Financial expert offers tips for midyear money review as inflation rises

MILWAUKEE (CBS 58) -- With inflation recently hitting 3.8%, the highest level since 2023, financial professional Tina Alfini of Drake and Associates joined us Wednesday, July 8 to chat about how to review finances halfway through the year.

Alfini said 44% of Americans report feeling anxious about their financial situation, citing cost of living, retirement savings and debt as common stressors.

She recommends starting with a budget that tracks income against expenses, noting that inflation has made everyday costs like groceries and gas more expensive for many households.

Alfini also suggests reviewing progress toward savings goals, aiming to put 10% to 15% of each paycheck toward retirement accounts, plus keeping three to six months of living expenses in an emergency fund. To go along with that, she recommends moving extra savings into high-yield accounts that can earn 3% to 5% interest, rather than leaving money in low-interest checking or savings accounts.

For those feeling overwhelmed, Alfini recommends meeting with a financial advisor to build a personalized savings plan.

Learn more by checking out Drake and Associates online.