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Adjusting your Budget for Inflation

Inflation hit a new 40-year high in March, largely driven by increased gasoline and food prices as the conflict in Ukraine threw global commodity markets into turmoil. In March, the Federal Reserve (the Fed) raised interest rates for the first time since 2018, with additional hikes likely on the horizon. While actions are being taken to tame high prices, the conflict, coupled with ongoing supply constraints and labor shortages, will likely keep inflation elevated for a period.

While you’re likely already feeling the pressure of higher prices, it is never too late to put a plan in place and adjust your expenses accordingly. Here are a few tips to help you get started:

Cut Unnecessary Expenses

Step one is to write down your fixed monthly expenses so you can see where your money is going every month. While this can be a daunting exercise, it’s an important one and can show where you could find opportunities to reduce your expenses through small steps, such as eating out less, or saving on gas consumption by coordinating errands with shopping and taking your children to activities. This can help to add up to substantial savings in the long run.

Establish an Emergency Fund

Creating an emergency fund is a great practice under normal circumstances and becomes even more important under periods of inflation. While the dollar amount needed in an emergency fund is unique to every individual, a best practice is to have at least six months’ worth of expenses saved. Your advisor can help you determine the best savings option for your funds so you can access the money quickly should you need it. Also, you can review this blog for guidance on when to access your emergency fund.

Maintain Long-Term Goals

With costs rising in the short-term, it’s easy to lose focus on your long-term investment picture. It is important to maintain your composure and remember that you’re investing for the long-term. If your situation allows, continue contributing to your 401(k), Roth IRA and/or other investment/saving resources to help make sure you stay on track.

Develop a Plan with Your Financial Advisor

If you need guidance understanding your complete financial picture, reach out to a financial advisor at Southwestern Investment Group. Our experienced advisors are happy to answer your financial questions and help you make informed choices for your future. Contact Southwestern Investment Group today to schedule a consultation.

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Jeffrey T. Dobyns

CFP®, CLU, CHFC

President, SageSpring 

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Jeffrey T. Dobyns

President, SageSpring 

Beyond crunching numbers and investment strategies, at SageSpring, we’re about building relationships. When you encounter Founder & President of SageSpring, Jeff Dobyns, it’s easy to understand why this is at the very heart of who we are as a firm. You won’t find stuffy formalities with Jeff; instead, you can expect to find him sharing a warm smile, communicating a compelling vision, or patiently untangling life’s complex challenges with clients. He believes in truly getting to know clients, understanding their aspirations and priorities, and navigating their financial plans with a tailored, comprehensive approach. Our team members have often been caught taking notes on Jeff’s effortless relationship skills from a distance, and we admire them for striving to learn from one of the best. 

Jeff’s financial expertise and wisdom are the perfect match to his innate people skills. Jeff holds the prestigious CERTIFIED FINANCIAL PLANNERTM certification, Chartered Life Underwriter (CLU®), and Chartered Financial Consultant (ChLU®) designations, and has held executive positions with financial planning firms for more than two decades. 

His dedication extends beyond the office to the boardroom and the local community, where Jeff is passionate about giving back. He serves as Chairman of the Board of Men of Valor, a prison ministry and mentoring program. Jeff also serves on the board of Send Musicians to Prison, which shares hope, healing and restoration with the imprisoned through musicians & artists. Jeff actively supports other initiatives in the community by sitting on the board of The Signatry of Middle Tennessee and the Halftime Institute of Nashville. 

Witnessing his four children, Gracyn, Hunter, Tanner, and Logan, excel on the field is almost just as rewarding, if not more, than celebrating the victories of seeing his clients overcome obstacles and build wealth. Spending weekends boating on the lake, hiking mountain trails, and fishing with his family are the moments Jeff cherishes most. It’s this grounded perspective that reveals the true meaning of wealth for Jeff: not just numbers on a page, but the freedom to create experiences that enrich your life and the lives of those you love. When you choose the Dobyns McMillin Wealth Team, you choose more than financial expertise. You choose a partner who champions your dreams, celebrates your victories, and walks besides you on the path to achieving your unique goals.

**Certified Financial Planner Board of Standards Inc. owns the certification marks CFP®, CERTIFIED FINANCIAL PLANNER TM, CFP® (with plaque design) and CFP® (with flame design) in the U.S., which it awards to individuals who successfully complete CFP Board’s initial and ongoing certification requirements.