INFLATION WOES — WHY CUT SPENDING NOW

INFLATION WOES — WHY CUT SPENDING NOW

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3.4%
As a result, by December 2023 consumers were seeing prices that were on average

about 19% higher than they were before the pandemic in December 2019, as measured

using the CPI-U. However, the rate of increase of prices had slowed dramatically to

3.4% by December of 2023.Feb 12, 2024

Add another 3% or more for for 2024 and you have 22% price increase on average.

This does not account interest rates doubling, homes prices increasing, food

prices increasing, rent has increase more than the 22%.

Yes, the Federal Reserve shouldn’t cut interest rates in May 2024 but should

increase the rates by 25 basis points. This would be good new to the consumers

whom are worried about even higher prices in the latter part of 2024.

Why cut spending now??? Inflation is above 3% and climbing. The Federal

Reserve interest kept rate high in an effort to slow the economy and bring inflation

down to an annual 2%. If the Federal Reserve succeed then products you plan to purchase

now will be still higher.

Why cut spending now??? Budgeting/Budget is another way to fight inflation.

Monitoring where your money going/controlling expenses is another way to fight

inflation. Caution rather than a great regret in this inflation crisis.

Keep in mind the Federal Reserve policies will take time to get inflation under

control. In the meantime start your own financial control plan.

Please comment on whether you think the Federal Reserve should increase rates????More than $10k of unsecured business debt? See if you qualify for Commercial Debt Counseling to restructure your debts to free up cash flow to help your business survive and thrive. Click Here. href=”https://www.TreasuryDirect.Gov”>https://www.TreasuryDirect.Gov

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Cutting spending start with stopping spending money you have and that you’re

spending money on thing you don’t need. Credit card debt has reached

If you’re willing to budget than you can cut debt, and build cash reserve.

Budgeting start with overcoming the dislike of budgeting your income. Overcoming

being told what you can afford and what you need to save for can be frustrating.

Yet, step 1 can be as simple as writing down what your income is, weekly, monthly

and yearly. If Americans cut spending by 10% and pay that amount for one year, credit

card debt will BE 93 BILLION DOLLAR LESS. At an average of 19% interest rate this

will save the American consumer 18 Billion starting 2024.SAVING 35% OF YOUR INCOME IN 2023 VS DEDT

What do you mean by budgeting?

Image result for budgeting

Budgeting is the process of creating a plan to spend your money. This spending plan is

called a budget. Creating this spending plan allows you to determine in advance whether

you will have enough money to do the things you need to do or would like to do. Budgeting

is simply balancing your expenses with your income.

What is Budgeting and Why is it Important?

What is the best budgeting method?

The 50/30/20 rule is an easy budgeting method that can help you to manage your money

effectively, simply and sustainably. The basic rule of thumb is to divide your monthly

after-tax income into three spending categories: 50% for needs, 30% for wants and 20%

for savings or paying off debt.

How much credit card debt is in the US?

Total credit card debt reached a record $930.6 billion in the fourth quarter of 2022,

according to the latest credit report from TransUnion. As balance rise, so have

delinquencies, which is “something to watch,” says TransUnion’s Michele Raneri.

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