With the economy going through some turbulence with high inflation, record number of people leaving their jobs, high gas prices, higher interest rates, and the risk of going into a recession, now is the time to make a change. What changes do you ask? Changes that will help your financial posture. One reason to change is when something in our life forces us to change.
Let’s start with inflation. A simple way of explaining inflation is that it costs more to buy things now than it was before. For example, the price of food at groceries are more expensive, eating out is more expensive, and taking an Uber is more expensive. Things cost more.
What can you change? If things cost more, one way is to consume less. That could mean eating less, possibly skipping meals. You could look for alternative transportation like biking, walking, or the bus so that you don’t have to drive as much. Possibly start shopping at discounted stores instead of brand name stores. Look at generic brands as an alternative.
Change is hard especially if it causes an inconvenience. Who likes to skip a meal or walk to the store instead of driving there? When your money doesn’t go as far as it used to, you might need to consider making a change.
Change could also mean actually spending more money. For example, you want to reduce your gas spending. You could go buy a hybrid or electric vehicle. Years ago, it was said that the savings you get going electric wasn’t financially beneficial compared to keeping your gas vehicle. I’m not so sure about that now.
You might want to consider refinancing before the mortgage interest rates go even higher. Interest rates have been going up and up which means borrowing money is more expensive. Whether it’s a mortgage, auto loan, or home equity loan the cost to borrow is more expensive.
Another way to combat inflation is to bring in more money. How about a side hustle? Have you thought about selling things on eBay, Etsy, Facebook Marketplace, or other online site? How about becoming a blogger, YouTuber, TikToker, or influencer? If you have a talent, you can monetize it.
If you were on the fence about making a change to better your financial posture, now is the time. It’ll take some time to battle inflation. Any change you make will take time to get accustomed to it. If you are interested in following my journey, email subscribe to get alerts of latest posts or follow me on Facebook, Instagram, and Pinterest.
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