EP256 Tips to Combat Inflation
Over the last few months, you’ve probably heard the word “inflation” numerous times. Inflation refers to a general progressive increase in the prices of goods and services in an economy. When the general price level rises, each unit of currency buys fewer goods and services; consequently, inflation corresponds to a reduction in the purchasing power of money. So, how does this impact you and your goals? In this episode, I will break down this topic in depth so that you feel confident in your understanding of inflation.
Listen in as I explain the pros and cons of inflation, as well as the cause behind the inflation we are currently experiencing. You will learn what you can do to protect yourself, the importance of knowing what your financial situation is, and how to set realistic financial goals throughout this time period.
“We need to know realistically what our goals are, and we need to know how much money is coming in and how much is going out.” – Tracey Bissett
This Week on Young Money:
- The pros and cons of inflation.
- What inflation actually is.
- What causes inflation.
- How we can control inflation (if we can).
- The importance of having a savings account for unexpected bills.
- How to potentially reduce your bills and weekly spending.
Key takeaways:
- Review your values.
- Set goals.
- Understand your current financial situation.
- Build an emergency fund.
- Pay down debt.
- Keep an eye on your bills.
- Go through your benefits.
Resources Mentioned:
- Young Money Student Podcasts
- EP137 How to Manage & Negotiate With Creditors (People You Owe Money)
- EP219 Future of Pandemic Money Habits with D’Arcy McDonald, SVP Scotiabank
- EP222 Why Financial Literacy Matters at Work
- EP229 Rich Girl, Broke Girl with Kelley Keehn
- EP231 Back to Basics
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