If you’re looking to buy a home, the current real estate environment can be very daunting.Between the pandemic, rising inflation, and the housing crisis, becoming a homeowner seemsmore unattainable than ever. In this article, you will find an overview of…
How to combat inflation stress to keep your mind at ease
With inflation news clogging up news feeds and news channels, we understand the toll it can take on both our wallets and our mental health. Since this week is Mental Health Awareness Week in Canada, it felt important to the team at nesto to give you a few ways to ease the burden.
After all, financial wellness is tied to mental wellness, and if there’s one thing we care about most: It’s making sure you have the former so you can improve the latter.
So, don’t let inflationary stress get the best of you! Check out these money-saving tips to help keep more cash in your pocket and pressure off your mind.
First Inflation Stress Tip: Review your budget and make adjustments as necessary
If inflation is putting a strain on your budget, it may be time to take a closer look at your spending habits and see where you can cut back. Even small adjustments can make a big difference in your overall financial health.
To get started, sit down with your budget and review all of your expenses. See where you can make adjustments, such as reducing your discretionary spending or cutting back on non-essential items. You may also want to revisit your savings goals and see if you can increase the amount that you are contributing each month.
With a little bit of effort and discipline, you can take control of your budget and help combat inflation stress. By focusing on the things that are most important to you, you can ensure that your hard-earned money is well-spent.
Second Tip For Inflation Stress: Get creative with your finances
There are many ways to save money, and you may need to get creative in order to keep more of it in your pocket. Consider carpooling, couponing, or even bartering to help reduce your costs.
With gas at an all-time high, it’s smart to cut back and team up with friends or coworkers to ensure that your wallet isn’t losing a chunk of change every day.
Third Tip For Inflation Stress: Invest in inflation-proof assets
While inflation can erode the value of your money, there are some investments that can help protect you from its effects. Gold and real estate are two examples of inflation-proof assets that can help you weather the storm.
Some other examples of inflation proof assets are:
– Precious metals
– inflation-indexed bonds
Fourth Tip For Inflation Stress: Stay informed
One of the best ways to combat inflation stress is to stay informed about what’s happening with inflation and your finances. This way, you can make the best decisions for your situation and be prepared for whatever comes your way.
Some ways to stay informed for inflation is to check inflation or inflation rates news, read your local paper, and talk with a professional. By being informed and proactive about inflation, you can breathe a little easier knowing that you’re prepared for whatever comes your way.
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Fifth Tip For Inflation Stress: Have an emergency fund
In inflationary times, it’s especially important to have an emergency fund to cover unexpected expenses. This will help you avoid going into debt and make it through tough times.
Here’s how to save for an emergency fund:
– Decide how much you need to save.
– Determine where you will keep your emergency fund.
– Begin setting aside money each month.
– Automate your savings.
Sixth Tip For inflation Stress: Review your mortgage
When it comes to inflation stress, one of the best things you can do is review your mortgage rate. This can help you save money in the long run and better manage your finances during periods of inflation. To get started, you should assess your current mortgage rate and see if there are any opportunities to refinance or renegotiate your terms.
By taking the time to review your mortgage rate, you can help ease the financial burden of inflation and keep more money in your pocket. With a little bit of effort, you can find the best option for your situation and better manage your finances during times of inflation. So why wait? Start reviewing your mortgage rate today and start taking control of your financial future. Chat with a nesto expert and get the conversation going!
Don’t let inflation get the best of you! By following these tips, you can ease the burden and keep more cash in your pocket.
We hope these tips help you combat inflation stress and keep more money in your pocket. For more information on inflation and your finances, be sure to check out our blog or contact us at: 1-877-695-1408 today.
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