( ENSPIRE Community Spotlight ) With Prices on the Rise, Nearing the Highest Rates the US Has Seen in 40 years Smith is Ready to Help
ENSPIRE Contributor: Alexandra Rivera
The Certified Financial Planner, recently spoke with ENSPIRE about her courses on financial planning and her tips on smart investing. Smith also has a YouTube channel with content on financial advisory and investing. Now, she’s back and ready to discuss inflation in the US.
Researchers suggest Black Families will probably suffer the worst from the inflation crisis. The income disparities between white and black people are ever-rising and cause more problems in this crisis. Reshell Smith is now offering tips for families wanting to stay afloat during the hard times.
- Put yourself on a budget.
- Look for savings at the grocery store.
- Make extra money with a side job.
- Consider downsizing.
- Reduce or delay certain high-end purchases.
ENSPIRE recently discussed ways to save and stay afloat with Smith.
With inflation hitting an all-time high what do you recommend for lower-income families that are already struggling to stay afloat?
I recommend they look for ways to make adjustments. Most of us have fixed expenses and discretionary expenses. The fixed expenses typically can’t be adjusted. They are set. It’s on the discretionary side that we can make changes. I suggest families consider eating more and saving at the grocery store like couponing and shopping with a grocery list. At the other end of the spectrum is income. Picking up a part-time job temporarily could help. As well, there are some great online opportunities to increase income.
What tips do you recommend for beginners on budgeting?
Create a plan that is realistic. List all sources of income and all expenses, even expenses that only happen occasionally. Subtract your expenses from your income to determine whether you have a surplus or deficit. You can do this with pen and paper or there are some great apps. One that I like is YNAB, You Need a Budget. Depending on whether you have a surplus or deficit, you may need to make adjustments. My biggest tip is to stick to the plan. Even if you get off track, do not abandon your budget. Start over the next month and keep working your numbers until you get to a budget that works for you and your family.
The housing market is also currently at a high, how do you recommend families go about downsizing?
As of today, there is a little more inventory in the housing market. So, in some areas, it’s not as competitive as it was a year ago. If you are a seller, you could still get some good bids on your home. However, finding a place to move to, coupled with rising interest rates, could be a challenge. If you do not have a place to move to, I would really caution against selling your home. Sure, you can move into an apartment temporarily but rent is up as well. I recommend you do your research and have a place lined up to move to.
One of your tips was to invest. What is the importance of investing even during hard times?
My saying is to “invest as much as you can as often as you can.” I mean that regardless of what is going on in the market. If you have a strategy and a portfolio that is appropriate for your risk level and timeframe, consider investing. Based on history, experts have shown that your “time in the market” is more important and valuable than trying to “perfectly time the market.” Investing early and having a long-term view is historically the best strategy. Perfectly timing the market can be difficult because you have to be right more often than not.
Do you have any updates since we last spoke about the “She’s So Wealthy” Podcast and your women’s millionaire circle?
Absolutely! The podcast is scheduled to launch on December 1st of this year. The website is ShesSoWealthyPodcast.com. There will be some action on the site soon. The women’s millionaire circle is still under construction, however, anyone can join my Facebook community at She’s So Wealthy Society. Here I share information that is more detailed than I can share with the public.
With the rising issue of inflation Reshell Smith is making it easier for families with her tips and tricks on how to stay afloat. Smith’s smart tips on budgeting can help you save in ways you might not have thought of initially. She also has more information about investing and other financial advice on her website and YouTube channel.
Check out Smith’s Video on Recession Money Tips below!