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There is a direct correlation between how individuals manage their money and other challenges impacting their savings ability. Certainly, inflation and the rising cost of food affect your ability to have “extra money” left over to save. However, having and implementing a plan prioritizing setting aside money for savings is a great way to overcome those challenges. Managing your money for a secure future can make a difference in your ability to amplify wealth.
I respectfully disagree with Suze Orman’s that interest rates rather than inflation prevent you from saving money. Regardless of what someone earns, even six-and seven-figure earners are feeling the impact of inflation. Inflation on necessities, such as food, impacts everyone and also some people’s ability to save.
Concerning Suze’s assertions, while a home may cost more because of rising interest rates impacting mortgage lending, it does not prevent people from saving money. Rather that may result in someone not buying a home, spending less on it, or delaying it.
Rising interest rates provide higher returns for high-yield savings accounts and fixed-income investment vehicles when you save and invest. The higher rates give you a renewed opportunity to earn over 4-5% on your short-term FDIC-insured savings and revisit a more diversified and potentially less risky investment portfolio.
With rising interest rates impacting purchasing power, those who incur credit card debt to feed their families or already have credit card debt pay even more for food. The interest rate is an “additional percentage” on top of the increasing costs due to inflation and continues to compound.
Decreasing inflation or lowering interest rates alone does not adequately help reverse the increasing food expenses, reduce credit card debt, or sufficiently address Suze’s concern with purchasing power being hampered by rising interest rates and ultimately impacting your ability to save.
I see a direct correlation with how you manage your money, impacting your ability to save money. Certainly, inflation and the rising cost of food affect your ability to have “extra money” left over to save. However, even if inflation decreases, you need to implement a plan prioritizing setting aside money for savings.
“’Women, as compared to men, are often more challenged to save money because they are usually less financially literate and likely to be in charge of their finances while earning less.’ said Alissa Krasner Maizes, a financial planner, licensed investment advisor and the founder of Amplify My Wealth.”Go Banking Rates, Why It Can Be Harder for Women Than Men To Save Money — And How They Can Change That written by Jenny Rose Spaudo
“It’s essential that when looking for a new employer, starting a new business, or increasing their cash flow, women recognize their value beforehand, Maizes said.
It’s crucial to take the time to write down the value they provide and research what other people–men and women–with similar expertise get paid for delivering the same value. If they ask for a raise and still do not get the wages they deserve, they should ask to be reconsidered for a raise within a set time or look for a new position elsewhere.
When women pause their careers, they should continue to invest in themselves by keeping their relationships with potential employers or clients open for future opportunities, Maizes said. A great way to leave the door open is to have a LinkedIn account to showcase their skills and experience, connect with people, and build and foster relationships.”Go Banking Rates, Why It Can Be Harder for Women Than Men To Save Money — And How They Can Change That written by Jenny Rose Spaudo
While we are all hopeful that the challenges you experience will lessen over time, from gender inequality to inflation, and so will your expenses enabling you to save more money for your future.
Certainly, waiting and hoping you will be able to save more soon is not an option. But, rather you can take proactive steps to manage your money better now rather than leaving your financial future to chance.
“Empowering yourself with your finances and a value-driven expense plan rather than leaving your finances to chance is the best way to conquer the challenges of inflation and be ready for your expenses now and always,
“Take your financial independence back by empowering yourself with a fiduciary financial advisor providing you with a plan, advice and guidance on your financial journey,” Maizes says. A financial planner can also tailor advice to your specific needs and challenges.”US World News & Reports, How Millennial Women Can Overcome Savings Barriers written by Emily Sherman