Personalizing Inflation

I will be the first to agree that inflation is running rampant. But, rather than complaining to everyone you meet, consider how it may affect you personally. For example, if you own your home, you are less concerned about the increases in Real Estate or rent, but more concerned about the costs of home maintenance and repair. Shop carefully for those services and check with your neighbors about the providers they use.

As a retired person you may drive very little. If so, the increased cost of fuel will be less significant than if you are still working and have a long commute. Unless you drive over 25,000 miles per year, I wouldn’t replace a reliable older vehicle with a hybrid or electric car. The cost of a new vehicle includes sales tax, registration higher insurance rates, and likely up-charge over the sticker price. It would take many years of saving at the pump to re-coup the acquisition costs of a new vehicle purchase.

Everyone’s food preferences differ. If you spend a lot at the grocery store, consider shopping at one of the big box stores and possibly invest in one of those devices that seals leftovers securely for freezer storage….and importantly, track what you spend and compare that with the cost of those items one year ago.

For a personalized financial consultation, please contact Al Smith at 303-744-1128 or schedule online.