BBB of Washington gives budget tips amid inflation

With gas and food prices remaining high, the Better Bureau of Washington has released a list of budgetary recommendations to help people fight inflation.

SEATTLE – The next inflation update is scheduled for the morning of September 13th. It will contain the inflation rate for the 12 months ended August 2022.

According to US Department of Labor data released Aug. 10, the annual inflation rate for the United States for the 12 months ended July 2022 is 8.5%, having previously risen by 9.1%, the highest since 1981.

As the cost of essentials like groceries and gas have risen due to inflation, the Better Business Bureau of Washington (BBB) ​​said it’s prompting families to decide what expenses they can cover.

With back to school season rapidly approaching, the BBB is advising families to reconsider their budgets and make sure they’re doing what they can to pay for essentials while inflation remains high.

“People at home should step back and look at their bank and credit card statements for 2021. compare that to the first half of 2022,” said Logan Hickle, BBB of Washington’s public relations and communications manager. “What trends are you seeing and how can you make some small adjustments to bring this back under control?”

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Other tips to consider during this time is whether you should make a major purchase like buying a car.

“There’s a caveat though, if you leased that car many years ago, you got that contract, which most likely means a lower price many years ago and may actually be worth more,” Hickle said. “You might want to look into that and see if you should buy this car.”

Consumers have noticed higher prices for meat and fish in grocery stores, sparking another temporary step families can take.

“Now might be the time to cut down on meat and try a slightly heavier vegetarian diet,” Hickle said.

Other Budget Recommendations from the BBB of Washington:

  • Calculate your income
  • Track your expenses
  • Categorize your expenses
  • Set a budget
  • Choose a budgeting system
  • pay off debts
  • Pay bills on time
  • Contribute to your pension
  • Save for the big things
  • Build an emergency fund

Click here for a complete list of BBB of Washington tips and tools, as well as links to budget and debt resources. BBB of Washington gives budget tips amid inflation

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