Dear Readers, do you know how to budget amid rising inflation and still enjoy the holiday season with your loved ones? As you’ve heard, social security recipients will see a 5.9% increase in 2022. Federal benefit rates increase only when the cost of living rises. Keep reading to find out how you can budget amid rising inflation and keep as much of your paycheck working for you.
Welcome to new and returning readers to the Branding24seven community!
The JMS team is back with valuable insights that will inspire you to be fearless in the pursuit of your dreams. Dear Readers, if it’s your first time here, welcome, and thanks for stopping by the JMS blog. FYI, JMS is a consulting firm located in Philadelphia that advises people and companies to manage risk and avoid organizational or fiscal paralysis. To that end, the JMS team is in the business of designing recovery plans as robust as possible that avoid behavioral or productivity inertia.
Therefore, this blog will help you make sense of these unprecedented times without feeling devoid of motivation and utterly defeated. You, Dear Readers, can find your groove again as soon as you get a handle on a better approach to crisis management, thanks to a well-thought-out strategy that lays out how to budget amid rising inflation and still enjoy the holiday season with loved ones.
Why does inflation reduce your purchasing power?
These days, it seems that America is on strike. Doesn’t it, Dear Readers? Here in Philadelphia, a SEPTA (the Southeastern PA Transportation Authority) strike is looming. We have until Halloween for SEPTA management and its largest labor union to reach a deal. In other news, 10,000 united auto workers across 14 John Deere plants have been on strike for the first time in 35 years since last week. Labor shortages are wreaking havoc in many industries. And let’s not discuss the disruptions in the global supply chain of historic proportions that leave the shelves of your favorite store empty weeks at the time.
Adding the pandemic-related woes we’ve all struggled through in the last 19 months, Dear Readers, no wonder your wallet has been feeling the pinch! Everything seems to be more expansive today than it was a year ago or even before the beginning of the pandemic.
Economists define inflation as the persistent increase in the general prices of goods and services. That’s why you, Dear Readers, see a reduction in your purchasing power. A dollar won’t buy as much as it used to; basic staples such as fuel oil, milk, meats, eggs, furniture, dishes, haircuts, airline fares, and clothes are all noticeably more expensive. And that’s why it is imperative to learn how to budget amid rising inflation, Dear Readers! This blog does not want you to end up in the poor house any time soon!
How to budget amid rising inflation and keep as much of your paycheck working for you?
Dear Readers, this blog is here to reassure you that money, like anything else, is a skill you can conquer. It does not matter what mistakes you’ve made in the past. You can always turn things around and start a wealth journey at any age. All you need is a little bit of discipline and a whole lot of organization.
Since we are in a chaotic economy, Dear Readers, you need to budget as accurately as possible if you ever hope to keep anxiety around money at bay. Indeed, the most effective budget is the one you base on the accurate historical account of your variable spending such as groceries, gas, and any other shopping you indulge in weekly.
The most important takeaway is to avoid creating your budget based on guesses or wishful thinking. For instance, it is not helpful to tell yourself that you should spend $650 on food for a family of four when you spend closer to $1,200 since you eat out a couple of times a week. So, Dear Readers, grab your bank statements and go over your recent transactions to pinpoint how you spend your paycheck.
In conclusion.
You must track the categories in which you tend to overspend. Now that you have a clearer picture of your spending habits, Dear Readers, you can incorporate the changes that work best for your family. Should you cut back on eating out? Can you open an account in a wholesale club like Costco to enjoy bulk items at deep discounts? You may want to reduce the number of streaming subscriptions and develop the discipline to buy store brands as often as possible. No matter what, Dear Readers, you need to create a money routine tailor-made for your priorities if you hope to keep as much of your paycheck working for you.
There you have it! The JMS team thanks you, Dear Readers, for taking the time to read today’s publication. The branding24seven community is here to inspire and encourage as you, Dear Readers, are embarking on the exhilarating journey to design the life of your dreams. This blog wants you to have the confidence to chase your dreams with reckless abandon!
The JMS team thanks you for your support as you continue to submit requests by email or via the contact form. Don’t stop, Dear Readers! As a small consulting firm, the JMS team feels lucky to have the ability to support clients across industries through any given crisis that rocks their daily operations. We want to do the same for you, Dearest Readers. We love creating articles that make you think, question everything you thought you knew, and change your life! Please share this publication on social media with friends or colleagues who might need an extra pep talk!
Dear Readers, we want to hear from you!
What are you doing to fight against inflation? How are you managing any anxiety around budgeting and your shrinking purchasing power? Did you like our solutions, or do you think that we missed the mark? And what are your plans for debt and saving management? Are you worried that you are on a hamster wheel and will never live the American dream? What else can this blog cover that will help you optimize your financial goals in 2021, Dear Readers?
So, come back to this blog every week and get practical tips that will help you discern alternative avenues to bring your net worth to new heights. Also, you can always email us at jms@branding24seven.com with questions you would like this blog to explore further.
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