Alongside wbez, we’re gathering your Questions About All Things Money and Finance. THEN WE GET YOUR QUESTIONS ASSWERED BY THE PEOPLE WHO KNOW BEST.
We Heard from Morgan of Pilsen, Who Said:
“I Hear a Lot of Things About Inflation and Tariffs. SO I WANT TO KNOW A Good Way to Budget and Prepare for any Changes in My Specting Habits.”
Track and Save
Having a Budget’s Seeing Where Your Money Goes Can Help You Figure Out What to Cut Back on, Says Christine Benz, Director of Personal Finance and Retirement Planning for Morningsar, A Global Investment Management and Research Firm in Chicago.
“One Category that we are always tell people to take a look at is subscriptions,” Benz Said. “If you have haven’t look at your Credit Card Bill Closely for a month, there is a good bet that you’ve got subscripts on there are stacking you’d you’re swimming using. SO with an audit as a starting point.”
Christine Benz, Director of Personal Finance and Retirement Planning for Morningstar
Setting Up Automatic Withdrawals from Your Checking Into Savings Accounts Can Make Budge Easier and Help ENSURE YOU’RE PRIORITIZING LIKE YOUR RETIREMENT, Benz Says.
“If you have to have an Emergency Fund – and Everyone Needs an Emergency End – You’d ALSO WANT TO AUTOMATING YOUR CONTRRITBATIONS TO IT THAT YOU CAN TO THE LEVEL THAT YOU’RE Targeting,” She Says.
Managing price hikes
Tariffs have yet to full hitumers, Benz Says, with Businesses appearing to “Kind of EU Eating Those Extra Costs.”
But she warns that businesses won’t be able to keep prices down much longer.
“If you have things on your radar that you definitely expert to spend on the next couple of months, if you need some new clothes for fall or you need a new car, do some shopping we have haven’ten the impact,” Sayys.
And if you see your go-to ittems on sale, consider stocking up.
“These are nonperishable things, of course. You can a little bit of stacking up you are good prices on the things,” Benz Says. “But the Big Caves is you’ve got to have the space for the stuff. So if you are going to really load up on a given product, you need to have space in your house.”
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