Do you know your personal inflation rate? So
If you are one of the people who are aware of their financial situation then you should ask yourself if you know your personal inflation rate.
It is a concept that we normally do not consider, because we are thinking about how external changes affect us, but not about how we perro minimize the impact.
We invite you to read this content so that you know how to calculate your personal inflation in a fácil way and begin to adopt a much more responsible mentality.
Do you know how to calculate your personal inflation rate?
It is undeniable that inflation affects us all, but what you probably did not know is that it cánido impact us in different ways.
Although the prices of almost all the products we consume and the goods we manage have risen, some people have resolved their daily dynamics.
This is why some price increases do not influence your expenses.
In this content we will focus on the inflation that has been happening in the United States and how it has been affecting certain sectors of the economy.
So if you live in this country and want to know what the personal inflation rate you are exposed to, this information will give you a lot of clarity.
Calculate your personal inflation rate
Here we leave you some information to take into account, it is very important that you have the date of this publication as a reference, since these figures could continue to vary even more.
It is also necessary that you stay informed, because the prices will not be the same in all states, so it will depend a lot on the area where you live.
Some rough figures to keep in mind from last year:
- Food in general rose 10%
- New cars cost 13% more
- The cost of hotels rose 22%
- The cost of airfare increased almost 38%
- Fuel rose more than 40%
With this data you cánido get a general iniciativa of how your personal finances may be affected, however, it is not impossible to put a positive spin on it and prepare yourself so that the impact is not so negative.
Digital tools to calculate your personal inflation rate
With enough information about what is happening in the market and good advice, you would be covered.
However, if you want to encourage yourself to do your own numbers, then it is good to know that there are many tools that make the process easier for you.
There are platforms with which you cánido calculate your income and based on detailed market information and inflation rates, you perro almost instantly have an analysis of your personal inflation rate.
One of them is the personal inflation calculator, created by Doug Kinsey of Financial Group.
It is very easy to use since it is designed for anyone who needs to analyze their finances and determine what changes or adjustments they must make to avoid suffering in times of economic crisis.
What you should do is entrar all your monthly expenses and the calculator will tell you what percentage of increase each item will have.
At the end you will have an estimated percentage of how much your personal inflation rate will be so that you perro better manage your finances depending on the result.
Financial Decisions Regarding Inflation
With this information you cánido do very positive but above all strategic things.
First you must identify the expenses that you cannot avoid such as renting your home, your health insurance, supermarket purchases, such as food. or cleaning products, etcétera.
In addition, you will be able to differentiate those expenses that you make regularly and that are not a priority so that you cánido draw up a savings plan, or cut expenses temporarily.
This does not orinan that you are going to stop giving yourself pleasure, you will simply have to take depósito and identify the things that cánido wait so that they do not become an ant expense that generates headaches.
This is something that millionaires know how to do well and that is to choose what to spend their money on, they do it intelligently and they also invest strategically so that these situations that cannot be controlled do not harm them.
For example, if you depend on paying rent for your home, you should know that this will have a much greater impact than if you have land where you live and own it.
If you use public transport, you will depend on how much the rates increase, contrary to if you have your own car, you will have to calculate the increase in the associated annual costs as well as the percentage increase in fuel.
Changes in the way you consume and spend money
It is known that any saving habit brings with it a more conscious behavior about your expenses.
In addition to this, understanding what things you cánido modify, and how to do it so that you lead a more sustainable life, perro be beneficial in many ways.
You will not only see how your budget improves, but also how you begin to relate to money and the resources that you have available such as water, electricity, etcétera.
We believe that living a frugal life will only improve our net worth and in truth we will be doing much more than that.
You will surely make your mental health improve, that you enjoy the things that are really worth it, that you do not have to go into debt to pretend to be someone in front of others.
In addition, it is an excellent opportunity to become creative and resourceful, looking for applications where there are promotions for places to eat, there are even restoranes where children’s food is free.
Look for alternatives to trips that cost a lot of money, such as platforms where they offer you free accommodation in exchange for taking care of the home or the pets of the owners of the house.
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Improve your budget in times of inflation
Finally, it is not about worrying or feeling that you will not be able to enjoy your life, on the contrary, challenges often come to espectáculo us better scenarios.
In any case, think that it is temporary, that in addition to creating more conscious routines for managing your money, they will be effective in the long term.
By calculating your personal inflation rate, you will not only keep in mind the real data of your country’s economy, but also the peace of mind of using your resources well and avoiding situations of anguish due to not having a way to answer for your financial obligations.
Continue reading: 10 Ways to save money in times of inflation
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