5 Ways to Keep Inflation from Destroying Your Finances
Even if you haven’t consumed any news in the past month, it’s hard not to realize we are going through a period with record inflation. The cost of pretty much everything at the grocery store is jumping by leaps and bounds. Not to mention the prices at the gas station (or at the auto-dealer). In fact, it’s hard to think of something that hasn’t exploded in price over the past 1-2 years. If inflation is causing you to worry, here’s an article with tangible steps you can take to help keep your finances in order even as prices are rising all around you. Another great way to lessen the sting of inflation is to cash in rewards points or use cash-back apps. This is something I have been implementing in my own life and used credit card points to lessen the sting when I needed to replace my cell phone that finally kicked the bucket. If these ideas are getting you excited, check out the article for the rest of Jessi’s tips!
Inflation stings and it doesn’t help much when you go on social media and see all the ‘doomsday-better-get-prepared-for-it-to-get-worse” posts. It also doesn’t help when the grocery stores are constantly out of things. I feel you. It sucks. It honestly does. I wish I could tell you when this will all get better but the reality is I have no idea when that’ll be. But what I do know is that there are some things that you can do starting this week to help alleviate some of the pressures you’re feeling. ~Jessi Fearon
Jessi Fearon shares her top 5 ways to help keep your family finances in order even with the record inflation we are having. Step number 1 is to keep a budget. (CountAbout can help you set up your budget in no time if you’re struggling.) Since prices seem to be changing rapidly, Jessi does not recommend setting up a forever budget that extends super far into the future. However, you can get started with just budgeting the next month and trying to stick to that budget.
Crypto and NFTs: The Good, The Bad, and The Ugly
At this point, you’ve probably heard someone talk about cryptocurrency. But do you really know what it’s all about? I saw a funny meme that split the world into four types of people in a Johari window. The left and right halves of the window divided people that did/didn’t understand crypto and the top and bottom halves of the window were people that owned and didn’t own crytpo. By placing TV characters in the different window, the meme was making funny statements about the crypto market. If you’re someone that doesn’t know what crypto is and have neve invested in crypto, then this article by Physician on FIRE is a great introduction for you.
But what exactly is Bitcoin, and crypto? And what about these new NFTs? What exactly are all of these things? How do they work? What should you look out for? In this post, all of this and more will be revealed. ~Physician On FIRE
The article provides a great introduction to blockchain, DeFi, crypto, and NFTs. While these seem like complicated topics when tech-bros talk about them on podcasts, all of these concepts are quite simple. For example, DeFi simply means decentralized finance, or a financial system where there are no banks or other intermediaries. DeFi is possible because cryptocurrencies use blockchain technology where individual transactions are recorded on multiple computer networks meaning that it is much harder to hack the system to alter or steal the cryptocurrency. Even if you have no intention of ever owning any Bitcoin, it’s worth reading the article and familiarizing yourself with how these markets work.
25 Shocking Financial Myths Young Adults Fall For
Nobody likes being a called a fool. We all like to pretend that we know exactly what is going on in this world and that we are too smart to ever fall for a silly trick. But, at the same time, if we pretend to know everything, then perhaps we may make mistakes that prevent us from achieving our goals. When it comes to money, are you confident you are doing all the right things? Or are you simply going along with the flow?
It’s hard to be a young adult in today’s economy. You’re constantly bombarded with messages about how you should handle your money, and it’s often difficult to know who to believe. In this blog post, we will debunk some of the most common financial myths that young people fall for. ~Financial Lunatic
This article by the Financial Lunatic examines some common money myths and explains what you should be doing with your money instead. For example, some people believe they need to carry a balance on their credit card each month to build credit history. Not only is this not true, but carrying a balance costs you money each month you carry that balance. Many other money myths involve that “some day” phenomenon. For example, I don’t need to think about money until I’m married, or have my first job, or until I’m older. Being smart with money is important at every age and procrastinating hurts you because your money has less time to compound. If these money myths sound similar to your beliefs, check out the article to get a clear picture of what to do with your money.