In today’s episode, Ms. Black talks about ”How is inflation impacting your current budget?”
Inflation can be a sneaky thing. It’s the gradual increase in the prices of goods and services, which means your money starts to stretch a little thinner over time. While a little inflation is good for the economy, too much inflation can be detrimental. So how does inflation impact your current budget?
If you are like most Americans, you’re probably trying to pay off credit card debt and save up for a rainy day. However, as inflation rises, the cost of living also goes up. That means your credit card payments become more expensive, and saving money becomes harder. One way to combat the effects of inflation is to create a budget that includes a ”buffer” for rising prices. By planning ahead and setting aside extra money each month, you can help ensure that your budget stays on track – no matter how much inflation rises.
Brief Background on Host:
Ms. Black, the host of Staying in the Black, is a single mom, homeowner, and public-school educator in NYC. She owns two properties and is one mortgage away from being totally debt-free. She loves traveling the world with her family and has over $500,000 in her retirement accounts beyond her pension.
Learn more about Ms. Black: