute in the financial world in its broadest sense I am quite risk adverse and hate spending money where it can be avoided.
Hopefully this is what you had in mind @Sam, and I hope those that read it find it helpful.
Thanks for sharing your perspective @RB51 . The stock market is cyclical, and after a decade of over performance, returns may slow down.
How is the stock market affecting you as a (lucky?) retired person? Aren’t you paid the amount every month regardless of stock returns?
Energy hyperinflation is a real pain, but still better than being bombed in the city of Khakiv.
Also are you owner or renter of your house?
Thanks @Sam.Abrika. Good to know I was on the right track.
Apart from once to buy a car we have never touched the investments since we placed them under management. Luckily we have sufficient monthly income to cover our usual bills, the odd emergency and enjoy ourselves. I completely understand we are better off than some, and as stated we try to do our bit to help. The World Central Kitchen initiative is brilliant and one I commend to anyone reading this.