Tips For Budgeting in Times of Inflation
As inflation rises in the United States, it’s hitting every part of our expenses, from everyday household goods and groceries to recurring bills. For an individual or a family in Kansas, it can be difficult to make ends meet as our budgets are stretched tighter and tighter.
While it can be discouraging and stressful to coordinate your finances, it’s not impossible. That’s why we’ve compiled these tips for budgeting during times of inflation.
1. Review Your Spending
While we notice inflation hitting our pockets, we might not always know where it’s hitting. If you haven’t already, create a budget to track your spending. Notice where your budget is hardest to control, categorize essentials and nonessentials, and identify areas of overspending. Both our online banking and mobile banking platforms have spending trackers to give you a clearer picture of where your money goes.
Then, evaluate your financial goals and how your budget is aligning with them. If you had planned to make a large purchase soon, look at how you can time that purchase with your other bills and expenses.
2. Find Ways to Save
Now that you’re more familiar with your exact spending, identify areas where you could potentially be savvier with your budget. Some examples would be:
- Opt for the cheaper version of a product
- Combine trips and reduce your travel
- Monitor your utilities to prevent frivolous usage
- Look at getting cheaper options at restaurants or coffee shops
- Switch to less expensive packages for recurring bills
3. Cut Non-Essential Expenses
We can get used to certain accommodations, but there may be times when we need to think more intentionally about what matters in our budget.
Weigh the importance of various recreational, entertainment, and dining purchases in your day-to-day life. You can still enjoy non-essential spending, but prioritize what you’re spending money on. For example, while you may decide to cut your regular weekly lunches out, you could still keep your favorite streaming services.
4. Increase Your Income
Maybe easier said than done, but a good side hustle can help significantly to maintain your standard of living in times of inflation. This could mean picking up some extra hours at work, freelancing with some of your professional skills, or other local opportunities.
Depending on your location, you may be able to find places to watch someone’s dog or home on their vacation, make food deliveries in your free time, or a myriad of other possibilities.
Shore up Your Budget with Help from Landmark National Bank
Budgeting finances during times of inflation can feel like an uphill battle. Whether interest rates go up or down, trust your finances with Landmark National Bank — backed by Bauer Financial’s highest 5-Star rating for financial strength and stability.
With our dedicated and friendly team, we provide high-quality banking services throughout Kansas for both personal and business use. Learn more about our services and find a Landmark National Bank branch location near you today!