How to Manage and Reduce Inflation-Related Stress
Inflation may continue to show signs of slowing, however businesses nationwide are still grappling with increasing expenses, passing costs onto consumers, while over half (68%) have raised prices on select or all products and services, according to JPMorgan Chase’s 2023 annual Business Leaders Outlook. Nearly all small business leaders (94%) say inflation has impacted expenses, with almost four in 10 noting that expenses have increased by more than 10% in the last 12 months.
While you may already be cutting back on spending due to rising costs and an uncertain economic environment, it’s important to evaluate your financial situation and consider implementing these lifestyle changes to help reduce inflation-related stress.
- Save for an emergency fund. Getting in a habit of saving is key, and how much you should save for an emergency fund will depend on your income and spending habits. Setting aside cash—ideally between three and six months of living expenses—will help prepare you for unexpected expenses. Consider anticipated expenses like rent, utilities, debts and food. Having an emergency fund will help ease stressful situations that can arise without warning.
- Spend with intention. Instability in the market can make your finances feel equally unstable, so it’s important to set a budget and identify where your money is going each month. Financial tracking tools like a monthly budget worksheet or digital tools like Budget, in the Chase Mobile® app, will help track your spending, allowing you to review and adjust your budget as needed. You also can set alerts to determine how you’re doing throughout the month. Having a deeper level of insight will also show you where to consider cutting unnecessary expenses or allocate additional funds.
- Search for investments with better returns. The uncertain global economy has created pronounced peaks and valleys in the market over the last year. Now is a good time to reevaluate your asset mix and search for options that can protect your wealth from inflation. Consider consulting a financial advisor to create a personalized financial strategy that may include investments in things like savings bonds and commodities.
- Take advantage of credit card rewards. Many credit cards offer new cardmember bonuses, cash back and rewards that can help you earn more for spending on everyday items like groceries and travel. Look for credit cards that essentially pay you back by earning more when you spend on eligible categories, including gas, groceries and utilities.
Visit chase.com/personal/financial-goals to learn more about how JPMorgan Chase can help you combat inflation related stress.
Sponsored content from:
brightstarts boldfutures!
David C. Banks: A Legacy of Literacy By Glenda Cadogan David C. Banks, a veteran educator, assumed the position of...
THE GIFT OF LITERACY
By R.L. Witter I celebrated my birthday in April. And despite being the oldest I’ve ever been, I felt like...
Drew University’s Master of Arts in Teaching Provides a Pathway for Students to Live Their Passion
Drew University’s Teacher Education programs develop teaching skills by blending coursework with real-world, hands-on experiences. Students collaborate with faculty mentors...
Education: Building an Equitable City
By Newark Mayor Ras J. Baraka In building an equitable city, there is no single greater foundation than quality education...
Spelman College: A Tradition of ExcellenceSpelman College:
By Jean Nash Wells Spelman College is a private liberal arts college for women in Atlanta, Georgia. Founded in 1881...
Community Education Forum with Alfred Bundy guests: Dr. Elvy Vieira & Anthony Smith of Lincoln Park
In this episode of Essex County College’s Community Education Forum, host Alfred Bundy speaks with guests Dean of Community, Continuing...
The Grid Collective
Achieving an Equitable Clean Energy Future On March 30, 2023, The Greater Allen A.M.E. Church...
THE GIFT OF LITERACY
By R.L. Witter I celebrated my birthday in April. And despite being the oldest I’ve...
Barber School
Rev. Dr. Cornell Edmonds Esq. is Interim Pastor of The Church of the Covenant, E...
The Wrap-Up Report
Thanks to everyone who found their way to the historic Robert Treat Hotel in Newark...
Financial Education for Young People
By: Wanda Pendelton Financial Representative, Certified Financial Services As a parent, how can you help...
What Rising Interest Rates Mean for Your Wallet
Interest rates have a bigger impact on your wallet than you may realize. With rates...
Assemblywoman Timberlake Celebrates Community Trailblazers
At the Loft in West Orange in mid-March, Assemblywoman Britnee Timberlake hosted her annual cocktail and awards reception, ”Celebrating Trailblazers...
Read More
Malcolm X would have been 98 today
Malcolm X walked the Earth for just under 40 years, but his impact is felt to this day and likely...
Read More
Staten Island Black History Town Hall
The Central Family Life Center Hosts 18th Annual Event With the focal point around mitigating historic inequalities with collaborative and...
Read More
HBCU/Divine Nine Greek Sunday Service
Abyssinian Baptist Church Honors Pastor’s Commitment to Faith and Education To honor the legacy of the late Rev. Dr. Calvin...
Read More
Nicole A. Davis: Executive Director Center for Food Action
Center for Food Action (CFA) announced the appointment of Nicole DeSane Davis as executive director, effective March 1. An innovative...
Read More
Mother’s Day Edition
My mother is my root and foundation. She planted the seed that has blossomed to be me. That seed has...
Read More
Kimberly Council: Deputy Brooklyn Borough President
Brooklyn Borough President Antonio Reynoso recently announced the appointment of Rev. Kimberly Council to the position of deputy borough president...
Read More
President Obama Names the City of Newark a My Brother’s Keeper Alliance Model Community
Newark Mayor Ras J. Baraka announced yesterday that President Barack Obama named Newark as one of four cities nationwide to...
Read More
East Orange “Reviving the Village”
With an aim toward revitalizing and strengthening their community, Mayor Ted Green, the East Orange City Council, and the Mayor’s...
Read More
Newark Beth Israel Lung Transplant Recipient Received the Most Advanced Technology and Expert Care on Her Transplant Journey
“Six years ago I learned that I would eventually need a lung transplant,” says Dawn...
The One Thing That WON’T Change
Sonja D. Gracy, author, playwright, and NYC public school teacher is currently working on her...
Deny Yourself
Kahlil Carmichael MAPCC, MDIV, CPT is the pastor of Live Well Church, in Somerset, New...
It Happens Every Spring
Allergies: What, Why, and How to Manage them By Jean Nash Wells If you or...
Award Winning 90s R&B Singer and Songwriter Faith Evans Performs for Newark Beth Israel Medical Center Employees in New Newark Strong Lobby
Newark Beth Israel Medical Center, an RWJBarnabas Health facility, marked a historic milestone in its...
Forgive And Live
Kahlil Carmichael MAPCC, MDIV, CPT is the pastor of Live Well Church, in Somerset, New...
