Simple strategies to help you manage uncertain financial times

So, you know how everyone's suddenly freaking out about inflation? Yeah, it's kind of a big deal right now. The Reserve Bank Governor, Michele Bullock, recently spilled the beans in a press conference, basically saying inflation is hitting us where it hurts – our wallets.  

With the RBA keeping the cash rate steady at 4.35 per cent, it's like we're strapped in for this wild ride, whether we like it or not. Remember when inflation was just that boring thing in the background? Yeah, those were the days. But now, it's front and centre, messing with our plans and stressing us out. But hey, don't panic just yet. There are some easy-peasy strategies we can use to ride this wave and come out on top.

For your financial health 

Keep calm and carry on 

Seriously, don't let the panic get to you. Take a deep breath and remember your long-term financial goals. It's easy to get swept up in the chaos, but keeping a cool head will help you make smarter decisions in the long run.

Family finances chat 

Gather the troops – it's time for a family money talk. Sit down together and hash out some budgeting strategies. Look for areas where you can tighten the purse strings and maybe even discuss dipping into savings if needed. Plus, consider stashing away those commute and daycare dollars into an emergency fund. And hey, while you're at it, updating or creating a will might not be a bad idea either.

Unlock your company benefits 

Sure, you may have never thought twice about that pet insurance, but now's the time to explore all your options. Dive into your company benefits package and see what hidden gems you can uncover—from legal services plans to health savings accounts, there could be some serious money-saving opportunities waiting for you. 

Assess your risk tolerance 

In these uncertain times, it's crucial to know where you stand in terms of risk. Sit down and have an honest conversation with yourself (or a financial pro if you're feeling lost). Understanding your risk tolerance will help you make smarter investment decisions and weather any financial storms that come your way.

Patience is key 

If the stock market has got you feeling dizzy, you're not alone. But remember, history has shown us time and time again—the market always bounces back. Take this opportunity to educate yourself about investing and maybe even dip your toes into the waters of portfolio planning. Rome wasn't built in a day, and neither is a solid investment strategy.

Learn more about taking control of your finances. Check out the Glen James Spending Plan – a quick spending plan course that'll show you exactly how to Sort Your Money Out.  

Hold off on the splurges 

That new iPhone might be calling your name, but maybe now's not the time to answer. Consider putting off any big-ticket purchases until things settle down. Whether it's a new sofa, a fancy gadget, or even a home renovation, a little patience now could save you a lot of stress later on. After all, good things come to those who wait, right? 

For your emotional health 

Chill out on the news 

Staying informed is great, but drowning in a sea of breaking news updates? Not so much. Take breaks from the constant barrage of headlines—it's like mental junk food, and too much of it can leave you feeling drained. 

Cut everyone some slack 

We're all riding this emotional rollercoaster, and not everyone's seatbelt is securely fastened. Cut your colleagues, friends, and family some slack—they're just trying to navigate this crazy ride like the rest of us. 

Self-care isn't selfish 

Remember to treat yourself like the queen (or king) you are. Eat well, sleep well, and get those endorphins pumping with some daily exercise. Your body and mind will thank you for it.

Try mindful meditation 

Meditation might sound like something reserved for yogis on mountain tops, but it can actually be pretty darn useful, especially in uncertain times. Learn more about mindful meditation here.

Hey it's all about keeping calm, staying patient, and making smart choices in this wild ride we call life. So, take a deep breath, stay positive, and remember, we're all in this together. 🌟