Avoid Finances Struggle During Inflation and Shortages

By Greenpath Financial Wellness

Planning your finances is always a great idea, but in times of economic uncertainty, it is even a better idea. Have you been hearing about different shortages around the United States lately? Or things being more expensive due to inflation? This impacts everyone's buying power. Even if you are in a comfortable financial situation, it's important to be prepared to pay more for food, gas, autos and several other goods and services you use. Especially those who are on the tail end of saving for retirement, looking for a new home, switching vehicles, etc., it's important to assess your priorities to avoid future hardships down the line. Here are some tips to consider!

Plan your spending - Take some time to list out your monthly expenses, set aside money for those expenses and account for how much you have left over. This will give you a good idea of how much you can juggle without dipping into savings.

Take inventory - You never know what might become scares, especially around the holidays. Take inventory of what you have and what you need. This will create less stress in the coming months, help you make smarter decisions in the grocery store and save you money. Not only should the essentials be planned out, but your weekly grocery shops can be, too. Choose recipes that use the ingredients you already have in your cupboard, eat leftovers, compare prices and stick to your list!

Be flexible - Planning is helpful but being flexible is, too. If you're planning a big purchase right now, consider waiting and being flexible with the current economic state. For example, if you're looking to downsize your home, take into consideration that home prices are higher than they were a year ago. If you choose to be patient and flexible right now, it could save you money in the future when prices decrease. That's the same with any big purchases. It doesn't mean forget about it - it just means wait, explore your options more and make an educated decision based on your personal circumstances.

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