We are thrilled to announce that Prestige Accounting Services Group (previously Prestige Wealth Accounting Group) has joined forces with Bacchetta & Company in an exciting new partnership!

Managing Your Finances During an Inflationary Period

It’s hard to ignore the real-life impacts inflation is having. While gas and grocery prices are having the most immediate effect, the price of almost everything is going up. People who are looking for ways to counter the impact and preserve financial stability can start with these solutions. They’re accessible options that can make a real difference.

  • Search for better savings options – If you’ve been parking your savings in your bank’s basic savings accounts, you know that you’re not earning much in the way of interest. Historically speaking, higher inflation leads to interest rates rising, but so far that hasn’t been the case. Still, online banks and others have introduced some attractive options that may make it worthwhile to shift your savings. The stock market and long-term investments are other options, though the uncertainty may not be for everybody. Experts urge people who opt for investment to diversify and to resist being reactive to sudden drops in prices. A long view will usually result in incremental growth.

  • Pay off your credit cards – While savings account interest rates aren’t rising, credit card interest rates are. If you’re carrying debt from one billing cycle to the next, you’re paying too much – and are likely to be paying more soon. Evaluate the rates your current card is charging and if you can, consider a balance transfer – especially to a card that is offering special introductory terms. One way or another, create a plan to pay your debt down and stick to it.

  • ARM Mortgage Update – Mortgage rates have been at historically low levels, but that won’t last much longer… in fact, they’re already rising. If your mortgage rate adjusts, don’t get complacent. The rates that are coming are going to be significantly higher, so now’s the time to refinance and grab a low fixed rate while they’re still available.

  • Maximize Your 401K – If your employer offers a 401K program with a match, do whatever you can to maximize your savings. The more that you put away now, the better off you will be in the future.

  • Be Cost-Conscious – When money is flowing and prices are low, it’s easy to get into a casual spending habit. Now that prices are rising, it’s time to take a closer look at where your money is going. From auto-renewing subscriptions to services you may no longer be using, to using food delivery services instead of going out to pick up your groceries yourself, it may be time to write down what you’re spending, eliminate where you see waste, and create a budget you can stick to and increase the cash you have in your pocket. You’ll be amazed how much you can save if you look for sales, turn the heat setting down by a couple of degrees, and start shopping smarter.

As with all boom-to-bust cycles, this period will also come to an end. Following this advice will help you get through the added cost increases without significant consequences to your pocketbook.

Share this article...

More About Us

Get to Know Prestige Accounting Services Group (previously Prestige Wealth Accounting Group)

Offices in Flemington, NJ and Califon, NJ

Our Mission: At Prestige Accounting Services Group (previously Prestige Wealth Accounting Group), we are on a mission to redefine the tax experience for individuals and small businesses. With a focus on personalized service, strategic planning, and expert guidance, we aim to empower our clients to succeed financially with confidence and ease.

Expertise in Action: With a wealth of experience and a team of dedicated professionals, we specialize in individual and small business tax preparation. While we excel in all areas of taxation, our passion lies in serving the unique needs of small business owners in New Jersey. We understand that small business taxation requires specialized knowledge and attention to detail, which is why we go above and beyond to ensure our clients receive the guidance and support they deserve.

Tailored Solutions for Every Client: Whether you're a high-net-worth individual seeking comprehensive tax planning or a small business owner in need of accounting and bookkeeping assistance, we have the expertise to meet your needs. Our team takes the time to understand your specific situation and develop customized solutions that align with your goals and objectives.

Why Choose Us?: What sets us apart from other New Jersey tax firms is our commitment to excellence and innovation in the field of taxation. We don't just prepare tax returns; we provide strategic insights, proactive planning, and actionable advice to help our clients achieve their financial goals. With a team of two CPAs, an EA, and an ERO, we have the expertise and resources to deliver exceptional service and results.

Your Success is Our Priority: At Prestige Accounting Services Group (previously Prestige Wealth Accounting Group), we measure our success by the success of our clients. We are dedicated to building long-lasting relationships, providing unparalleled service, and helping our clients thrive in today's ever-changing tax landscape.

We can't wait for you to experience the Prestige Accounting Services Group (previously Prestige Wealth Accounting Group) difference.

Tax & Small Business Updates

Get the latest in tax and small business updates and issues that affect your finances and growth prospects.

I confirm this is a service inquiry and not an advertising message or solicitation. By clicking “Submit”, I acknowledge and agree to the creation of an account and to the and .
I consent to receive SMS messages

Flemington Office

Looking for tax help in Flemington, NJ? You can find us at:

Millburn Office

Looking for tax help in Millburn, NJ? You can find us at:

Califon Office