Inflation could cost your family an extra $11,500 this year

Prices are up 8.5% year over year
Published: Sep. 20, 2022 at 9:50 AM HST
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InvestigateTV - New estimates from NerdWallet project that, due to inflation, the average household would have to spend an extra $11,500 this year in order to maintain the same standard of living as previous years.

Elizabeth Renter from NerdWallet explained that groceries would cost around $100 more per month and utilities an extra $70 monthly.

Renter offered a few tips for holding down increased costs:

Make simple changes to reduce spending: something as simple as switching to generic products could make a big difference.

Prepare for higher interest rates: put off big purchases if possible until interest rates come back down.

Continue to put money away in an emergency fund: those extra dollars may come in handy if inflation persists.

If you can’t put more money into emergency savings and these rising prices are putting you over the edge, one option for assistance is visiting 211.org or call 211 to get in touch with community resources in your area