A lot of people are finding ways to adjust amid the historically high inflation, especially amid fears the economy could worsen.

Financial experts we spoke to advise all Hoosiers to start a savings account right away if they have not already. Joe Fitter, Finance Professor at the IU Kelley School of Business, said even 10% of your paycheck is helpful.

“It’s so important in this environment to have some sort of an emergency fund, even if it’s 500 bucks or 1,000 bucks,” Fitter said.

Fitter said now is a good time to refinance your home.

“If you’re in an adjustable mortgage, that mortgage is going to go up, the payments are going to go up,” Fitter explained. “If you haven’t refinanced yet, you should try to do that as quickly as possible. It is actually pretty advantageous right now to lock into a fixed rate mortgage. If you haven’t done that, it can be a big advantage.”

Experts say pay off your debt with the highest interest first.

“Try to avoid paying debt interest,” Fitter said. “That interest is going up on those credit cards, what used to be 17%, which is still really high, is now 21 or 22%.”

Fitter said small changes like cutting back on your streaming services and shopping around for new insurance rates, phone plans and internet packages can help.

“In the pandemic world, everyone needed the highest speed possible to ensure smooth and seamless streaming,” Fitter explained. “You’re back in the office, do you really need to keep that highest tier internet?”

Unfortunately, high inflation exacerbates disparities that already exist. For example, according to the US Bureau of Labor Statistics, white employees made an average of 100 bucks per week more than their fellow Black employees in 1992.

According to the latest numbers, that gap has doubled.

“As far as being able to gain wealth in the workplace itself, continuously Black and brown people are paid at a lower value,” Kim Crowder, CEO & Founder at Kim Crowder Consulting, said. “Especially when you talk about women.”

Crowder is a Diversity, Inclusion and Equity expert who says the wealth gap between Black and white people dates back generations when numerous barriers prevented people from making money. Crowder sighted slavery and redlining practices.

“It’s not just this snapshot one moment in time, but it is years and years of folks not being able to gain homeownership,” Crowder explained.