As inflation continues to challenge household budgets, a Colorado State University Pueblo business professor is sharing practical advice for navigating financial apps during uncertain economic times.
Martha J. Wilcoxson, a certified financial planner and lecturer at CSU Pueblo’s Hasan School of Business, spoke to WalletHub about how selecting the right budgeting tool is now crucial to families face rising costs. US inflation rates climbed to 2.7% in June, up from 2.4% in May, according to the Consumer Price Index, which tracks monthly price changes for goods and services.
“Be clear about your budgeting priorities and select an app that suits these needs and that you will enjoy using,” Wilcoxson advises. “Too many functions may overwhelm, and too few will not deliver.”
The price increases, while far below the peaks seen three years ago when inflation reached as high as 9%, still impact daily spending decisions. Core CPI, which excludes energy and food prices, ticked up to 2.9% compared to 2.8% in May.
Wilcoxson recommends establishing consistent review habits regardless of economic conditions. “Many people find that a Friday check-in helps them review the week and set realistic spending expectations for the weekend,” she explains. “Some check-ins may be pleasant and some may be challenging. The key is to make it a habit for successful budgeting.”
With prices remaining volatile and potential tariff impacts looming, the Federal Reserve appears unlikely to adjust interest rates anytime soon. Fed officials, including Chair Jerome Powell, have indicated that price increases are expected to continue through the summer, drawing away from the Fed’s 2% inflation target.
“Always have a clear financial goal to be working towards,” Wilcoxson stresses. “Whether a new home, vacation, retirement, or just a bicycle upgrade, a clear financial goal keeps you motivated and on track.”
The business professor emphasizes complete expense tracking during inflationary periods. “Sometimes we sabotage our financial goals by underreporting expenditure. Clear and reliable recording helps us build good spending habits.”
Despite economic headwinds, Wilcoxson maintains an optimistic outlook. “Enjoy the process,” she says. “Setting and achieving goals, large or small, not only helps you manage your financial resources successfully, but it is also a confidence builder.”
