There is so much news about inflation, interest ranges and the economy, so to help us understand what it means for everyday finances, Spencer Carter, Granite Credit Union, joined us with some practical guidance.
He says people should not pay attention to the jargon and think about what they are experiencing like grocery costs, housing costs, borrowing and saving money and their monthly budget.
Economic numbers can feel abstract. Ultimately what matters is how those numbers affect decisions around the kitchen table.
Spencer says interest rates affect both sides of household finances. Borrowing can cost more, while savers may also find opportunities.
Rather than reacting to every headline, understand your own financial situation and make thoughtful decisions based on what works for your family.
With the holidays right around the corner, Spencer recommends going back to the fundamentals. Know what's coming in, what's going out and what you can realistically afford.
Before holiday shopping picks up, decide what you can comfortably spend and try to stick to it.
Remember that holiday spending is more than gifts. Travel, meals, activities and entertaining can add up quickly.
Be thoughtful about taking on high-cost debt for purchases that you could still be paying for well into next year.
Be especially vigilant about fraud. Granite has previously encouraged members to watch for holiday scams and use safeguards such as card alerts.
Don't let the pressure to create the "perfect" holiday create financial stress for your family in January.
Spencer says remember... you don't have to have everything figured out before asking for help.
At Granite, you can talk to someone who will listen to your situation and help you understand your options.
That's what their "people helping people" attitude is all about.
You can find more information at granite.org.
