5 Inflation Survival Strategies

5 Inflation Survival Strategies

"Gas prices way too high!!"

- Alex Stein

 So we want to provide you with a few strategies to survive inflation


1. Reassess your spending habits


     Cash flow is important! Inflation can make it difficult to stay above water or 

     within your budget. Reassess your cash flow, where is it going, do you even

     know where your cash flow is going? Take the time to look at where your

     money is going AFTER your essential expenses are paid off. Is there         

     anything    you can cut back on? Is there anything you can put your money

     towards that will increase income?


2. Be strategic with savings


    40% of the public has $1,000 or less in savings. Rising prices aren't the only 

     negative effect. You may be feeling like there is no way you are able to 

     save. Saving doesn't have to be difficult. Now that you reassessed your

     spending habits and have calculated your cash flow. Make sure that saving is

     apart of your budget and there is no miscellaneous spending put it straight

     into savings.


     Be sure to book a consultation with sovereign empire to get your budget in 

     order too.


    Remember, although saving is necessary, your money isn't helping you any if 

    it's just sitting there because it is not beating inflation at the point. We need

    to make sure our money is working. Some examples of financial tools that

    you can utilize to make your money work for you is cash value life insurance,

   high yield savings account, and high interest saving accounts.


3. Build an emergency reserve


    Your emergency fund will be your designated savings account where you

     store cash just in case an emergency hits. Emergency reserves won't protect

     you from inflation but will help you with any surprise additional costs. 


4. Maintain a diversified portfolio of investments


      Make sure you aren't stuck on one way to invest. A diversified portfolio is 

      imperative to beat inflation. Inflation causes the value of money to decrease 

     so your positioning your money to increase.


5. Live within your means


    Be cognizant of lifestyle inflation! you may have been living above your

    means and now with inflation you may be struggling to maintain that image.

    right now it is most important to live within your means because you are 

    causing yourself unnecessary stress when you could just downsize for a 

    better quality of life. Reconsider those large expenses.


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