What is IN and OUT with your money

by Angie Carlson |

Let’s look at what is IN when it comes to your money.

The four major INs are:

• INflation

• INterest

• INsurance

• INvesting

How does this apply to your household?

Let’s start with the implications of inflation.

It’s like a thief.

It affects the costs of everything – like groceries, haircuts, and vehicles.
If you are earning 2% interest and inflation is 3%, your money still goes down in value
On a fixed income? It’ll be harder to continue to afford your current lifestyle.

Now, what is the impact of interest?

It can be your best friend or worst enemy.

When you borrow money, interest is what you pay for using their money (so you pay back more than you borrowed)
When you save money, interest is what you receive as a thank you for letting the bank use your money.
The length of time you pay or earn interest matters.

Next, why is insurance so important?

It plays a vital role in managing the unexpected and being financially secure.

Insurance allows you to transfer the risk of a major unexpected event to a company
Sometimes, it is legally required that you have insurance
You want to work with a professional to get this right – too much/little is not a good thing

Finally, do you have intended goals with your investing?

And if you do, they can feel like they are out of reach.

Now that you are a little more IN touch with your money…

Here is a bonus IN that is OUT.

And that is….

INdecision

Maybe you experience some day-to-day living impressions left by indecision:

Letting your money go out the door without even knowing it is happening
Feeling the financial strain on your relationship and accepting it will always be this way
Having so much information that you both have no idea where to start

Now that you know what is IN (and out) with your money

Which IN will you focus on first?

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