From gas to groceries, inflation is making a significant impact on our personal finances. As we search for ways to reduce spending, we should rethink our current money practices to protect ourselves and our future.
Three things immediately come to mind. First and foremost, invest in yourself. Take advantage of compounding – money over time can help mitigate the impact of today’s economy. Secondly, invest in yourself by capitalizing on financial education. There’s an abundance of legitimate free resources available: podcasts, online courses, local classes, and experts. Their influence on managing your money, daily strategies, and best practices can help align your personal decisions to reach your financial goals.
‘Life is not about how much money you have or don’t have, it’s about beliefs, attitudes, and behaviors.’ Small changes over time can make a large impact in your finances – good or bad, so make every action count.
Lastly, being creative in managing life’s changes boosts resiliency. Approach transitions with an open mind, explore options, and ask for guidance when facing your next financial challenge. Instead of letting inflation disrupt your finances, respond by protecting your spending power and future.
Consider implementing one of the following tips to help your finances:
- Review memberships, subscriptions, & services
- Compare insurance coverage & costs
- Automate your bills, savings, and budgeting
- Take free money – 401k & utilize pre-tax money for dependents or healthcare
- Get organized - using a budget, shopping lists, & declutter your space
- Maximize resources through energy efficiency
- DIY making your own household cleaning products, gifts, and snacks on the go
- Trade time/expertise with groups: babysitting, cooking, vegetable gardens, etc.
- Prioritize financial education & take advantage of your Financial Institution’s offerings
- Increase savings with NEFCU’s ChangeSaver
- Ask for discounts (from students to seniors): utilities, grocery stores, insurance, online services, & more
- Visit a NEFCU Certified Financial Counselor for financial wellness checkup
Just a friendly reminder to buy only what you need and live simply. To learn more, visit nefcu.com.