It feels like we cannot escape this news cycle. Whether it’s the price of gas, airline tickets, or even eggs - life feels more expensive than ever. You hear it on the nightly news, in the subject of an email, and in conversations with family and friends. It’s not often this cycle takes a moment to bring us back to the basics.
What is it, really?
Inflation is the rise in prices of goods or services. In practice, it’s a previous generation telling you about how they remember when gas was less than a dollar a gallon or how you could get an ice cream cone for a nickel.
It’s common practice to use 3% as an average inflation rate over time. For example, when you’re working with a financial professional running projections for retirement, they often use an ~3% inflation rate to ensure your future dollars are equivalent to the dollars you’re spending today. The 3% average is a far cry from the 8% inflation rate we’ve experienced over the past year. Unfortunately, some categories of inflation (like energy) have seen much greater increases, and your employees feel this squeeze.
How does Your Money Line fit into this conversation?
Your Money Line is here to help your employees with financial triage. By and large, our incomes are finite, and when goods increase in price, it forces us to reevaluate our spending plan. Of course, you’re making these decisions already. Sometimes we can make little swaps that don’t impact our stability. You might have implemented “meatless Monday” to help with the increased cost of groceries, picked up another carpool day to help with fuel costs, or skipped a vacation because it just didn’t feel affordable this year.
Unfortunately, some decisions come at the price of our mental, physical, or financial stability. Your Money Line provides unbiased expert guidance to help when financial triage rises to the next level. Conflicting priorities are causing financial stress on your employees and it hurts your business. Every day your employees are trying to decide the best place for their next dollar, whether retirement, debt relief, emergency savings, HSA contributions, groceries, or even that car repair they’ve been putting off.
At Your Money Line, we provide one-on-one personalized financial guidance and resources to lead your employees to a healthy financial life. We help reduce the stress finances cause your employees by approaching financial wellness holistically and empathetically. Our Financial Guides, who are all Certified Financial Planners® and/or Accredited Financial Counselors®, will meet your employees wherever they are in their financial journey.