Financial Consultant Steve Sexton Outlines Best Practices to Adjust Your Budget for Inflation


SAN DIEGO, July 25, 2022 - From rising gas prices to climbing grocery costs, inflation is hitting everyone's budget. According to CNBC, inflation has jumped over 9 percent in the last year – the largest increase since the 1980s. Steve Sexton, financial consultant and CEO of Sexton Advisory Group, shares some practical budgeting tips to lessen the financial blow of inflation.

Get creative about reducing your monthly expenses. "Beyond eliminating unnecessary expenses from your budget, look into which bills can be reduced or negotiated for lower rates, like car and home insurance, your phone and internet bill," says Sexton. "When it comes to socializing, look into free activities like going to the park or the community museum, or suggest a potluck-style gathering so the financial burden of hosting doesn't fall to one person."
Be more efficient when purchasing essentials. While cutting back on bills can help, there's no denying inflation impacts the cost of essentials, like gas, food, and housing, too. "Consider carpool options or trading in your vehicle for a more fuel-efficient car. Many states also offer tax credits or rebates for electric cars, making the switch to clean vehicles a worthwhile investment," adds Sexton. "Meal planning and sticking to a strict grocery list will also help to prevent your expenses from ballooning, as will being mindful of your AC use this summer. Cleaning out your vents regularly can also help with more efficient energy use."
Lower your debt. "Like everything else, interest rates are also rising," says Sexton. "Whether you have credit card or student debt, it is important to pay the maximum amount that you can afford monthly to avoid having to pay interest. If you're just paying the minimum, you're actually paying more because of the interest you accumulate."
Continue investing if you can. "A diversified investing strategy will help account for ups and downs in the market in the long term," says Sexton. "If the current market feels too risky for your finances, explore low-risk investment options. By making smart financial decisions now, you'll thank yourself in the future."
For more information on Sexton Advisory Group, visit www.sextonadvisorygroup.com.

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SOURCE Sexton Advisory Group