The world costs more today than it did yesterday. This trend of price inflation has long been a part of history, but things have ratchetted up as we’ve come out of the COVID-19 pandemic. For a while we were seeing five, six, even seven percent inflation, and with wages stagnant and government stimulus funds drying up, it’s no wonder many of us have felt a bit more financial stress than before. Wondering, "What are my next money moves?”
Here are two money moves in your control in times of rising costs:
- Replacement Move: If you’re like many, you have gotten into a groove on your spending. And if you take a moment to analyze where most of that money goes, it’s likely to be found in the regular categories of food, home, and transportation. The replacement concept is looking for ways to replace what you normally buy, i.e. organic milk, for an alternative that is a little less expensive (store-brand regular milk).It’s the little things! You’ll also score major savings overtime with this money move.
- The 1% Rule: There’s a saying from Desmond Tutu, “There is only one way to eat an elephant: a bite at a time.” - try applying this mentality to your money. It’s nearly impossible for any of us to completely cut out a category of spending just like that, so focus on one spending category at a time; Try spending 1% less this month than last month. This may mean one less trip to the store or one less meal outside of your home, but it’s much easier to gradually reduce than remove completely.
Try out these money moves, and you’ll be sure to see some early success that will keep you motivated to make your money go further. You got this!
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