MONEY MATTERS

Tips to Beat the Heat of Rising Costs

As summer deepens, minds shift to finalize plans for vacations, family outings and home projects. But for many, this year’s economic challenges could put a pinch on finances. Inflation, rising interest rates and higher gas prices could alter some of those summer dreams without planning ahead.

Get smart about financing home repairs

Homeowners in the Lake Martin area have seen their property values rise, especially in recent years. If you have been a homeowner for at least a year or two, you may be able to draw from a line of credit based on the equity you’ve built to fund some of those home projects. Connect with a home loan specialist about lender requirements, so you can see what you qualify for and determine if that home addition or new deck you’ve been promising the family is in cards this year.

Be ready to cover unexpected costs

The advice of having $500 to $1,000 in cash easily accessible for emergencies still rings true; however, these days that might not cover all unexpected costs. Instead, having a low-interest or rewards credit card is a great option. As long as you can quickly pay off your balance, you’ll be able to pay for any surprises without having to dip into the vacation fund.

Save a part of your tax refund

Getting a tax refund is an exciting time of year for many, but before spending the entire amount, consider setting aside a portion in a savings account. Having dedicated savings that could be used for emergencies or even an end-of-the-year vacation fund is a great way to be ready for the good or the bad. You can even automate small deposits into your savings each month to ensure you’re setting aside funds for some point down the road.

Establish a slimmer summer budget

Summer is a great time to tighten the belt on spending, as more outdoor and low cost activities are available locally. Compile your average monthly expenses to see where you could pull back on spending, especially when it comes to food and entertainment. Cut back on costly outings or weekend trips

MONEY in favor of lower-cost outdoor activities, like visiting beaches MATTERS and camping. We are so lucky to live in an area where we have incredible natural resources to enjoy right at our fingertips. Shop local

In the face of rising costs and supply chain issues, there is no better time to focus shopping on local businesses. Make a point to visit the Main Street Farmer’s Market in Alexander City and

Lori Harrell the Pennington Park Farmers Market in Dadeville to get fresh and local goods. Don’t use your high priced gasoline to take long trips to big shopping centers in outlying cities or incur delivery costs from impersonal big brands. Instead, explore local retailers and craftsmen. You’re likely to find some unique items, and you’ll be helping to support your local economy. That’s a win-win situation.

~ Lori Harrell has been a retail market manager for Valley Bank for more than 10 years. She works with both the Mill Square branch in Alexander City and the Dadeville branch.