Medicine Hat Finances Expert – Tyler Davidson

Welcome to the New Year! Have you set any goals? Are you set against making new year’s goals because you’ve tried in the past, but it just never pans out or you just think it’s a silly tradition? Well let me help with one simple thing that you can do to keep pressing forward to your goals related to finances. It’s a new year and with it comes a new round of inflation. It doesn’t necessarily coincide with January 1st every year but this date in our calendar can serve to remind us about it. If you’re one that has been faithfully putting money aside every year, you should consider increasing that amount to coincide with inflation so that you protect the buying power of your money. For example; $500 in buying power last year will most likely be worth $485 in buying power this year if inflationary trends continue. This is something that goes unnoticed in a lot of peoples planning and can have a very negative effect on your long-term goals if not addressed. The best thing you can do to weather the stormy effects of inflation is to better your savings habits, if that’s simply starting or learning to index your savings, it’s your best bet to get to where you’re wanting to go. I wish you all the best in your endeavors this year.