Rising inflation, market volatility shifts and embracing change in a post-COVID-19 landscape are a few financial trends already defining 2022. What should Americans do in order to successfully navigate their finances throughout the year?
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In order to find out, we spoke with David Frederick, director of client success and advice at First Bank, Gabe Krajicek, CEO of Kasasa and two members of the BMO Private Wealth team — Bradley Eizenga, senior portfolio manager, and Wilkie Kam, portfolio manager and senior investment advisor. These are the steps they suggest taking for a financially secure 2022.
Adjust Budget for Inflation
Annual inflation is now at 7.5%, its highest gain since 1982. Difficult financial choices brought on by inflation mean that it’s time to evaluate your finances. This means creating a budget and finding ways to cut back on spending while looking for areas where you can save money.
Start adjusting your budget by embracing a passive saving mindset. This means evaluating must-haves versus nice-to-haves.
Read: Save Thousands With Passive Saving — 3 Ways To Do It and How It Differs From Being Frugal
“For those who are trying to maintain a certain lifestyle, it’s time to consider needs over wants and how much something will actually cost you in the long run,” Krajicek said. “Consider the rate of return on a splurge fashion purchase or expensive…
