WELCOME to 2023 with inflation and fear of a recession. We all have experienced the rise in food, gas, housing, insurance, and many other areas this past year. Our buying power has dramatically decreased. People need to prioritize savings and increase income while decreasing debt. If you made a resolution to change or improve your financial situation, I am proud of you. Don’t let fear stop you or not knowing what to do. If you are currently on a good path with your plan keep on truckin!
What is inflation- Inflation is an overall increase in the prices of goods or services in an economy. Over time, currency loses value, and it doesn’t have as much purchasing power as it once did. to read more: What is inflation and how is it measured? – USAFacts
Here are 3 ways to start beating inflation
- SAVE – I know we have all heard this before, but it really does make a difference. Give yourself a goal of $5 or $10 per month and track it on a spreadsheet, app, or piece of paper. Write down what you are saving for and why you are saving. Creating this habit will keep you on track and encouraged.
- Increase your income– It’s hard today to live off your paycheck with everything going up. Always look for ways to reduce your expenses but increasing your income will be a game changer. Here are some ways to do this. Start doing online surveys, using money savings apps like Fetch Rewards, Coupons, or Check Out 51. Look at start selling items in your home that you don’t use it’s free to list on Facebook Marketplace. Start a side hustle like blogging or UGC. I started this year with a blog as a way to start a new side hustle, so if I can do it, you can as well.
- Decrease your Debt! Debt it’s not a great feeling or something we look forward to paying but reducing it as quickly as you can. Once this is paid off you can increase your savings or investing. Once you are out of debt look at what got you there first and try to avoid it going forward to stay on track with your goals.
Inflation is here and you need to be prepared for anything.
