ADVERTISEMENT

    Fighting Inflation: 3 Ways Millennials Can Get Creative with their Budget 

    In March 2022, inflation reached a rate of 8.5%*, forcing consumers to get creative with their spending. Millennials are known for spending more than other generations, especially on expenses that are currently affected by inflation like rent, housing, gas, cars and groceries. How does a generation that has never experienced inflation adjust to this new reality? 

    ADVERTISEMENT

    1. Assess your spending habits. Adjusting for inflation means you may have to adjust your budget. Take a look at what can stay and what can go; can you work out from home and ditch the gym membership? Can you find a better cell phone plan? Consider shopping at a discount grocer, buying off-brand items, using coupons, and purchasing items using a credit card that offers rebates for every dollar you spend. Your goal is to neutralize your spending against inflation. 

    2. Up the income. In addition to budgeting, think about increasing your income to maintain your spending power. Find a new position with a higher salary, ask for a raise, or consider a second job that will help you sustain your current lifestyle. 

    3. What does your savings look like? As inflation rises, the value of money declines, which means the value of your cash gets less and less. Consider putting your money into a high yield savings account so you don’t lose it. Keep your cash diverse! 

    At Telhio Credit Union, we offer personal services that put our members first, from checking accounts and savings options to educational resources and wealth management. Learn more about Telhio by visiting telhio.org


    This is a multi-part sponsored series presented with paid support by Telhio Credit Union.

    Telhio Credit Union is open to anyone who lives, works, worships or goes to school in Franklin, Fairfield, Delaware, Licking, Madison, Pickaway, Union, Hamilton, Warren, Butler and Preble counties. Founded in 1934, originally as the credit union for the Columbus Telephone Co., Telhio is a not-for-profit financial cooperative where its members are also its owners. Driven by its philosophy that members come first, Telhio is committed to the highest standards of responsibility and conduct. Telhio offers a variety of innovative programs, services and products to support its members’ financial needs. Telhio offers nine branching offices throughout Central and Southwestern Ohio and nearly 4,000 shared branching locations nationwide. Federally insured by NCUA. Equal Housing Opportunity. NMLS #251831

    *Source

    ADVERTISEMENT

    Subscribe

    More to Explore:

    Resolve to Keep Your Resolutions

    If you’re keeping up with your financial resolutions for...

    A Crash Course in Credit Unions

    The term credit union can be a little misleading,...

    Breaking the Paycheck-to-Paycheck Cycle

    Some resolutions are made every year, and some resolutions...

    Sleigh the Holidays with a Plan for Purchases

    There are less than 60 days left to get...
    Alex Noga
    Alex Noga
    Alex Noga is currently the Marketing Coordinator for Telhio Credit Union and is responsible for Telhio’s internal and external communications, marketing, and social media. He has worked in the financial industry for several years and loves representing a not-for-profit organization committed to helping people achieve their financial dreams.
    ADVERTISEMENT