Today has been a long day. During this time of year, I talk about money from the moment I wake up until the time I go to bed. As I sit here doing my own books—analyzing rising utility bills, planning my budget for upcoming events, and even preparing for a simple grocery store trip—I realize that our daily lives are not consumed by the love of money but by the necessity of managing it.
As an enrolled agent and a commercial business insurance agent, I speak with a wide range of people. Some think they can insure commercial vehicles at a virtual address, while others are retirees facing unexpected tax burdens because their brokerage mishandled their retirement structuring. Talking about money no longer scares me like it used to growing up—it's just what I do. So, as I reflect on today's conversations, I want to share seven financial tips that might help you navigate these inflationary times. Seven is often considered the number of completion in the Bible, so let’s use it to complete our financial understanding.
1. Read Everything Carefully
This may not seem like a money-related tip, but trust me—it’s critical. Many people think they understand a subject when they only have a surface-level knowledge of it. I spent the day debating insurance policies with customers, and the truth is, many people sign documents without reading the fine print. We often blame companies for what they don’t cover, but whose fault is it if we never read what we purchased? Whether it’s an insurance policy, investment agreement, or mortgage contract, read and understand every financial document before you sign.
2. Save, Save, and Save Some More
You’ve heard this advice over and over, but it remains crucial. Yes, tomorrow isn’t promised, but if tomorrow comes, your savings could be your lifeline. Even if you can’t save large amounts, something is always better than nothing. Savings can cushion unexpected financial blows and give you peace of mind.
3. Choose Financial Advisors Wisely
Not all financial planners are created equal. Many hold certifications, but that doesn’t mean they truly understand the complexities of financial planning. Experience and knowledge of current laws matter. When seeking financial advice—especially for retirement—find someone who understands both the technical aspects and real-life applications of financial planning.
4. What You Don’t Know Can Hurt You
Even if finance isn’t your passion, educate yourself. I made my son take a tax class—not because he had to become a tax expert, but because understanding taxes is fundamental to financial literacy. Even if the tax system changes, the principles behind financial responsibility remain. Today, many consumer protection agencies that once safeguarded everyday Americans from financial mismanagement are gone. That means it's up to you to understand where your money is going.
5. Budgeting Isn’t a Dirty Word
I used to dislike the word “budget” because it reminded me of dieting. But in reality, a budget simply means spending below your means to achieve future financial goals. It’s not about restriction—it’s about planning. If you can reframe budgeting as a tool for financial freedom rather than a limitation, you’ll find it easier to stick to.
6. Teach Your Children About Money
If you have kids, equip them with financial knowledge. Even if you’re not confident in teaching them yourself, there are free resources available. Many banks and financial institutions offer free financial literacy classes online. Go to their websites, scroll to the bottom, and look for financial education sections. Have your children read and learn—this knowledge will benefit them for life.
7. Acknowledge That Inflation Isn’t Going Away Soon
Inflation is here to stay longer than we expected, and that means adjusting our financial strategies. I’ve had conversations with people making $10 million a year and those barely scraping by on $5,000 annually. Regardless of income level, the common thread is that money must be managed wisely. People avoid talking about money, but avoiding the conversation doesn’t make the reality disappear.
The bottom line? We must take control of our finances. Read, save, plan, and educate yourself and your family. The more informed you are, the better prepared you’ll be for whatever financial challenges lie ahead.
Michelle W EA/ Senior Advisor with Chime In Consultancy
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