![]() Resort to cash: Derderian groups herself with those who rarely carry cash because of electronic payment methods like Venmo and Zelle.Individuals looking to stretch their personal budget should consider the following: ![]() For those who aren’t tech savvy, recording a budget on a spreadsheet or piece of paper works just as well this method might be more eye-opening for people since they run the numbers themselves. According to Forbes, Empower, Mint, and YNAB are some of the best budgeting tools as of April 2023. Derderian suggests finding an app that has enough variables to address a person's needs. “This is a good guideline, but in certain times - whether it's personal or economic-based - you need to be able to amend those percentages,” Derderian advises.īudgeting apps help individuals create a budget and develop a discipline, so they stick to it. She adds that the 50-30-20 rule is a tried-and-true budgeting method where 50 percent of a person’s paycheck goes to fixed needs, 30 percent goes to variable expenses, and 20 percent goes to savings. When looking for areas to save, Derderian says individuals must first establish a budget and set goals. ![]() Prior to the pandemic, from February 2019 to February 2020, the Consumer Price Index for All Urban Consumers rose 2.3 percent. Bureau of Labor Statistics’ Consumer Price Index from March 2022 through this past March, prices are up approximately 5 percent. When food prices started to increase, Mara Derderian ’93 had an important decision to make: Where should she go grocery shopping? The Bryant Finance lecturer and Financial Planning Program director chose to be more selective in where she shopped for everyday items and started going to big-box stores and low-cost retailers.ĭerderian is one of the many Americans who are feeling the continuous impact of inflation and adjusting their spending habits. ![]()
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