Financial matters are often a major point of contention surrounding presidential elections, and it’s clear that Americans have some concerns when it comes to their personal finances.

Although issues like Social Security, taxes, affordable housing and the cost of health care are top of mind for voters this year, one financial issue seems to be taking precedence over all others: inflation. A recent Motley Fool Ascent poll found that inflation is the top financial priority for Americans, with voters of all generations citing it as a top concern.

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And it’s easy to see why. Over the past few years, rampant inflation has hit consumers in just about every way imaginable. Not only has it become more expensive to have electricity and food, but the rise in property prices has forced many potential buyers to write off their homes for the foreseeable future.

All in all, Americans want to escape inflation. And while the pace has slowed in recent months, it will be interesting to see what this year’s presidential candidates propose to combat inflation. Ultimately, though, the best thing you can do is take steps yourself to inflation-proof your finances.

Don’t let inflation wreak havoc

Inflation is a permanent economic factor that consumers must always reckon with. And to be clear: Inflation is not always as high as it has been since the pandemic.

But it’s a problem that can damage many people’s finances – both in the short and long term, so it’s important to take steps to protect yourself.

In the short term, keeping your larger expenses low is a good way to protect yourself from rising costs. For example, locking in a lower mortgage payment with a fixed-rate loan gives you more room in your budget to cover rising costs when they arise. The same goes for car payments, which are another major expense.

In the long term, it’s important to invest for retirement in a way that is likely to cause inflation to rise faster. And for many people, that means stocking up on stocks.

You need to grow your investments faster than inflation so that the money you save today is enough to cover your future needs. If you put $300 a month into a retirement plan for 40 years, earning an average annual return of 8%, which is slightly below the stock market average, you’ll end up with nearly $933,000.

Having a nice nest egg in retirement is especially important because Social Security has historically failed to keep pace with inflation. While benefits can be adjusted annually to reflect the cost of living, these annual increases have long been inadequate, causing recipients to lose purchasing power year after year.

Look at the big picture

Inflation might be such a big issue for you that it influences your vote. There’s nothing wrong with closely following each candidate’s financial plans and priorities. In fact, it’s a smart move.

At the same time, you don’t necessarily want to rely on a particular candidate to secure your finances. You should do this yourself through careful budgeting, planning and investing.