As the Consumer Price Index rises, the cost of goods and services continues to skyrocket along with credit card interest rates, and our purchasing power declines. Here are a few tips from the Oakland County Treasurer’s Office that will help reduce the financial strain and build toward your future.
Review and modify your spending habits
It’s important to assess your expenses and embrace a more cautious spending approach.
Establish clear spending priorities and save money
Set priorities to cover your essential needs and make regular deposits into your savings account.
Compare prices for the best deal
Shop around before buying and maximize your loyalty and reward programs.
Clip coupons regularly
Use paper, digital, and mobile coupons on sale items for the best savings.
Save Money with Small Changes
A healthy lifestyle can save you money and improve your personal finances.
Reduce Medical Costs
If you maintain a healthy lifestyle, ideally you will not see your doctor as often, which will result in less co-pays/deductibles and medications. Sign up for Oakland County Health Division’s monthly newsletter to stay up-to-date on recent health news and wellness tips.
Cut Down on Bad Habits
Quit smoking and reduce alcohol consumption. Replace soda and juice with water and you will have more money at the end of the month.
Cut Down on Expensive Activities
Instead of spending $40 taking your family to the movies (not to mention the cost of snacks), take your family to the park and throw a football. Outdoor activity will boost your mood, improve your health, and bester of all, it’s free. Learn more about our county parks by visiting www.OakGov.com/Parks.
Photo credit: Oakland County Parks and Recreation
Make Homemade Meals
Switch from eating pre-packaged, processed foods or eating at a restaurant, to cooking your own meals. Healthier meals at home can decrease your monthly food spending by hundreds of dollars and help support health goals controlling portion sizes, added butter/oils and sodium.
Remain Optimistic About The Future
It’s natural to be concerned with the economy and how it affects your financial circumstances. Though retirement may be a distant thought, the truth is that the volatility of the stock market today could challenge the decisions you’ve made.
Uncertain markets can cause temptation to move your assets into less risky investments or lead you to delay investing altogether. History tells us that downturns are a normal part of the market cycle. Sticking to a consistent investment strategy may be your best bet.
In fact, if you missed the market’s 10 best days from 2001 to 2020 because you took your money out, your return would be 4.12 percent less.