#shorts #yahoofinance #budget

Aspiriant Chief Client Officer and Partner Sandi Bragar joined Yahoo Finance Live to discuss factoring inflation into your personal budget. The segment originally aired on December 19, 2022.

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As inflation continues to rise, many individuals are feeling the pinch on their finances. Prices for goods and services are increasing, making it harder for people to stick to their personal budgets. However, with some strategic planning and adjustments, it is still possible to manage your finances effectively amid inflation. Here are some personal budget tips to help you navigate these challenging times:

1. Track your expenses: The first step in managing your finances is to keep track of where your money is going. Use a budgeting app or spreadsheet to monitor your expenses and see where you can cut back. Being aware of your spending habits will help you identify areas where you can save money.

2. Create a realistic budget: With inflation on the rise, it is important to create a realistic budget that takes into account the increasing costs of goods and services. Be sure to factor in price hikes when planning your monthly expenses, and adjust your budget as needed to stay within your means.

3. Prioritize your spending: In times of inflation, it is essential to prioritize your spending on essential items such as food, housing, and healthcare. Cut back on non-essential expenses like eating out, shopping, and entertainment to free up more money for your necessities.

4. Look for discounts and deals: To save money on your expenses, be on the lookout for discounts and deals on everyday items. Use coupons, shop sales, and compare prices to get the best value for your money. Consider buying in bulk or shopping at discount stores to save on groceries and household essentials.

5. Save for emergencies: Inflation can put a strain on your finances, so it is important to have a rainy day fund in place. Save a portion of your income each month in an emergency savings account to cover unexpected expenses or income gaps.

6. Consider alternative income sources: If your budget is feeling the strain of inflation, consider finding ways to increase your income. Look for side hustles or part-time work to supplement your earnings and help you stay afloat during these challenging times.

7. Seek financial advice: If you are struggling to manage your finances amid inflation, consider seeking advice from a financial planner or advisor. They can help you create a financial plan tailored to your needs and goals, and provide guidance on navigating the current economic climate.

By following these personal budget tips, you can better manage your finances amid inflation and stay on track with your financial goals. Remember that it is important to stay proactive and adaptable in times of financial uncertainty, and to seek support when needed. With the right strategies in place, you can weather the storm of inflation and come out stronger on the other side.