What effect is inflation having on your pocket?

It feels a lot at the minute that I can’t open a newspaper or scroll through social media without seeing mention of the inflation issue.

But without having a degree in economics, what does it all really mean?

It’s having a major effect on our savings and between inflation, the cost of rising energy bills and tax, it’s the recipe for a perfect storm.

Doing what I do for a living, I need to think about the impact of inflation for my clients. But for most people, it isn’t something that they’d normally sit down and carefully consider. The last time inflation was this high though, Vanessa William’s ‘Save the Best for Last’ was number one in the charts, back in 1992. 

Inflation is like money evaporating out of your bank account; but there are a few ways you can put up an umbrella.

Number one. Prepare now for tighter times on your pocket. Stare at your online banking app for a while and consider were those JustEats, nights out and seven different TV streaming services really worth it? Now might be the time to be a little more realistic with what perks you can afford.

Secondly, if you do own your own home, maybe think about fixing your mortgage rate now for as long as you can to give yourself certainty on what you’ll be paying, and mitigate against any future interest rate spikes.

If you do know a little about inflation and you think it still has the opportunity to rise considerably, then now could be the time to think about buying those larger items you wanted to purchase in the near future, before prices sky-rocket. So, if it’s time to upgrade your family car or book that round-the-world-trip, it could be time to take your credit card out.

And so it goes without saying, if like a lot of people you’ve been thinking about property investment over the last few years, then if not now, then when?

Right now, there are countless opportunities in Northern Ireland and beyond to invest, sell-on or rent out – but they might not be there forever, not if inflation has anything to say about it.

To find out more about potential investment opportunities throughout Northern Ireland and beyond, visit www.keegoinvestments.co.uk – follow @ni_propertygirl on Instagram or search Eimear Gourley on LinkedIn.