Q: One of my goals for 2023 is to get financially organized. I know that includes a budget. I’ve gotten a start but looking at my credit card statements, I realized that everything has gotten so expensive. My grocery bill has nearly doubled in the last year. Do I keep these inflated prices for my budget or should I assume they will go back to normal when inflation comes down?
A: Prices have gotten, well pricey for sure. Cost of things have become a hot topic. I was at a networking event the other day and two men where comparing what the price of eggs they got at the store and where to go to get a better deal!
We have to think of this logically, if you get a nice raise when your company is doing well, do you expect them to take it back when they aren’t doing so well the next year? No, of course not. I’m afraid that is the same with price of food and goods. Now, I hope I’m wrong but, typically, companies don’t lower their existing prices. They stay the same or go up.
I’m all about the bright side, so lets look at this from a positive stance, if you use your current expenses to create your budget and cost of goods do go down, then you will have excess money to save for that trip you wanted to take or put away for a rainy day.
It’s a good rule of thumb to take a look at the high months of your yearly budget anyhow when you are building a budget because it’s better to be prepared for your worst day than your best.
While I know this can be disheartening, this is the reality now. Getting financially fit, as you’ve so bravely chosen to do, is looking at the ugly in the face sometimes. By doing that, you gain clarity, which leads to awareness, and, ultimately, financial independence. The rain you have to endure now helps you see the pot of gold at the end of the rainbow all that much clearer.
Remember, difficult roads often lead to beautiful destinations.
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Investment advice offered through Integrated Financial Partners, doing business as One Vision Retirement, a registered investment advisor. The information in this material is for general information only and is not intended to provide specific advice or recommendations for any individual. Integrated Financial Partners does not provide tax advice or services. Please consult a qualified tax advisor regarding your specific situation.