Jean Chatzky, CEO of HerMoney, shares some tips for how to adjust your budget to account for inflation.
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00:00Tell me, with inflation, you know, impacting everyday expenses, what adjustments should
00:05people make to their traditional 50-30-20 budgeting rule?
00:11The very first thing people should be doing is making sure they know where their money
00:18is going.
00:19And I can tell you with certainty that many, many people don't.
00:26I have a coaching program called Finance Fix, and the first thing that we do using technology
00:33is get people to follow the money.
00:35We get them to look at where their money is actually going, and they are always shocked,
00:41chins on the floor, because we don't pay attention to this stuff.
00:45We just go through life, and we swipe, and dip, and tap, and click, and spend.
00:51It's invisible.
00:53So pay attention to where your money's going.
00:55You may very well find enough wiggle room that you can get yourself back on track with
01:02inflation.
01:03The other thing that I've learned by doing this coaching program for a number of years
01:08is that the biggest budget buster for many, many people is food.
01:14Inflation has had a huge impact there.
01:18Being a little bit more mindful about your food dollars goes a long way.
01:23That means making sure that you are using the ingredients that you already have at home.
01:29Shop from your freezer before you go to the store.
01:32Making sure that you're eating your leftovers.
01:36Trying to minimize food waste.
01:38Doing a little menu planning.
01:40And when you go out to a restaurant, understand that the prices are going to be higher than
01:48they used to be, and that's something that you just have to account for in your budget.
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