(Jessica) Welcome to Money Matters on the Southern Bank Financial Wellness Network. I'm Jessica.
(John) And I'm John!
(Jessica) And today we're talking about inflation. That is a hot topic. What is inflation exactly?
(John) Well, Jessica, basically you have inflation when prices are rising on just about everything even though the products and services haven't changed.
(Jessica) Basically, you're getting less bang for your buck.
(Jessica) So, what should you do?
(John) Well, short term, you might have to dip into your savings account if you have one. Big picture, you have to take a look at everything you're spending money on and decide what you can reduce or live without. You might have to change priorities or put off some big-ticket items you had planned.
(Jessica) So, rent and mortgage payments, groceries, debt repayment – they are all top priority, right?
(John) Yes, but you might be able to save on groceries by changing brands or stores, and you might be able to consolidate some debt to lower your monthly bills.
(Jessica) Good advice. We'll see you next time on Money Matters. And, remember, Financial Wellness starts here!