Wow, summer is flying by and getting together with friends seems to take months in the making when you’re juggling all the kids activities and numerous calendars. We had a great time out with friends of ours, commiserating on all things challenging as parents, how businesses are going and always fun debatable topics.
As Chalkboard Financial teaches students all things finances, and we happened to be meeting with a Chief Financial Officer of a thriving business, it’s always fun to chat about money tactics. The debatable topic that arose was… “When it comes to budgeting, generally 9 times out of 10, ways to cut back on spending is always the go-to tactic. Why isn’t it expanding income?” Are you cutting back now as gas prices are way to high and food costs are beyond normal? I’m curious what your thoughts would be?
As an educator, we do teach students to manage their money within the framework of what they make, as most have a challenge just keeping to the budgeting confines. Our friendly rebuttal in our dinner conversation was that most students are just making their first income and not knee-deep in debt, and needing to understand living within a budget before they focus on adding more income.
As we are now talking to students about inflation and recession, most of us have seen how the rise in prices has affected some spending.
More importantly than my debate, is your student equipped to adjust with the changing economy? If not, our workshops are always open, helping bridge the divide to a financially thriving student.
But, back to the debate- Do you cut back spending or increase income? I’d love to hear your thoughts on this! Join our FB Group here and chime in!