Amanda H. Christensen, AFC, Utah Money Moms Editor
You've probably noticed the increased cost of goods and services lately. I chatted about this recently on Instagram stories (are you following the fun on our Instagram account?!) I asked followers what budget categories and specific items in those categories have increased in cost lately. The response was overwhelmingly similar! Today I'm sharing the results along with my recommendations for how to counteract the increased costs. Keep reading!
I share these tips in a Studio 5 TV segment you can watch here.
Groceries. This category tops the list as the #1 category mentioned probably because it's so universal. Prices are up. Have you noticed? Fresh fruit, baking supplies, bacon (and most meats), soda, chips, dairy products, etc. Every grocery store is effected and so is my grocery bill. Here's what I'm doing about it:
Gas. The cost to fill my tank continues to increase. So here's what I'm doing about it:
Building Materials and Renovations. This made Studio 5's list as many viewers responded saying they had been affected by rising costs. Supply and demand is the age old reason for the rest in costs in this category. Solutions? Clearly defining needs and wants is critical with these types of expenses. Ensure your needs are met and your top wants may have to be negotiated to avoid blowing the budget. Should you wait to do any building projects? Rising interest rates are going to come into play here soon. So the cost to borrow money will increase. Even a 1% increase can mean thousands of dollars over the life of your loan. Something to think about and plan for.
Subscription Services. Whether it's a streaming service for television or music, a monthly subscription box that gets delivered to your door, or a grocery delivery service, many of these types of services increased their prices at the first of the year. Here's what I'm doing about it:
Spontaneous, Unplanned Spending. Recent research shows Americans are spending just over $180 on spontaneous spending in a month. It's the $5 here, $8 there that add up over the course of the month. That $180 dollars would do a lot for my gas or grocery budget in a month! Here's what I'm doing about it:
Want more expert budgeting and money management tips? Check out the PowerPay Money Mastery Online Course!
TAKE A FREE CLASS!
Host a Class
Blog editor and Accredited Financial Counselor sharing real-life money smarts that can help you stay on track with financial goals while still enjoying life!
Follow the fun on Instagram
AS SEEN ON
1st Place National Award in Social Media Education from the National Extension Association of Family and Consumer Sciences
Gold Award in Blog Site category at the 7th annual Education Digital Marketing Awards.
Silver Award in New Media category at the 34th annual Educational Advertising Awards.
Platinum Award in Digital Media, Web Design category at the International Marketing and Communication Awards.