The economy around us is reeling. In the midst actively recovering from the COVID-19 pandemic and the long-term impacts of supply chain issues, inflation, interest rates, and gas prices are putting us on edge yet again. Without a crystal ball and with gas prices reaching 10-year highs, it’s hard to know how to move ahead in business or in life. 

As you manage your finances, consider these few tips to keeping yourself steady no matter how things look around you. 

Start Saving

Did you know that people who are financially successfully all generally have one thing in common - They're good at saving. This may seem like a tough time to start saving money, as a dollar is worth less. But also consider that this is your chance to prepare for the next financial hurdle in your life. Start saving a portion of every paycheck. You won’t regret it. 

Keep Saving 

No matter how tight money is, do your best to both keep your savings account intact and keep contributing to it. Sometimes, for a season, you may need to slow down or stop your contributions. But make sure that’s a temporary situation. Keep your savings habits intact. The better you are at saving, the more conscientious and aware you’ll be with spending. 

Lock Up Your Credit Cards

Now’s not the time to take out high-interest debt on unnecessary expenses. Whenever possible, don’t rely on credit. If you are taking out a loan, make sure it is a low-risk loan - with a low interest rate and variable, flexible terms and conditions. 

Refinance

While mortgage rates have increased over the past few months, they’re still low enough to consider a refinance. Many experts determine anything under 5% as a reasonably good interest rate. A refinanced mortgage could allow you to save money every month with a lower payment or by removing PMI from your loan. 

Think About Tomorrow

If you haven’t started working with a financial planner, consider asking a friend or mentor for some recommendations on one. Your financial health isn’t something that is measured in one economic season. 

As you look ahead, remember that the more consistently intentional you are, the more consistently steady you will be. So don’t let this season of uncertainty make you stop thinking about future seasons. 

This isn’t the end of the world, after all. It’s just the start of a new one.