The U.S. inflation rate has increased by 9.1% year over year, according to the Bureau of Labor Statistics (BLS). The BLS also reported that this is the highest the inflation rate has been since 1981. This has led to significant price increases across many consumer goods. As a result, you’ve likely noticed that prices for necessities such as gasoline and groceries have risen.
While it’s uncertain how long heightened levels of inflation will last, it’s best to focus on what you can control.
Consider these tips to help endure high periods of inflation:
- Create a budget. A budget can help you focus on priorities—such as housing, food and utilities—and avoid overspending on nonessential expenses.
- Reduce spending. This could mean cutting down on expenses such as dining, coffee or entertainment, or it could entail focusing on spending money where you get the most value.
- Use reward programs. These programs offer discounts, reward you with free items or give you credit in exchange for your repeated business.
- Shop for sales. Shopping for sales could mean looking for new stores to build into your shopping routine, taking advantage of price-matching policies, or finding online or print coupons to save money on everyday purchases.
- Find free activities. When looking for activities, consider free or low-cost alternatives. These could include visiting museums, traveling to parks, attending community events or getting together with friends or family.
While every employer may take a different approach to addressing inflation and its impact on their employees, many employers are looking at ways to help. From altering benefits offerings to increasing salaries, employers are responding to inflation in different ways. If you have additional questions or need resources for financial assistance, speak to your employer.