Best ways to save money as inflation affects household budgets

Channel 11 Consumer Advisor Clark Howard emphasizes the importance of closely monitoring income and expenses as prices continue to rise. According to the Consumer Price Index, food prices are expected to increase by 2.7% by 2026, adding further strain to household budgets.

“Everything is so much more expensive. You know, it’s way harder to live,” said Huey King, a consumer affected by rising costs.

“A lot of us need two jobs. You make it hard for us to get this, get that,” added Leah Jones, highlighting the struggle many face to make ends meet.

“Everywhere I look, all my bills, my household, internet service, phone service, everything is just climbing,” noted Traci Selke, pointing to the widespread impact of inflation.

The grocery store is a particular pain point for many consumers, with prices climbing noticeably. Caleb Dillehay remarked on the high cost of coffee cream, saying, “$5.99 for coffee cream is insane.” Leah Jones also expressed frustration over the price of eggs, stating, “Eggs should not be five dollars. Ten dollars. Almost eight dollars. It shouldn’t be that high.”

To combat rising costs, Clark Howard suggests buying generic brands as a simple way to save money. For example, choosing Great Value rice at Walmart over a named brand can save $3.40. Additionally, skipping organic eggs can save $4.30.

Charis Brown from ClarkDeals.com observes that consumers are increasingly responsive to deals under $10, as both shoppers and retailers feel the budget squeeze. She expects significant discounts this holiday season, noting that 84% of people now prefer better prices over brand loyalty.

Regarding retirement savings, investment adviser Wes Moss advises against making drastic changes in response to inflation. “So if money is sitting under the mattress not earning something, inflation is clipping away at the power of that money no matter what,” he explained. Moss emphasizes the importance of allowing money to grow with inflation to maintain purchasing power in the future.

As inflation continues to impact everyday expenses, consumers are advised to adopt strategies such as purchasing generic brands and taking advantage of deals to manage their budgets effectively. Despite the challenges, experts like Wes Moss encourage individuals to keep saving for retirement to protect their financial future.

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