How America is coping with inflation

Leann

Leann

Traveler
Saw this article on cnn.com today:

How America is coping with inflation: Buy what's needed, nothing more (https://www.cnn.com/2022/06/02/economy/inflation-impact-consumer-behavior/index.html)​

Here is a brief summary:

Consumers are trading down, buying less:
  • buying or switching to cheaper alternatives
  • stop spending on non-essentials
  • less impulse shopping, buying less on each shopping trip
Giving up big-ticket buys but sticking with feel-good little extras:
  • cutting back on eating out, gym memberships, frequent manicures​
  • buying a candy bar, favorite fragrance or candle​


Right now, the best way I am coping with inflation is driving less. The price of a gallon of regular gasoline where I live will soon be $5.00.

How about you? What changes have you made or do you plan on making to cope with rising costs?

​

 

I'm spending less mainly because I refuse to pay the higher prices in the grocery store.

I'm curious and concerned about what my new rent will be for next year but won't know until August.

I live well within my means and will be fine. It's more of an attitude adjustment than a financial adjustment for me.

I'm thankful that I'm not trying to raise a family of teenagers with high expectations during these difficult times.
 
I do very little shopping. Living in an apartment you don't need anything much; just groceries. When I shop for groceries I buy most things that are on special. I stay away from high priced fruit. I rather buy bananas; they are cheap enough. Before Covid I used to go to restaurants but now I never do. Haven't been in a mall in over 2 years and don't miss it at all. I'm lucky I don't have any debt so the increasing interest rates are just good news for me. I hope they go up and up and up. Don't feel sorry for the idiots that took part in some sort of "bidding war" to buy a house. I blame the greedy real estate people for ripping off the house buyers.
 
Like Packerjohn, I don't buy much except for food and I never went to malls, I get sensory overload in places like that.

Our house and cars are paid for, so we feel pretty safe with prices rising, inflation would really have to soar to make us suffer -- but my son. I worry about what kind of world he will live in 20 years from now. He will have our house, but there's upkeep and taxes for that, utilities, and food.
 
I feel for those impacted by inflation who might have to choose between eating and heating come this winter or whose mortgage is coming due.

My cousin is one of those who is rubbing her hands in glee with the thought of her expanding bank balance.....never has she given a penny to charity and brags about it. When I once asked her for a donation to the food bank she quoted Marie Antoinette....sad

I think this will bring out the best and worst in people.
 
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Cutting back due to inflation may only be for a small percentage of people. According to this article, there is no letting up with consumer spending:

https://www.marketplace.org/2022/05...g-up-a-storm-and-spending-down-their-savings/

Near me, there's a stretch call restaurant row. No one has told the diners that inflation is up. Whenever I pass, the parking lots are full. People haven't stopped eating out. Every morning on my way to the gym or park, I see a double line stretched for drive-thru at McDonalds. It must be cheaper to buy prepared breakfast than making it at home.

I saw pics and video clips of South Beach in Miami over the Memorial Day weekend. Vacationers certainly were spending on food, drinks and whatever else was for sale.
 
You beat me to the punch! I was going to ask how are our members fighting the effects of inflation. I guess I'm very blessed because I'm not feeling it. I have some anti-inflation "habits" which have been in place before inflation hit.
~I buy in bulk from Costco, Amazon and Dollar Tree. Costco rarely raises prices on the things I buy, in fact they lowered some prices a couple of times. And I did beat Dollar Tree"s 25 cent hike when I bought a case of disinfectant spray before the hike (online purchases require buying by the case and I use a lot of that spray).
~I've found several store brands I like and love. Kirkland (Costco), Great Value (Walmart), Wholesome Pantry, Bowl and Basket (Shoprite and Price Rite which also have brands under their stores' names). I save so much money over buying the name brands.
~I shop the sales at our local supermarket (which has good prices even without sales} and stock up from there too. Eg: Francesco Rinaldi pasta sauce has been 77 cents, 88 cents and $1 a jar over the past year.
~I don't eat meat except for a Jenny-O turkey burger once in awhile or I use one burger per (small) crock pot of chili.

~I don't drive so I'm not being hit by gas prices.
~For the most part I've cut back on my eating out a couple of years ago, but I splurged and treated my son, grandson and honorary daughter to lunch at a nice restaurant a few weeks ago and plan to do it again with my son, sister and nephew by this month's end.
~The only utility I pay is electric. To keep that reasonable (annual per month average is $71), I'll unplug certain appliances and device chargers or turn off their power strips. Those things use "phantom power" even when they are not on or being used. First year I started doing that I saved $200.
~Speaking of housing, our co-op just assessed $50 so I'm not expecting anymore hikes in our carrying charges (CCs). Also after my son's wife died and I asked him to move back here, he pays for half the CCs and utilities, which means our housing expenses are ridiculously low.
~I take full advantage of cash back rewards and bonuses using several cards. So far this year I've gotten back $729. If I wrote checks for the items paid for with my cards, I'd get nothing. I pay each card in full every month and do not pay interest. I'm certainly getting way more back than what savings accounts pay.
 
Leann said:
Right now, the best way I am coping with inflation is driving less. The price of a gallon of regular gasoline where I live will soon be $5.00.
Click to expand...
Where I live (California) regular is more than $5, and premium is over $6. Diesel is also through the roof, and with an eye to the future, gas stations are reportedly modifying their pumps to support prices over $10.
 
I am doing the same things I have done for 30 years, being mindful on what I buy. It makes it easy when you have never gone to Starbucks, can do your own manicure, color your own hair, not be worried about being a fashion plate, don't need a fancy car, know how to cook and on and on.

I have a good retirement that was built over a lifetime of being careful, saving and investing. I am not saying I don't indulge in a few things but it is a rare event and usually involves my son and his family. Once we are retired I think we all think of the long haul and not immediate gratification. With age, comes wisdom. One of the blessings of being older. We managed to get this far and are willing to do what we need to have a good life.
 
I have been driving more conservatively. I used to start out in Sport but now I start out in Drive. If I am on a long stretch of road, even if it is only 35 MPH, I use Cruise Control. I have added 2 MPG to my average daily MPG.

Instead of hiring our landscaper to replace our flowers each season, we did it ourselves last month. That saved us tons of money.

If we're not at home I will turn up the thermostat.

I have a monthly budget. I've found that I can still buy pre-prepared, fresh meals from places like Sprouts, Central Market and Whole Foods and stay within that budget. If I start to come close to the limit I will shop at Trader Joe's. I'm always amazed at how much food I can buy there for so little money. I won't economize on healthy meals.
 
So far I'm doing fine, but it's still unnerving to see inflation's relentless upward trajectory. Gasoline is over $6 a gallon and is forecast to go higher. Costs of utilities, food, services, and everything else is steadily on the rise.

Food price increases haven't hit us as hard as many others because DH & I eat zero meat and very little dairy, plus we rarely eat at restaurants or buy take-out. Also, Los Angeles is only about 130 miles to the Mexican border, and 250 miles to California's big agricultural area (the Central Valley), so produce from California, Mexico and South America have shorter trips (meaning less fuel dollars) than to other parts of the US or Canada.

My response to all of this:
To save gasoline, I combine as many errands as possible into single trips.
I make even more foods from scratch than before.
I stock up on sale items and am more vigilant about using up fresh foods before they start to spoil.
 
How America is coping with inflation:

people-living-on-street-in-los-angeles.jpg
 
It just shows that all people, all over the world are struggling. I hope eveyone that has the means will step up and donate to food banks, soup kitchens, allow so called expired food or ugly food from distributors be given to those in need. We may not be able to help them with utilities but we can help by making sure they are fed, those monies for food then can be used for other necessities.
 


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