Creative Budgeting Can Help You Fight Inflation
This year has marked a troubling time where inflation rates have hit an all-time high.
Millions of U.S. households are having a difficult time paying and catching up on bills as they are spending more money on expenses such as food, housing, medical care, and gas than ever before.
Amid soaring prices, the majority of Americans define inflation as the biggest issue facing the country. Based on the results of a recent survey conducted by Pew Research Center, seven in 10 Americans view inflation as a very big problem for the country, followed by the affordability of healthcare (55%), and violent crime (54%).
According to the U.S. Bureau of Labor Statistics, the annual inflation rate in the U.S. accelerated to 9.1% in June of 2022, the highest since November of 1981.
Energy prices also rose 41.6% (the most since April 1980), boosted by gasoline with 59.9% (the largest increase since March 1980), a 13.7% increase in electricity (the largest increase since April 2006) and food costs surging 10.4% (the most since February 1981).
With these troubling statistics in mind, it is important for people to create their own, personalized budget and understand the best methods to overcome the negative effects of this year’s inflation rates.
There are a few creative steps you can take to ensure you stay within your budget.
Before you head out to buy, do some research. Take time to price shop rather than buying items on a whim in a store or on the first website you visit. It can save you a ton of money in the long run and is likely to lead you to the best deal possible.
