SPRINGFIELD, Mass. (WWLP) – According to a new report, inflation is still taking a large toll on families across the country.
The recent Country Financial Security Index found that to make ends meet, 27% of Americans said they’ve had to take money out of savings and 54%, said they used that money to pay for everyday expenses, such as groceries and rent.
“You have to be careful, really buy what you need,” Marguerite Foster-Franklin of Springfield recommends. “I’m used to using coupons or being a member of the grocery store, which helps and gives you the discount, but as far as rent there are no coupons for that.”
Even as wage growth is high and the unemployment rate is low, it isn’t keeping up with the increased cost of living. And as many have to dip into savings for everyday expenses, some have to make decisions on either to spend more or buy less.
“I was just saying everything is like 1.5 to 2 times the price it was last year so it’s tough,” Bill Tomlinson of Agawam told 22News. “I was never quite frugal before, but now I feel I kind of have to be.”
Experts say some tips to outlast this inflation include:
- Sticking to a budget
- Refraining from putting additional purchases on credit
- Unless you can pay the balance in full at the end of the month
- Set some money aside for credit bills
- Save and invest
On the bright side, there are some goods that haven’t been hit by inflation like tomatoes, TV and glasses.
