Smart budgeting tips to combat inflation
ALBUQUERQUE, N.M. – Rising prices mean things are more expensive now but ace-ing your budget can be the difference between riding the tide or being swept up in the current wave of inflation.
Financial expert David Hicks suggests it may be time to rethink some expenses and focus on the dread b-word – budgeting.
"We’re not required to do this in school and you just kind of have to learn by doing or getting some help," Hicks said. "So creating that budget, creating that spending plan, looking at all the areas of where your money is going."
Hicks says making a list will help in winning the battle between your needs and wants and figuring out how to spend whatever is leftover.
"You want to make sure that you account for obviously, you know, saving, you’re saving and giving as well," Hicks said.
Once you have this figured out, you can shift your thinking toward investing your money. However, if news of an up and down stock market seems daunting, Hicks says it’s all about the long game.
"We end up moving things out or selling things when we don’t need to and then we just end up hurting ourselves in long run by not understanding what we’re doing, and then not staying the course," Hicks pointed out.
Ultimately, Hicks says it’s valuable to pay attention and have a money plan in place for whatever happens.
"If you put everything together, it’s going to give you more confidence," Hicks said, "and then it’s going to allow you then to make adjustments when necessary but then stay the course over the long haul."