Interest rates are climbing, inflation continues, food and fuel costs continue to surge — some of which is driven by geopolitical issues that are out of our control, and some of which is the doing of the Federal Reserve, in an effort to slow down the job market and decrease demand for products and services.
So how can you manage your own mental health during these trying times?
- Cut expenses. We can all find places in our monthly expenses that are no longer serving us. There are also ways to shop for better rates for some of the services you pay for.
- Pay off high-rate credit cards. It’s possible you can’t pay off those cards now — but you could potentially transfer the balance to another bank with zero interest rates for 12 months. This can give you a cushion to begin paying those off.
- Have a solid savings plan. Have a written budget that you really stick to and reassess monthly. You may not notice how much you stray from your budget, but this is the time to reflect and take action.
- Take time to determine needs versus wants, and make purchases accordingly. You may not need those 4 monthly subscriptions, or the $100/month on Starbucks. And whether you love cooking or can only whip up the simplest of meals, the reality is, eating out can cost you both financially and physically. Decide which luxuries are most important to you, and cut those that aren’t.