WESTFORD — As the Consumer Price Index reaches 40-year highs, Americans are searching for ways to better budget their finances to combat rising costs.
Financial wellness for residents
Cierra Brownell, a Workers Credit Union Assistant Vice President and certified financial coach spoke with WestfordCAT on financial wellness and how residents can save money on their budgets.
“I basically sit down, look at what they’re hoping to achieve and work with them to devise a plan to get there,” Brownell told WestfordCAT.
Brownell noted that a primary stressor from clients has been rising prices.
“We are seeing a significant higher percentage [of inflation] than we’re used to and that’s when we see people become more stressed than usual,” she said.
She continued, “that’s because they haven’t built in their budget a way to make it through each month if the cost of their goods they’re used to buying month over month go up.”
Tips for budgeting
Brownell encourages residents to examine their budget and consider their monthly income against their monthly expenses.
“If we’re able to free up their cash flow, they have more room month to month to achieve their savings goals,” she said.
Brownell says those looking to balance their budget to comparison shop for goods and to be intentional about spending regarding where to buy goods and if those goods can be purchased for less.
She also encourages residents to examine their income and find potential opportunities for growth, noting that budgeting can involve both a reduction in spending and an increase in income.
“I think it’s about both,” she said. “You can look to see if there’s an opportunity and development in your skillsets and possibly have a salary increase.”
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