YOUR Daily Bread
Coping with, staying ahead of inflation yourselves treasures on earth, where moth By Terry Frisk Have you noticed the uptick in prices lately? and rust consume and thieves break in and I’m sure you all have. It recently cost me over steal.” There is a greater risk of spoilage and $90 to fill my vehicle with gasoline. I looked waste when you buy more than enough to back at purchases in January and it cost less fulfill your current needs. than $50 to fill the tank at that time. WOW! 4. Be good stewards with what you The U.S. Department of Labor Statistics have. Carefully plan major purchases and reported overall prices increased 5.4% from avoid buying more than you need. Keep June 2020 to June 2021. While fuel costs are what you have in good working order and a large portion of the increase, prices are incomplete repairs and maintenance when creasing for many items. Groceries increased needed. Avoid replacing items before they 2.4% over the past year, while clothing was reach the end of their useful life. I drove my up 4.9% and used cars were up a whopping previous vehicle for 12 years and only had to 45.2%! As the world reopens from the pancomplete routine maintenance. Keeping it demic, we are paying more for goods and Terry Frisk nice reduced my desire to trade and resulted services as demand outpaces supply. Many of in a higher value when I did trade it. us are being forced to reevaluate our budget 5. Use your resources efficiently. Be thinking ahead in response to make ends meet. Over the last 40 years, the average annual inflation rate and plan how you spend your time and money. Plan your in the U.S hovered between 1% and 3%, much lower than errands to minimize the amount of time and distance you the average annual rate of 7% experienced in the 1970’s. spend in your vehicle. This not only saves gas and reduces For the most part, wages in recent years have kept pace the miles on your vehicle, it also saves you time for more with price increases. However, the recent spike in prices has important activities. made it difficult to make ends meet. How do we stay ahead 6. Avoid using debt to accumulate possessions of inflation? Here are some action steps you can take: you cannot afford now. I’ve heard it said, “It’s going to 1. Review your budget. Look at how price increases cost more in the future, so I borrowed to buy it now.” Howare affecting your budgeted spending and make necessary ever, this ignores the interest that would be paid on the debt. adjustments to compensate. If you do not have a budget, The credit monitoring service WalletHub recently reported now is a good time to start. Jesus addressed budgeting in Luke 14:28 stating, “For which of you, desiring to build a the average interest rate on credit card debt is 14.61%, which would likely exceed any increase in the cost of the tower, does not first sit down and count the cost, whether item purchased. he has enough to complete it?” While many experts believe the recent inflationary trend 2. Shop for the best value. Many times store brand or is temporary, it is important to adjust our finances in regeneric products are just as good if not the same as name brand products. Name brand products spend a lot of money sponse. You may feel helpless swimming against the tide of advertising their brand, which is built into the price of the escalating prices. But through prayer and planning, you can product. Often the store brand is the same as the name overcome the financial adversity through your faith in God brand with a different label. to provide. Take care and may God bless! n 3. Avoid stocking up in anticipation of higher prices. While this may seem like a good idea, it results in Terry Frisk is a partner in the firm B2B CFO, providspending a disproportionate amount of money stocking ing financial advisory services to small businesses. He also up, thereby reducing the amount of money you have for counsels individuals on personal financial matters through the other immediate needs. I am reminded of Jesus’s statement Cathedral of the Rockies Budget Counseling ministry. He on materialism in Matthew 6:19: “Do not store up for may be contacted through e-mail at terry_frisk@msn.com.
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24 September / October 2021 | Christian Living
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