💰Hack your groceriesDec 24, 2023
Merry Christmas, Money Makers! We hope you skipped the naughty list this year and that your stockings are stuffed with all kinds of goodies - may they bring you more health, wealth, and happiness.
We know Christmas is generally a time of spending but you can now breathe a sigh of relief because the worst is finally over! Though today’s lunch is bound to be a treat, we’re delving into how you can start cutting back on your grocery bill this week and breaking down the importance of America’s “Fed Rates”, all this while supercharging your money one step at a time!
IN THE STOCKS
- S&P 500 4,754.63 (0.17%)
- NASDAQ 14,992.97 (0.19%)
- Dow Jones 37,385.97 (-0.049%)
*Stock data as of closing on December 22nd.
THE MONEY BREAKDOWN
The Federal Reserve is the central bank of the United States and its rates are a crucial element that guides the tides of our financial world. The Federal Reserve, or simply the Fed, is like the captain of the economic ship. One of its tools is adjusting interest rates, which influences borrowing costs across the entire economy.
Imagine the Fed rate as the North Star guiding interest rates. When the economy is sailing smoothly, the Fed might nudge rates higher to prevent it from overheating. On the flip side, if there's an economic storm on the horizon, they might lower rates to encourage spending and investment. These adjustments ripple through credit cards, mortgages, and loans, impacting the cost of borrowing for businesses and individuals alike.
For us everyday sailors navigating these financial seas, changes in Fed rates can affect everything from our mortgage payments to the interest earned on savings. It's like catching the wind in our financial sails. So, keep an eye on the economic forecast and be ready to adjust your financial sails accordingly. Smooth sailing and sound investing!
MILAN’S HACK OF THE DAY
Cut Down On Grocery Bills
Shopping for groceries can go one of two ways: you either love being at the supermarket, amidst all the endless possibilities of meals for the week, or you treat it like an absolute chore that you want to wind up ASAP. If you’re the latter, we think it’s safe to assume that your groceries take up a huge portion of your budget and we’re here to tell you that it doesn’t have to be like that.
According to experts, there’s one thing you can do to significantly cut down on your grocery bill: shop with a plan. This means planning meals, making lists, and buying groceries that you actually need instead of getting sidetracked by fancy ramen and your favorite snacks. And before you get to the cashier, add up all the items in your cart. This will give you enough time to ponder your bill and possibly cut down on nonessentials.
So the next time you feel like you’re overspending on groceries, try these tricks. And don’t forget to track your expenses for better financial awareness with our free budget planner at milansingh.co/budget-planner