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Keep Calm and Finance On

Keep Calm and Finance On

| January 31, 2024

We at AZTEC are well-aware of the stress that comes with the rising cost of living. We see it everywhere: at the grocery store, the gas pump, the streaming services we use. During such a time, the hardest thing to do is also the most important: stay calm! Easier said than done, I know. That's why I decided to break down some practical tips to help navigate the rising cost of living. I hope they help!

1. Create a Clear Budget

I know, nobody likes talking about a budget. Why can't we have unlimited cash to spend on whatever we want? Unfortunately, life usually doesn't work that way, so we need to put some restrictions on ourselves. 

This doesn't mean we necessarily have to give up that delicious latte or catching up with friends over dinner, but it starts with evaluating our finances. Create a detailed budget listing your income, essential expenses, and fun money. Then, you can treat yourself within your budget. 

2. Prioritize Essentials

That being said, money can only stretch so far, and we want to make sure non-negotiable expenses are taken care of. That would be things like housing, utilities, groceries, and healthcare. 

3. Cost-Saving Measures

Seek opportunities to cut costs in a reasonable, sustainable way. That could look like shopping at a wholesaler instead of a more expensive grocery store, or reaching out to utility companies and negotiating prices. If you enjoy finding good bargains, there are endless resources online comparing different options to get the best bang for your buck. 

4. Focus on Financial Goals

Check in with your financial goals, such as building an emergency fund or investing for the future. If you know the motivation behind your efforts, it'll fuel your resolve to stick with it. 

5. Explore Additional Income Streams

If your current income just isn't cutting it, consider supplementing it with side hustles or part-time work. It may take more time, but the cushion could ease some stress.

You never know, either; maybe the side hustle you pick up for a little extra cash will turn into a new passion! Life has a way of creating new opportunities from difficult situations. 

6. Practice Mindfulness

We hear this term a lot, but what is mindfulness? It means appreciating the moment you are in right now, and not worrying about what the future could bring. It helps to manage stress and anxiety, which can affect every part of your life. 

7. Lean on Your a Support System

Family and friends can be a tremendous help during stressful times. They not only provide emotional support, but also practical insight from an outside perspective. Your financial advisor, such as Eric, can also be a great source of support, since they have experience with the rise and fall of the economy. 

The Takeaway

Navigating the rising cost of living successfully relies on keeping a positive attitude, taking care of yourself, and being proactive. By applying these practical tips, you can take care of your financial and overall well-being. I hope they have given you some food for thought!

As always, we're here to support you and address any concerns or questions you may have. Our phone number is (603)343-4515, and our email is eric.wasson@aztecfg.com. We would love to hear from you!

The opinions voiced in this article are for general information only and are not intended to provide specific advice or recommendations for any individual. To determine which strategies or investments may be suitable for you, consult the appropriate qualified professional prior to making a decision. 

The points from this article were supplied by ChatGPT, but the content as a whole was personally written.