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.
If you're looking additional financial assistance, Telhio Credit Union is here to help. Visit www.telhio.org
