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Lingering challenges around inflation remain top of mind for business leaders nationwide, and even so, almost half (41%) say they’re using it as motivation to lay groundwork for future prosperity, according to JPMorgan Chase’s 2024 annual Business Leaders Outlook. Eight in 10 leaders are confident about their company’s and industry’s performance (82%) and have cut non-essential expenses and embraced new technology in preparation for the year.
While you may already be cutting back on spending due to rising costs and an uncertain economic environment, it’s important to evaluate your financial situation and consider implementing these lifestyle changes to help reduce inflation-related stress.
- Spend with intention.
Instability in the market can make your finances feel equally unstable, so it’s important to set a budget and identify where your money is going each month. Financial tracking tools like a monthly budget worksheet or digital tools like Budget, in the Chase Mobile® app, will help track your spending, allowing you to review and adjust your budget as needed. You also can set alerts to determine how you’re doing throughout the month. Having a deeper level of insight will also show you where to consider cutting unnecessary expenses or allocate additional funds.
- Take advantage of credit card rewards.
Many credit cards offer new cardmember bonuses, cash back and rewards that can help you earn more for spending on everyday items like groceries and travel. Look for credit cards that essentially pay you back by earning more when you spend on eligible categories, including gas, groceries and utilities.
- Save for an emergency fund.
Getting in a habit of saving is key, and how much you should save for an emergency fund will depend on your income and spending habits. Setting aside cash – ideally between three and six months of living expenses – will help prepare you for unexpected expenses. Consider anticipated expenses like rent, utilities, debts and food. Having an emergency fund will help ease stressful situations that can arise without warning.
- Search for investments with better returns.
The uncertain global economy has created pronounced peaks and valleys in the market over the last year. Now is a good time to reevaluate your asset mix and search for options that can protect your wealth from inflation. Consider consulting a financial advisor to create a personalized financial strategy that may include investments in things like savings bonds and commodities.
Visit chase.com/personal/financial-goals to learn more about how JPMorgan Chase can help you combat inflation-related stress.
Sponsored content from JPMorgan Chase & Co.
