The consumer price index, a measurement of everyday goods and services related to the cost of living, skyrocketed to a new multi-decade high of 9.1% in the year up to June, according to fresh data published by the U.S. Bureau of Labor Statistics.
This translates to spending more on everything from gasoline and groceries to rent and clothing.
As such, many are looking for ways to stretch their dollar further, says Danetha Doe, an economist, Webby Award-winning TV host and author of the Money & Mimosas personal finance site. “The current high inflation rates combined with the long-standing stagnant wages are driving folks to figure out ways to make their money last longer.”
“My biggest tip is to electronically track your spending on a weekly basis,” Doe continues, in an interview with USA TODAY.
“I call this a ‘money date,’” she says, “and I recommend using any personal finance app to stay on top of your week’s transactions [as] most folks are not aware of how much money they spend on a weekly basis.”
Americans aren’t just spending more on fuel, food and apparel, but services, too, such as electricity costs at home, video streaming platforms and healthcare costs, including rising dental services.
(No wonder Google says there’s been a spike for searched words like “cheap” and affordable” over the past few months.)
June CPI inflation report: Largest price increases include gas, butter and flour
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Considering 85% of…
