~ As inflation has risen the past two years, here are my top eight tips to handle 2023’s Inflation ~
“Never spend your money before you have it.”– Thomas Jefferson
The last couple years inflation has hit many people rather hard. It is impossible to go shopping without noticing how much more expensive everything has become since both COVID and political spending the last couple of years. Many people are adjusting their budgets and their approach to personal finance based upon the recent inflation.
“Do not save what is left after spending, but spend what is left after saving.”– Warren Buffett
Due to circumstances beyond my control, I was recently left in a situation where I had no income other than sporadic income from writing. I quickly found a job in retail. That is the good news. Many, many places are hiring, especially now–right before the holidays.
Here are some tips on how to handle the downturn in the fall 2023 economy.
Top Eight Tips to Handle 2023’s Inflation
- Take stock of your income and expenses. Make a list of everything that you have coming in and all the bills you pay monthly, quarterly and annually. Know what you are up against.
- Evaluate your savings account and your savings plan, as well as your investment opportunities. How much are you saving? How much are you investing? You need to be doing both, even if you are 16 and working your first job.
- Anticipate emergencies. Everyone needs a nest egg for medical issues, accidents, unemployment home repair, natural disasters and other emergencies.
- Create a budget based upon your income, expenses and what you should be saving/investing. Read here for tips on How to Set and Stick to a Budget.
- Get a part-time or full-time job. Based upon the difference between what you make and what you spend, it is time to decide if you need a full-time job or if you need to supplement with a part-time job. There are things to consider: your training and experience; your age; your health; etc.
- Research the local job market. As Imentioned before, it is relatively easy to find a fast-food or retail job right now. However, that might not be the kind of work you are best suited for. Research the job market in your area to discover what jobs that you are qualified for are paying and if they are currently hiring.
- Plan for retirement. It may be just around the corner or way off in the future, but no one has ever claimed that they get too much money from social security. The fact is, you will need some savings or good investments–preferably BOTH–in place fore your retirement, especially if, like me, you will be self-employed most of your life.
- Save more/spend less. Yes, it really is that simple. We spend money on many, many things that are non-essential. Cut back on some of them. Don’t believe me? Here are a few suggestions: Eat simple meals at home; drop Netflix, Prime and the rest and download a few free streaming platforms for entertainment; learn to fix a decent cup of coffee at home; learn to appreciate economy cars or simply take the bus; drink water instead of colas or alcohol.
“A Budget Is Telling Your Money Where To Go, Instead Of Wondering Where It Went.”— John C. Maxwell
Nothing is fool-proof, but exercising some common sense and self discipline will put you in a far better position financially than feeling like you NEED things when you simply want them. Knowing what your income and expenses are and setting a budget is the beginning of controling your money rather than your debts controling you. Doing some homework and due diligance will put you in a better position to evaluate your situation as well as your options. Pay attention to the little things in order to have a better handle on the big things.
“Beware Of Little Expenses; A Small Leak Will Sink A Great Ship.”— Benjamin Franklin
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