By: Kasey Huss, Compassion Sponsor and Writer   |   Posted: September 15, 2022

Inflation continues soaring to record highs, straining our pocketbooks and our peace of mind. Read how one Compassion supporter is facing her financial concerns head on with three practical tips.

3 Ways to Fight Inflation Fears

Inflation continues soaring to record highs, straining our pocketbooks and our peace of mind. Read how one Compassion supporter is facing her financial concerns head on with three practical tips.

Written by Kasey Huss, Compassion Sponsor and Writer
a boy watches his father gather water from a stream

I’ve complained about it long enough. I’m not sure why I continue to act surprised (and offended, even) at the gas pump and the grocery store. I recently realized it’s time I come to terms with this out-of-control economy and buckle up for the long haul. Thankfully, there are a few things I can control, and I’m choosing to focus on those as I enter the fall. Here are my tips. They aren’t earth shattering, but they are fundamentally important as we move forward together in facing our inflation fears.

Keep Perspective

Inflation isn’t just an American problem. Our world is facing the worst global food crisis since WWII, and a large part of the problem is how the price of goods and gas has soared over the past year. When times get tough, the most vulnerable in our world are hit the hardest. Inflation mercilessly shoves people in poverty even further down into a trap that is almost impossible to escape. My perspective is challenged when I remember that there are people in the world earning less than $2.15 a day. I can still feel worry for my own situation. But when I step back, my inflation worry is turned inside out, and I grow more empathetic to those around me.

Keep perspective and persevere. Many of us in the U.S. can weather this storm, but there are others hanging on for dear life, waiting for the Lord’s provision one meal at a time. If you have the financial margin, this is a critical time to fight hunger and give hope! Respond to the Global Food Crisis and provide for urgent needs as well as sustainable solutions.

Plan Ahead

I know it seems basic but, in this fast-paced world, we have to discipline ourselves to slow down and plan ahead. This practice allows us to maximize our hard-earned dollars, be strategic about our spending and avoid inflation fears by preparing for life’s expected (and sometimes unexpected) events.

  • Plan ahead with a budget. If you have one, you can skip this paragraph. But if you don’t, it’s never been more important to get real about your finances. Make sure you decide on your non-negotiable budget items first — things like bills, food and housing costs. Make sure your values are represented on your list of essentials too. Some people include giving to their local church in this category. For many Compassion sponsors, maintaining their sponsorship is a non-negotiable line item. Work in non essential spending categories and savings next. Our family loves the 50/30/20 rule (50% on essentials, 30% on wants, 20% on debt or emergency fund). However you slice it, using a budget to plan ahead during these challenging times is key.

  • Next, remember that it’s never too early to plan ahead for events that come around every year like Christmas, birthdays and anniversaries. Work these expected events into your budget to avoid any last-minute expenses that can make a tough financial season even worse. As you plan ahead for gift giving, ask yourself a few questions: Can you remember what you purchased for your family and friends for Christmas/birthday/anniversary last year? Can they remember what you gifted them?

    If you or your loved one struggle to remember what you gave last year, consider shifting your giving strategy this year. Make sure you are maximizing your hard-earned money by giving unforgettable gifts. Take advantage of sales by shopping early or consider gifting experiences over objects. Some Compassion supporters choose to give a gift to a child in poverty in someone’s honor from the gift catalog or through the Christmas Gift Fund. I can assure you that the recipients of these gifts never forget your generosity. A gift to a child in poverty is always life changing.

  • Plan ahead for unexpected expenses. Chaos doesn’t care what the economy is doing. Be ready for the chaos that comes your way in the form of car trouble or medical expenses. Add a little bit each month to an emergency fund to keep those inflation worries at bay in times of chaos.

Keep the Faith

God is called our Jehovah Jireh — our provider— in Genesis 22. When Abraham is prepared to give up his only son, God steps in just in time and provides a ram for a sacrifice. I don’t know about you, but no matter how bad the economy has gotten lately, I’ve never been faced with that kind of sacrifice! We’ve given up outings to Chick-fil-A, downsized birthday plans and switched to off-brand items, but I’ve never been in Abraham’s shoes. This story reminds me that even if I was, our God provides in powerful ways not a moment too late. So don’t let worry take over your heart and mind. Keep the faith. Fight your fears with Scripture.

  • For we live by faith, not by sight. (2 Corinthians 5:7, NIV)
  • … the testing of your faith produces perseverance. (James 1:3, NIV)
  • Be on your guard; stand firm in the faith; be courageous; be strong. (1 Corinthians 16:13, NIV)

There are dozens of encouraging verses in the Bible that call us to keep our hope in God and his provision. Use them well. They are for our benefit during times like this.