People everywhere are feeling the financial pinch, whether it’s at the fuel pumps, grocery stores, rentals and, or online stores…prices keep rising, making it difficult to maintain household expenses on a budget. Inflation has soared through this pandemic, and while it’s predicted to last throughout this year, now is the time for consumers to revisit their spending habits as summer approaches.
Summer vacations have some families rethinking their trips; staying closer to home as gas prices reach upwards of $5.00+ a gallon across the U.S. Families and seniors are truly affected by the current inflation, as food shortages continue with escalating prices, while slowing down economic growth, causing havoc among supply-chains; Fewer jobs (less employees) in the workforce, less truckers for transporting goods, not-to-mention the risks for investors as the Feds put restraints on Labor Markets. None of this is good news for the consumers, so tightening the belt (financially) and deciding on things one can do without, at least until things start to balance out and, or stabilize in this current crazy world.
The products on grocery store shelves today are smaller in size and higher in price, and this includes paper products as well as other monetary items. The clothing you find inside department stores is being made cheaper (thin materials and more viscose being used), besides making them either too large or too small; actual sizing is off.
Think twice before running out the door; is it ‘necessary’ or is it a ‘want’…give real thought to a budget that will work, but make sure not to give up ‘one’ thing that gives you enjoyment; if you give up everything it could cause a negative effect, mentally. Go over your monthly bills and set up payment plans ahead of time if need be; falling behind makes it harder to recover.
Shoppers are now going back to clipping those coupons. Depending on where you reside, senior discounts are available at pharmacies and grocery stores; example being, Wednesday at a local grocery store is ‘Senior Day’ giving a percentage off of the entire bill. One should check with all of the stores for additional information about discounted days in your area. If using a Rewards program (example; Kroeger, Fry’s, Walgreens, etc.), don’t buy something just to receive points ( rewards), especially if it’s something you don’t need; but do check out their website to see what’s available using ‘their’ rewards program. Some rewards can be used in conjunction with gas stations; giving up to ten cents off a gallon of gas.
Retirees…as well as others (anyone saving $$) worried about their financial portfolios, should revisit their current plans, in order to make sure it’s aligned with your needs and current status; things can change quickly, so one can’t be too careful. Further information can be found at https://www.bankrate.com/banking/federal-reserve/how-to-protect-your-wallet-from-surging-inflation/ . This will show you some of the current Bank rates and investments. Also, for those that would like a better understanding of inflation and ‘how’ or ‘why’ it affects different markets, including how to invest during inflation, at https://www.investopedia.com/articles/investing/080813/how-profit-inflation.asp . Take control of your finances as best as one can do today and remember this…Knowledge is Power, it’s worth the read. Be careful and stay safe.
Make your week count.