Now, More than Ever…
Now, More than Ever, it’s Time to Get our $$$$ Organized and Focus on What’s Important
We all know this: our money isn’t going as far. Inflation has eroded the value of our dollar. Food is more expensive. Gas is more expensive. EVERYTHING is more expensive.
More companies are requiring employees to go back to the office daily, which will raise the individual's costs of gas, food, childcare, etc.
Federal student loan repayments are starting back up 10/1, and many got used to using those dollars to cover what inflation has increased.
We also know that salaries have not always increased to the same degree as inflation.
What can we do? Let’s get ahead of this and at the very least re-examine how we’re spending and make a plan!
Track your spending…all of it, for 2 weeks. Do you really know where your money is going? Track on paper. Track it in a spreadsheet. Track it in an app. Doesn’t matter how you do it! Surprised by what you see? Can you cut back on a few things?
Create a budget. Intentionally plan for how to spend your precious dollars, including tucking $ away for your future. Cut out those items that you don’t really NEED.
Learn to live within your means. The most fulfilling experiences don’t cost a lot of money. Focus on the things that matter most to you and forget about keeping up with those that seem to have more…most times they don’t…they’re in debt and struggling.
Steer clear of credit card reliance, loans, and BNPLs (buy now, pay later) which will hit you with high interest if you don’t pay on time. If you don’t have the money for something, save for it. Here’s a fun reminder: Don't Buy Stuff - Saturday Night Live
Consider increasing your income…quantify your worth and ask for a raise!
Start a side-hustle…there are so many ideas out there!
Need help? Reach out!
A Financial Coach can help. A financial coach will educate you in money management skills, such as how to build savings, create a spending plan or pay down debt. We can also help you discover what drives your financial decisions, so you can create a healthier outlook that leads to better money practices. Look for an Accredited Financial Counselor®, a FINRA Professional Designation, here: AFCPE - Find an AFC®
And if this all seems too much and you or someone you know needs a trusted partner to handle day-to-day financial management, you can rely on a Daily Money Manager. Daily money managers (DMMs) help busy professionals, high net-worth individuals, seniors, and others, and offer services to ensure nothing falls through the cracks, including necessities like paying monthly bills, assisting with tax records, reconciling accounts, decoding medical bills, and negotiating with creditors. To find a DMM, head to the American Association of Daily Money Managers: AADMM - Find a DMM
Wishing you Financial Success!