INDIANAPOLIS — The price of almost everything has gone up, and people are taking a lot of notice at the gas station and the grocery store.
Consumer prices have risen more than eight percent in the last year, causing some to change what they’re doing and how much they’re spending.
“It’s hard because it’s expensive,” said Aaralyn Mills.
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Mills said he only fills his gas tank halfway now because of rising prices. She helps her retired father with groceries and is struggling to pay for basics.
“When it comes to groceries, I honestly haven’t been eating as much as I used to because the more I eat, the more it costs,” Mills said.
Others like retiree Eric Wilcox have had to make some adjustments to their fixed income.
“If I have to make a stop at the pharmacy and the grocery store, I do it all in one trip so I don’t have to make multiple trips and save gas,” Wilcox said.
Andy Mattingly is the chief operating officer of Forum Credit Union and has some tips for people to cut costs as prices continue to rise.
“What we try to tell people a lot of the time is that you have to do a lot of little things,” Mattingly said.
Mattingly suggests carpooling or even opting for a delivery option when available to save gas. He said consolidating trips can also be a big gas saver.
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When it comes to grocery shopping, Mattingly suggests taking advantage of store deals when possible.
“Become a frequent shopper, get discounts, get coupons, download digital coupons,” Mattingly said. “Those can add up.”
Rising prices may cause people to dip into their savings to make ends meet, but Mattingly said that should be a last resort.
He suggests temporarily lowering your contributions to savings or retirement accounts, but advises against stopping them altogether.
“You don’t want to go completely out of savings because that puts you in a really bad situation if something really bad were to happen,” Mattingly said.
Mattingly said people are better off making small changes now in case inflation sticks around in the long run.
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Source: fox59.com