Written by Bernie Carr
Just a quick post today, to share info on an issue that affects us all. A few weeks ago, I wrote a post about rising prices at the grocery store. I have kept my grocery budget the same, but I have noticed we are buying much less than before. Unfortunately, higher prices are not limited to food.
Gasoline
Gasoline prices have gone up considerably.
Motorists are paying, on average, 37% more to fill up than the start of the year,” said Jeanette McGee, AAA spokesperson. “Prices for the rest of the month are likely to push more expensive, but if crude production increases, as forecasted, there is the possibility of seeing some relief at the pump later this summer.”
AAA
Rent
Our rent just went up by $120 a month, which is the highest rent increase I have ever seen. In the past few years, the increases were only $50. Unfortunately, rents all over the area have risen just as much so there is no point in moving this year. We will have to cut out a few things from our budget to offset the higher rent.
Apparently, the rest of the country is also seeing an increase in rent, the highest level in two years:
As of May 2021, the median national rent reached $1,527, up 5.5%, compared to a year ago, according to Realtor.com. The median rent in May increased in 43 of the 50 largest metro areas, compared to the same period a year ago. This is a slight increase from 40 metro areas in April and 33 in March. Meanwhile, rental prices are up 7.5% nationwide over the past two years.
Fox Business
Consumer goods
Consumers are seeing price increases in everything else. According to the a recent news item:
Consumers are seeing higher prices for many of their purchases, particularly big-ticket items such as vehicles. Prices for used cars and trucks leapt 7.3% from the previous month, driving one-third of the rise in the overall index. The indexes for furniture, airline fares and apparel also rose sharply in May.
The Wall Street Journal
A few tips to cope:
- Stock up on goods that you use before the prices go up.
- Find ways to save on gasoline.
- Review your monthly bills and find ways to reduce them. Cut out unnecessary expenses.
- Reconsider your purchases – do you really need an item now or can you substitute?
- Find ways to reduce, reuse or recycle instead of buying new.
- If you don’t already have a budget, start one.
- Buy in bulk.
- Learn to barter.
- Find other sources of income-start a side hustle.
- Adopt a frugal mindset.
Below is a video that further discusses the inflation that we are all experiencing, and potential developments. Of course we don’t have a crystal ball that can predict the future, so nothing is certain. All we can do is prepare.
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Bernie Carr is the founder of Apartment Prepper. She has written several books including the best-selling Prepper’s Pocket Guide, Jake and Miller’s Big Adventure, The Penny-Pinching Prepper and How to Prepare for Most Emergencies on a $50 a Month Budget. Her work appears in sites such as the Allstate Blog and Clark.com, as well as print magazines such as Backwoods Survival Guide and Prepper Survival Guide. She has been featured in national publications such as Fox Business and Popular Mechanics. Learn more about Bernie here.
Scary times, my friend. Thanks for reporting on this.