Sometimes it feels like I’m beating a dead horse, but I have to keep talking about this current economy to make sure as many people are prepared as possible. I’ve started getting calls from clients who are nervous about the increasing cost of not just insurance but everything, so I figured I’d make a blog and video that mirrors the conversations and advice I give.
This current economy has been stretching a lot of folks thinner than usual, including me! With the cost of everything rising, insurance included, now is the time to be mindful, create a plan and budget. How we handle an economic downturn helps determine our financial wellbeing and buying power once we are out of these tough times.
If you are reading this and wondering what I’m talking about, this can be a good thing. This means you haven’t felt the squeeze YET and can be well ahead of the curve and prepared as inflation increases and the price of everything continues to go up. For those who are already feeling the squeeze, don’t fret, now is the perfect time to gain control over your finances.
The simple advice is:
- Spend less.
- Save more.
- Pay down debt.
- Slow down putting things on credit cards.
- Work on improving your credit score/profile.
Before you roll your eyes... remember, I said simple, not easy. Just because something is simple, does not mean it is easy. Oftentimes the simple things are the hardest to get under control! As we settle into habits and get used to certain luxuries, it can be hard to see how anything can be cut out or juggled. Everything starts to feel like a necessity until you take a step back. I recently did this for both my business and personal finances and was happy to create a plan that is manageable and will help me spend less, save more, and cut down debt. I had to review my takeout spending and how much I spend at Target and Amazon. An exercise in the simple but not easy for sure! I am linking a copy of the Budget Template I created that helped organize my monthly finances. Hopefully, it will be helpful for you as well!
One of my favorite sayings is by Dolly Parton. She says, we can’t control the wind, but we can adjust the sails. Do what you can that is in your control. Right now, inflation is the wind. The economy is the wind. Having a plan and a budget are the sails. Small changes can help set you up for big success in the future. Be intentional and progress will happen.
Thanks for taking the time to read this! Until next time, thank you for all the good you bring to the world. Bye.