How To Survive Inflation 2022

Inflation is defined as the rate of increase in prices over a given period of time Inflation is typically a broad measure, such as the overall increase in prices or the cost of living in a country The impact of inflation in 2022 has had frightening consequences for many Americans. The heat-or-eat situation, which forces hard choices, has significantly increased food and shelter instability for seniors and others on a fixed income. Ruthless landlords have seized the opportunity to raise rents by more than 33%, creating new homeless situations daily.

the price of staples has risen substantially. All of this couldn't have come at a worse time, with holidays coming and the restart of your insurance deductibles. The question becomes one of day-to-day survival. How do you maintain your status quo in an economy that's working against you?

By: Marsha Walker Eastwood, BsEd, MSHSVC

On November 4, 2022, a CNBC news anchor stated, “The only people I ever hear use the word 'inflation' are journalists and economists,” She responded, before launching into her diatribe about Americans not being prone to caring about inflation. Like so many media types, she is among the willfully ignorant. The term inflation has been used by the government and consumers for over eight decades.

In his fireside chat on September 7, 1942, President Franklin Roosevelt discussed inflation and its impact on the American public. He simplified the definition this way by “pointing out the overwhelming urgency of the serious domestic economic crisis with which we are threatened. Some call it "inflation," which is a vague sort of term, and others call it a "rise in the cost of living," which is much more easily understood by most families. That phrase, "the cost of living," means essentially what a dollar can buy”

Fast forward to the Great Inflation of the '70s which actually began in 1972 and lasted well into the early 80s. The price controls of the Nixon presidency drove inflation to double digits. In 1974 President Ford's Whip Inflation Now was a weak attempt to turn the economy around. So here we are in 2022, and inflation is once again breaking the banks and backs of the American public.

A good way to look at and understand inflation is to think of it as the unwelcome relative who comes for an openended visit and wreaks havoc in your life. You know the person who comes for a family event such as a funeral and you casually mention that they should stop by the next time they are in town. A few months later, they are back, bag and empty baggage that they intend to fill at your expense. Suddenly you are faced with rising food and utility bills, and gasoline bills for added transportation runs, all the while your disposable income has remained the same. You are getting a lot less for your buck because

Economists and financial education specialists advise that when inflation is high like now, you often get hit with higher prices everywhere from the grocery store to the gas pump. So, keep tabs on your budget and follow a spending plan to keep track of your funds every month. If you're spending money in places that are enjoyable, such as movies and entertainment venues that are not essential, taking a break or pausing this type of expense can lead to savings in unexpected places.

When you are giving your budget a do-over, do a complete inventory and make a list of must-haves, could use and can do without. Check out your spice rack. Nothing can cut into a budget like expensive spices for “future use.” If you need spices, compare prices at discount stores.

Next are the pantry and cupboards. Take stock of every canned good, pasta, spices, cereal, and of course, flour, sugar, rice, and cornmeal. From cornbread to polenta to cookies, cornmeal has proven to be a worthy staple. When it comes to canned goods, if you have 12 cans of green peas that have been taking up shelf space for several months, donate them to a food bank and replace them with vegetables you will eat. Compare the price between canned and frozen. You might be surprised at the savings, and you can get a greater variety, such as broccoli, cauliflower, edamame, and Brussel sprouts. Frozen veggies also have little to no salt. Rediscover tuna! A tuna salad sandwich is healthier than a processed meat sandwich.

If your family members are meat eaters, consider membership at Sam's Club Depending on the size of your family, one of their rotisserie chickens can make several meals. That is $5.00 well spent. Whole pork loin prices have been stable at $1.98 for two years. From chops to stir-fry to empanadas, one will go a long way and increase your purchasing power. If you are a chicken lover, bone-in thighs are more flavorful than boneless. Broiled, and served with a side salad, makes a healthy lunch or dinner. Pancakes and waffles are great for breakfast and dinner. Once again, depending on family size, one ten-pound bag of pancake mix costs around $7 and will make 200+ pancakes or waffles. With a little time and skill, you can also use the mix to make biscuits which can serve as the base for creamed chicken and vegetables. The best part is the batter is made with water instead of expensive milk. With a few exceptions, store brands are good buys, but like everything else, don't buy more than you can use in a couple of months.