Food prices
We may be experiencing sticker shock at the supermarket, and climate change is partially to blame.
This is all furthering food inflation globally: Year-over-year prices wereup 33%in September.
And finally, “Don’t waste food.
Forty percent of all food waste comes from our homes,” says Lempert.
“Buy the right amount.
If you have leftovers, ensure to use them.
Be as smart and frugal as possible.”
Ways to save:Central to this issue is where you live.
Is it sustainable for your health?
Could you consider relocating?
If not, would investing in certain home upgrades mitigate risks to your health?
Physicians have a fiduciary responsibility to act in our best interest, including our financial needs.
If a procedure or medication is out of budget, request effective and affordable alternatives if possible.
Energy bills
Higher temperatures may lead to power and utility disruptions, which can lead to ballooning energy bills.
The need for air conditioning during heat waves is another reason why cooling costs may escalate.
This has already become reality for property owners in these regions.
Many states also offer insurance for homeowners who are having trouble finding coverage.
TheNational Flood Insurance Programprovidesfederally backed flood insurancefor eligible homeowners, too.
“It’s a big misnomer,” says Loretta Worters of theInsurance Information Institute.
Pro tip: Learn about the fire department in the town you’re seeking to live in.
The trickle-down may be a tighter lending market where access to credit falls and interest rates go up.
A higher score means potentially smaller interest rates and more savings for you.
Cost-cutting measures are key, as is building a general cash cushion for emergencies.
“Without assets you have agency over, you are likely to have significantly fewer options.
Money solves so many problems.”
