Inflation is a force that each of us working professionals has to deal with in the present time. But just because we are experiencing cost pressures unlike we have seen in our lifetimes, that does not mean we should throw our hands up in defeat. Below are three easy steps we can take to beat inflation.
1️⃣ Set a Spending Plan
I call it a spending plan and not a budget so that we do not feel the angst and anxiety that comes with “ creating a budget.” Simply put, all we need to do is create a plan for where our money goes so that we are not wondering where it went. Make a plan for your projected income, giving, saving and normal living expenses. Oh, and be realistic on your gas and groceries. Otherwise, what is the point of spending the time on a spending plan?
2️⃣ Find New Sources of Income
This does not mean finding a second job. It simply is a recommendation to become a hustler. Find new ways to create income by offering services or skills or selling old stuff. Not only does it help out, but it is fun. As a car enthusiast, it is satisfying when I make a sale of old car parts.
3️⃣ Automate Your Saving and Investing
Out of sight; out of mind. It could not be more true when it comes to automatically putting money away. Whether it is automatically saving into a separate bank account, your 401k, a Roth IRA or a 529 (or any combination) the money goes away and does what it does best, grows, without your interference or temptation to touch it. When you do put money away automatically, you allow time to take control. Anyone can do this and create immense wealth, regardless of income.
Make It Happen Today
Follow these steps today to beat inflation in both the near and long term. You will be happy you did it 30 years from now.
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