Creating a Budget During Difficult Times

One of the best ways to cope with inflation is to take the time to prioritize monthly spending. A spending plan helps to ensure that what you spend matches what you make each month as prices rise. For instance, if you set aside a specific dollar amount for monthly gas purchases, you can juggle other expenses as they come up by sticking to spending limits.

Use our Spending Plans: Beyond Budgeting breakdown to help you get started. You can also use our calculator to balance your checking account to help your budget and avoid costly mistakes.

Once you know what you must spend and have built a simple spending plan that makes sense for you and your family, take some time to list out your purchases. Using a shopping list can be the most powerful way to manage finances, especially in the face of rising prices. Take inventory of what you already have, specific to products with high prices, and make a list of what you need. If possible, plan your weekly meals and check to see if you have all the necessary ingredients. Keep informed about what products are anticipated to increase in price over the upcoming weeks and months. Cross-reference your list with deals and sales. Log into Member Access or the SECU Mobile App to review your expenditures and begin tracking and categorizing your spending.

Making your list sets you up for success and creates accountability to stick with it – but remember to stay flexible. You might have to go to a few stores (or search online) for the best sales, coupons, and specials. Be flexible when it comes to timing your larger purchases. Depending on your situation, you may need to make bigger changes to your spending plan. You may need to reduce or delay large purchases like furniture and home goods, expensive vacations, etc., or you may need to downsize wherever possible. The best way to deal with rising costs is to be proactive and have a solid financial foundation and plan. This approach will help you to weather bumps along the way.