Local financial advisor discusses inflation’s impact

Published: Sep. 15, 2022 at 7:13 PM CDT
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PEORIA (25 News Now) - People in Peoria are watching their wallets. Whether it’s eating out less or leaving out the luxuries, almost everyone is trying to save some money. But not every idea is a good idea when thinking of adding or saving money.

“We always caution to not make rash decisions, it’s better to think things through, stick to a plan if you already had one,” financial advisor with Thrivent Matt Rupert said, “If you’ve not made a plan this would be a great time to go through a financial plan and go through a budget.”

Rupert said everyone’s finances are different but drastic measures like dipping into your retirement funds, like your 401k, isn’t the best move.

“It’s still going to be counted as income against you. You’re putting in pretax dollars when you make contributions, so anything you take out is now adding to your income situation.”

Right now, cutting where you can helps but consulting a finical advisor is a good step too.

“There are tons of resources out there, Rupert said.

“It’s not just financial advisors, there are online resources to help people with budgeting. Having a plan is a great idea and you know obviously financial advisors are obviously there to help in that space.”