Episode 24: Family Finances, Budgets, and Inflation

Chatting With My Amigas

The Russian invasion of Ukraine has had global ramifications, driving the cost of fuel and food up significantly. As a result, Business Insider released an article that suggests that Americans budget an extra $5200 this year. Join the Amigas today as they discuss this article and how the price increases have affected their parenting. We dive into the discussion with why Marcy feels that $5200 is not enough, and how each of the Amigas are tightening their belts. As mothers, it's important to the Amigas not to let their kids suffer the same way they did, but how do you get them to appreciate the value of money when they have never been exposed to it? Daimy talks us through how she has changed her attitude towards what she cooks, while GG breaks down the challenges of being a yes mom. The key takeaway from today is to be mindful of your finances, and to parent in such a way that your kids are mindful (but not stressed!) about finances too. For all this, and so much more, press “Play” now.

Key Points From This Episode:

• The article that Marcy came across that suggested Americans budget an extra $5200 this year, and why the Amigas feel this is too little!
• What the Amigas are doing to tighten their belts: from reducing their travel, to changing their shopping habits, to eating in.
• Why you don’t want to be dipping into your savings yet, and how Marcy’s dad taught her to notice price changes.
• How these increases have impacted businesses and those on fixed incomes.
• Why it’s important to explain to kids what the current situation means for them, financially.
• Saying “No”: the tradeoff between wanting the best for your kids but not spoiling them.
• How Daimy’s changed her approach to what she cooks and the activities she lets her kids do.
• Why living through struggle is something that will make you stronger.
• A debate on how to show kids the value of money without making them stressed.
• The benefits and the drawbacks to being a yes mom or a no mom.
• Being mindful of how the current situation can be a teachable moment.

Links Mentioned in Today’s Episode:

Americans Should Budget an Extra $5,200 This Year to Cover Rising Prices, Bloomberg Economists Estimate

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