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Are concerns about inflation making you depressed? Careful planning may be able to assist. Are we in a recession or not? The fear of one has been causing consumers some difficulty. However, people and their wallets are currently engaged in a game of “touch and go.” No matter where you fall on the fear spectrum, I’ve given you a few tricks to keep in your back pocket for when it’s time to start thriving rather than just surviving, regardless of what the economy does. THE KEY IS PREPARATION & FLEXIBILITY!
HERE ARE EIGHT SUGGESTIONS FOR THRIVING DURING A RECESSION RATHER THAN ONLY SURVIVING. Start budgeting (track your income and your expense). The only way to allay your anxieties is to be aware of how much money is coming into the house and to keep track of what you are spending it on. Take charge of your life. By managing your spending, you are making sure that you are only purchasing necessities.
2. Try to save as much cash as you can (after every payday, pay yourself first). Saving even a small sum of money each month will help you create an inflation hedge. This will allow you to get rid of unnecessary objects. To start your savings plan, start with a budget. (See advice #1.)
3. Plan to pay off debts and refrain from taking on more loans (with current high interest rates, it is not a good time to borrow money). As a result, your monthly expenses will go down and you’ll have more money to pay for rising living expenses.
4. Cut expenses (this can lead to meaningful savings). This could entail prioritizing your expenditures where you will benefit the most or deleting some of your memberships and services that you don’t need. Although dealing with inflation might be challenging, you can increase your financial security in the long run by making some sacrifices today.
5. Change up your grocery list (buy in bulk if you must). Play the game of price comparison while shopping at surrounding establishments. Try choosing a different brand or generic version of a product if you often buy name brands. Consider buying the same goods in the frozen foods section rather than buying fresh fruits, vegetables, and meats. They could cost you up to 50% less while being just as healthy and last longer.
6. Putting money into your own development by acquiring recession-proof talents (learn more to earn more). Another strategy to deal with the rising cost of products and services is to increase the amount of money you make each month. To keep various income streams active, start a side business. Perhaps you have a hobby that could be developed into a successful side business. Selling any unwanted objects that are laying about your house gathering dust is another strategy to increase the amount of money in your wallet.
7. Find a network or other support systems that can assist you (Keep in mind that others may be experiencing the same challenges with inflation as you). If there is a network of individuals who can help you during these times, reach out to them. If you have relatives or friends who can help, make sure to let them know ahead of time. You should also have a plan in place that specifies how long you will need the help in case it is offered.
8. Take advantage of resources available and apply for grants (rental assistance, purchase assistance programs, utility assistance, etc.).
• The City of Miramar has the following program to assist its residents.
• First-time Homebuyer Program
• CARES Act Emergency Assistance CDBG-CV3
• Minor Home Rehabilitation
• Neighborhood Stabilization Program (NSP) Purchase Assistance and Home Rehabilitation
• Residential Utility
• Micro Enterprise Grant Assistance Program
Visit our website at www.miramarfl.gov for more information on each program.
Stay calm, stay positive, your mindset determines your outcome. I believe in you!
