A wise man once said we don’t have control of external events, only how we react to them.

The current state of the economy continues to make headlines, and the impact of inflation is clear for everyone.

No matter your age group or walk of life, you’re going to feel the impact of the dollar’s diminishing value and the continual rise in costs.

Here at NORA, we’re focused on seniors and retirees — so here are some tips that anyone in this group can use to manage the issue of inflation.

1. Make a (Revised) Budget and Account for Inflation

The first step anyone can take to manage their money more easily is to get a clear picture of where they stand.

Whether you’re a well-off retiree who is guarded against this increase in prices or whether you live paycheck to paycheck, a clear picture of your income and expenses helps you plan ahead.

With a revised budget, you can see which items have jumped up in cost, which have stayed close to the same, and which changes you could make to come out ahead.

2. Keep a Positive Mentality About Your Situation

This step may seem separated from the more technical entry that opened our list, but it’s just as important.

When you’re staring down at a list of costs that have steadily crept up since last year, and especially if you’re worried about diminishing income levels, it can be easy to get overwhelmed.

The key to managing financial stress is to handle it one step at a time. If you can manage your money better this month than you did last month, you’re already bettering your situation.

3. Think of Ways to Improve Your Standing

No matter what you make or where you stand financially, it’s those incremental and ongoing improvements that make all the difference.

To boost your earnings against inflation, you could consider side-hustles or investing. You could also support a cause that’s dedicated to raising your Social Security benefits with inflation on a yearly basis.

Follow NORA on Facebook and Twitter to learn more about our campaign for yearly Cost-of-Living Adjustments (COLAs) — you can also sign our petition here to make your voice heard.