Have you heard, Dear Readers, that the Federal Reserve (the Fed) raised interest rates by half a percentage point? What does that mean for your money habits since that’s the deepest hike we’ve seen in the last two decades? Does that mean that the inflation will cool off and that you will be able to afford everything you need? Or is this increase the sign that we walking straight into a recession and rougher times are ahead for us all? Keep reading to find out the money habits that keep you in the poor house you should ditch pronto!
Welcome to the JMS blog, your hub for the success tips to level up your brand.
As a reminder, this website answers all your branding questions. If it is your first time visiting, this blog is the brainchild of JMStrategy LLC (JMS), a boutique consulting firm that offers strategic solutions to strengthen your professional or personal brands. The JMS team is in the business of designing recovery plans as robust as possible that avoid behavioral or productivity inertia. Now, without further ado, let’s dive into everything you need to know about cultivating the best money habits to crush your financial goals like a boss in 2022!
How can the Fed impact your money habits?
It is the most frequently asked question we’ve heard from you all, Dear Readers, in the last week. Worst, many think that since you are not making a lot of money, there is no reason to care about the Fed. That’s so not true, Dear Readers!
Indeed, rising interest rates mean the cost of borrowing money goes up. If you want to buy a car, guess what? The car loan will be more expensive! Same with a mortgage loan if you were thinking of buying a house this year. Even applying for a credit card will be costlier! Make no mistakes, Dear Readers; the Fed impacts your money habits!
It’s time to prioritize your money habits.
Dear Readers, do you know what ought to be your priorities? Forget what you see on social media! Cars, clothes, and luxury brands are not feeding your children and keeping a roof over your head! It’s time to stop feeling trapped and take your finances to the next level! The last thing this blog wants for you, Dear Readers, is to get further in debt to buy anything that does not matter in the short run. Thus, the JMS team invites you to prioritize your money habits if only to survive these inflationary times as E-V-E-R-T-H-I-N-G costs more!
Pro tip: find out how to live more peacefully with the best budget without feeling weighted down by financial uncertainty.
Of course, Dear Readers, this blog recognizes that prioritizing your money habits can be challenging. Who can resist a bag of chips with your favorite weekly takeout or a new pair of shoes from time to time? How are these small indulgences derailing any progress toward your long-term financial goals?
Dear Readers, the goal is to live within your means in good and bad economic times. Consequently, you want to get into the habit of knowing what you can live with or without and the things that you can substitute in a crunch time like now with this insane inflation. In other words, to eliminate money habits that could keep you in the poor house, this blog suggests developing a strategy that helps you consistently anticipate impulses no matter how insignificant they may seem.
The best money habit for the poor to break is your unwillingness to manage impulse purchases more effectively.
Sooooo, news flash, Dear Readers, we are all humans. We want things, buy things, and indulge from time to time. And, you know what, that’s part of living. Especially during these trying coronavirus-infested times when we all want to infuse more joy into our daily life! But, Dear Readers, can you do it without breaking the bank?!! That is the question!!!
Do you see why you need a strategy to manage impulse purchases? At a minimum, being willing to create a plan that reduces the temptation to succumb to last-minute deals will prevent you from living above your means and overspending willy-nilly. But, in the long run, managing your wants with efficiency will help you live life to the fullest without feeling like you are a prisoner of your money goals!
Consequently, this blog invites you to implement a rolling strategy that spreads out non-essential purchases over a few months. JMS clients love it because they can indulge now and then and still hold all your other monthly expenses steady. For example, Dear Readers, you can enjoy some shopping in May (for arts and crafts, clothes, candles, shoes, or what-have-you), do more eating out in June as the weather warms up, and plan a 4th of July four-day-weekend without breaking the bank. As you see, Dear Readers, by pairing a specific expense category with each month, you won’t feel too restricted and still manage to afford your annual family vacation in August!
Final thoughts.
There you have it! The JMS team thanks you, Dear Readers, for taking the time to read today’s publication. The JMS blog is here to inspire and encourage as you, Dear Readers, embark 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!
As always, you can submit requests via the contact form. We will continue to publish weekly articles that answer your questions. As a small business 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 today’s article on social media with friends or colleagues who might need an extra pep talk!
Dear Readers, we want to hear from you!
Dear Readers, we strive to create better content for you. So, please don’t be shy and share your thoughts. What money habits are you incorporating to survive this 40-year high inflation? Have you ever been able to live life fully on a budget? Or do you believe that budgets tend to suck up all the fun out of our lives? How will you manage your impulse purchases? Do you agree with our analysis, or do you think we are missing the point? Come back next week as we resume publishing our usual content around time, financial, and crisis management.
Dear Readers, here is more content from the JMS team to help you get your lives on track and reach all your dreams, even amid a crisis:
Four Budget Myths Keeping You In The Poor House.
How To Set A Budget On A Fixed Income?
How To Be Financially Free In 2022?
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