If you find yourself more anxious about your spending than you were a year ago, you’re not alone.
Inflation at a level not seen in over 40 years is causing more and more people financial stress as our purchasing power decreases. So what can you do about it?
If you don’t have a budget, creating one can be an eye-opening and empowering experience.
A budget allows you to decide ahead of time how to allocate your money in ways that align with your goals – rather than having your spending drift over time in directions you didn’t intend.
While making a budget won’t solve everyone’s money problems, it can be an important step in your financial wellness journey.
A budget shouldn’t be a static document, but one that you review and adjust as necessary. This is especially true when costs are rising and your expenses change.
As you review your budget against your actual spending, ask yourself which areas have been hardest to control.
Where are you overspending? Are these areas a need or more of a want?
These questions can be helpful as you decide what adjustments you should make moving forward.