Things that used to seem affordable have suddenly become unattainable or shocking as the cashier rings them up.
If all this talk of inflation is confusing and overwhelming, you are far from alone.
So, what exactly is inflation?
Verywell / Laura Porter
The International Monetary Fund defines inflation as the rate of increase in prices over a given period of time.
Inflation can be considered a broad determination of many goods and services or only specific ones at a time.
In June, United States inflation reached a four-decade high at 9.1%, reports theBureau of Labor Statistics.
Food, gasoline, and shelter inflation rates were most pronounced.
So, why is inflation occurring at such a rapid speed right now?
It decreases the power of the money you have, which can increase stress around finances.
Poverty itself can be traumatic.
Nassour adds that this stress around expenses couples with the mysterious nature many people feel around inflation.
With that said, some tips may help limit inflations negative impact on you.
Budgeting
The first and likely most obvious tip is to create a budget.
Peters recommends adjusting your budget every quarter due to the high inflation.
In addition to the explicit reason to create a budgetsaving moneyit can significantly help your mental health.
Marie-Helene Pelletier, PhD, MBA, an award-winning work psychologist and expert in resilience and workplace mental health.
you gotta let your employer know that you are in need of a raise.
Ask politely with precise data to back up the request.
International Monetary Fund.Inflation: Prices on the rise.
