January 30, 2022
Consumers are having to make decisions in order to combat rising prices. According to Veronica Dagher of The Wall Street Journal, the consumer price index which measures what consumers pay for goods and services was at 7% in December, the fastest rise in 40 years. The result is individuals need to make big changes to combat rising prices.
An example of big changes consumers are making include learning how to do home projects through YouTube in order to save money in relation to quoted prices from professionals. Big changes like doing something yourself that would be a high cost for professionals to do is a great place to start in battling inflation.
Another example is rising prices at restaurants. Consumers are seeing their usual lunch bill from their favorite restaurants rise. A way to combat that is packing a lunch that is similar to what would have been purchased. Once again by making decisions to forgo the convenience consumers can hedge against rising prices.
Consumers are also seeing brands they are loyal to, at the grocery store, rise in price. A way to combat this rise in price is to buy more generic brands or give up nonessential goods. An example that was given is forgoing a soda habit that was costing hundreds of dollars a year.
High prices at the pump are also becoming an issue for many. To combat higher gas prices it is important to plan trips ahead and avoid unnecessary driving, if errands need to be run be careful to accomplish everything that is needed to eliminate duplicate trips. In addition, consider carpooling and public transit if it makes sense for the situation.
As inflation continues to be an issue decisions need to be made to combat the rising prices. Whether the decision is to try to save on a big cost by doing it yourself or taking a "shavings make a pile" approach and cutting spending on everyday habits or good, the important thing is to have a plan and do something.
Source: (The Wall Street Journal, Article by: Veronica Dagher)