Money Musings 💭 wait… it costs what?!
During my money parties the last couple of months I noticed something….
Almost everything has gotten more expensive!
Anyone else notice this?
It’s inflation. Inflation is the percentage increase in prices year over year. Inflation is something we’ve been dealing with forever. It’s why our cash LOSES value over time and why we want to be investing.
In the past, I’ve noticed that a lot of my recurring expenses go up by a few dollars each year but this year it’s reflected in all of my day-to-day expenses too.
I ran out of coffee and went to my neighborhood coffee shop. A small coffee with milk was $3.30. J and I stopped at a happy hour after work and the happy hour price was $9 for a drink. A gallon of organic milk is $5.50. The list goes on and on.
What does this mean for our finances?
First, we all need a raise! LOL but really!
And also, we need to account for this in our plans.
If things cost more money and we want to continue to save as much as we were saving, we’ll have to adjust our spending. For me, this means doing things less frequently (reminder of our boundaries talk last week) but REALLY enjoying them when I do. AND being really conscious of who I’m spending that money with. You know… the consumer activism we talked about here. Because I want to feel good (when possible) about where that money is going.
Okay. Your turn. Have you noticed the increase in prices? And how has your life changed (or do you want it to change) because of it?
MONEY MOVE OF THE WEEK
WHAT WOULD YOU LIKE 2022 TO LOOK LIKE?
Before we put together our annual budgeting plan (aka happiness allocation), it’s important to dream and brainstorm a little. Get cozy and grab a pen and paper (or your fave electronic device) and reflect.
What went well in 2021? I like to look through my calendar and photos to jog my memory for these first two questions.
What would you like to look different? What could have gone better? What financial goals would you like to prioritize in 2022?
What do you want to spend more time or money on (i.e. lifestyle changes)?
What do you want to spend less time or money on?
From there, you can start to put together your 2022 financial plan. If you want a snazzy template, you can grab ours here.
YOU GOTTA SEE THIS
THE CHAMBER OF MOTHERS.
The Chamber of Mothers is a collective movement to focus America's priorities on mothers’ rights. According to Lauren Smith Brody, gender equity advocate and founder of The Fifth Trimester, “the goal is to assemble 1 million moms to function like a chamber of commerce, lobbying for the rights of mothers, by supporting and amplifying the work of existing advocacy organizations.” The first task? To save paid leave as part of the Build Back Better Plan.
Paid leave is a critical part of closing the gender wealth gap and the good news is that over two-thirds of voters support it (including 59% of Trump 2020 voters).
Did you know…
Caregiving responsibilities disproportionately fall on women and due to these responsibilities, combined with a lack of paid leave, women are often forced to spend time out of the workforce.
Workers can expect to lose up to three or four times their annual salary for each year out of the workforce due to the loss in future income and raises.
Almost one in four mothers have returned to work within two weeks of giving birth.
Women who have paid leave are more likely to stay in the workforce the year following birth and are 54% more likely to report wage increases.
Paid leave for fathers also plays an important role. For every month a father takes paternity leave, his partner’s income increases by 6.7%.
Head to Chamber of Mothers highlights for some actions you can take.