Everything seems to go up in cost each year (gas, food, utilities). Is there a number or percent a family can use to prepare for the next year’s increased costs?
It’s difficult to estimate the cost of anything a year out because there are so many variables that can affect costs. However, developing an emergency fund would be step one in your preparations. Step two would be to set aside funds for upcoming purchases like vacations, Christmas gifts, college educations, new vehicles, etc. Yes, it will take a while to save for these funds, but once you do inflation won’t affect you like it would if you were trying to finance all those things with additional debt.
Related Questions
- Everything seems to go up in cost each year (gas, food, utilities). Is there a number or percent a family can use to prepare for the next year’s increased costs?
- How much does the federal gas tax cost the average U.S. driver/family each year?
- How much do state gas taxes cost the average U.S. driver/family each year?
