Financial service: Inflation to blame for the necessities breaking your budget
Making ends meet is becoming more difficult. Everything from gas to groceries is hitting wallets hard. Most of us are blowing our budgets when it comes to the necessities.
We’ve dealt with a pandemic, worker and supply shortages, and it’s adding constraints to our pockets.
The chief economist at Moody’s Analytics estimates that a family earning about $70,000 a year will spend an extra $175 a month on food, fuel and housing.
The blame goes to inflation.
During your weekly excursion to the grocery store, you’ve likely noticed the price tag for some of your favorites going up.
Buying on a budget can prove challenging to even the most cost-conscious shoppers.
“We do shop a couple of different stores and make sure that we do pay attention to the sales and things like that,” Caroline Passmore said.
“So $1 that you spend on really great chocolate chip cookies won’t be there for your rent money at the end of the year when you really need it,” FGCU economist Victor Claar said. “So it’s more important than ever to make a budget and stick to it as those prices change.”
Claar recommends instead of paying that dollar extra, consider buying a different brand or less expensive substitute.
While a dollar might not seem like much, added up over several weeks to several different purchases, it could really hurt.