KNOXVILLE, Tenn. (WATE)- Inflation numbers are the highest they’ve been in 40 years, forcing many to reevaluate spending priorities and cut costs wherever possible.
Today, the U.S. Department of Labor announced that the consumer price index – its measure of the prices consumers are paying – has gone up by 9-point-1 percent from last June to this June.
We are seeing it everywhere: at the gas pump, at restaurants, at the grocery store, and even in our rent, prices are going up, but there are a few things you can do to save money.
Josh Klinger is a Wealth Advisor at TVAMP.
“Everybody seems to feel the pain whether you’re buying groceries or getting gas. It’s definitely hurting your wallet more than it has in the past,” Klinger said.
One helpful tip that can save you a lot of money is just monitoring where your cash is going and making adjustments as needed.
“It’s just making sure that you know where you’re spending your money,” Klinger said. “I would encourage everybody that if you they have it now, go ahead and start a budget and a month from now, look at where you spend all your money.”
Some experts say areas in the south are seeing higher inflation numbers than other parts of the country.
Chris Motola is a Special Projects Data Editor at Merchant Maverick.
“Another big factor is energy,” Motola said. “That’s a problem everywhere, but in the South in particular it seems to be hitting a little harder.”
“For Knoxville in particular your rents have gone through the roof,” he said.
Although there’s little you can do about cutting down on your mortgage or rent, there are other ways you can save, especially when it comes to eating out versus buying groceries.
“For example, meat, fish, poultry, and eggs are actually slightly cheaper than they were last month,” he said.
“Eating at home versus going out maybe one less time a week or looking at the subscription services that you pay for,” Klinger said.
You can also save on your power bill by turning your air to a higher temperature.
“This time of year, the AC is on, but as much as you can tolerate those little things,” Motola said.
Experts say saving where you can may help in the long run, because it may continue to get worse before it gets better.
“This too shall pass. I think that the market, and inflation, are not things that we’ve ever seen before,” Klinger said. “We’ve had inflationary concerns in the past and we will probably have them again in the future.”