Use This Suze Orman Tip to Keep Your Savings on Track During Inflation

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  • Inflation is making it more difficult to save.
  • Suze Orman suggests cutting spending rather than savings.
  • She offers some tricks to help you do that, including reviewing automatic charges and taking advantage of available help.

Don't let high prices make it impossible to accomplish your goals.

Inflation is at a 40-year high right now, and prices have been going up for months. If you're like most people, the fact that goods and services cost more now is putting a strain on your budget and making it harder for you to save money.

While it may be tempting to cut back on your retirement investing or transfer less cash into your savings accounts, doing so could be a decision you regret later when you're off track on your financial goals.

Finance expert Suze Orman recommends against scaling back on either retirement or emergency savings and instead suggests doing something else. Here's what Orman believes is the best move.

Suze Orman suggests doing this instead of reducing savings

Rather than cutting back on savings, Orman suggests that you make some temporary sacrifices in order to be able to stick with your long-term financial plan.

"Before you scale back on retirement savings or emergency savings, my wish is that you will stand tall in your truth that you may have ways to reduce spending so you can stay on track with these essential goals," Orman advised.

While this tip may seem hard to follow, Orman believes it is worth it not just so you accomplish your future financial goals, but also so that you feel better about your situation in the short-term.

"Important as those goals are, I want to help you worry less and feel more in control of your life. That's financial freedom. And staying on track with savings goals is one of the most powerful ways to boost your sense of financial control," Orman said.

How can you cut back on spending to keep your savings on track?

Orman did more than just advise that you reduce your spending. She also offered some concrete advice on how you can cut back on spending when prices are up so much. Orman suggests:

  • Reviewing several months' worth of credit card statements to separate needs from wants. She warns that many people get set in their ways and stick with the status quo without really thinking about it. This leads to unnecessary purchases. She advises circling any "wants"on your credit card statements to identify expenditures that no longer make sense for you.
  • Reviewing automatic charges: Many people just keep subscriptions without realizing it, and Orman suggests reviewing all of the services you're signed up for to see if you really want to keep them. "Get rid of any subscription you don't use frequently," she advised. "Then challenge yourself to see if you might be just fine cutting back your streaming options by one or two services."
  • Get rid of one of your vehicles: For households with multiple cars, Orman suggests sharing a vehicle in order to free up a substantial amount of money for other things. This could save you on both maintenance and car insurance.
  • Take advantage of available help: Finally, Orman advises making sure to contribute enough to your 401(k) to get the full amount of any company match you are offered.

By following these suggestions, hopefully you can make sure you're able to stay on track with your saving efforts even during these tough financial times.

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