Monday, 4 March 2019
It's not your imagination: prices have been going up. Think of it as the downside of an up economy.
The strength of the economy, a tight labor market, and the impact of trade conflicts has prompted many large U.S. companies to start increasing prices.
Proctor and Gamble, the largest consumer products company in the country, has raised the price of Pampers diapers by four percent and bumped up the cost of Bounty, Charmin and Puffs brands by five percent. Hersey Co., Coca-Cola, and Kellogg Co. are following suit and hiking prices on many popular products.
Stagnant for years, wages have started to creep up. However, the rising cost of basics like food, housing, and transportation are negating those wage increases, leaving many Americans with a higher cost of living, but without a paycheck big enough to cover it.
If you're one of the millions of Americans feeling this financial squeeze, there are strategies to help you combat rising prices. Hopefully, these tips can help you get back in the black so you can avoid dipping into your savings or going into debt.
The cost of housing — owning and renting — has gone up steadily over the past few years, driven primarily by a shortage of affordable housing. And with the increase in housing costs consistently outpacing wage growth, paying for housing will remain a challenge for many Americans. How can you afford to purchase or rent a home, or reduce the cost of your current living situation? Here are a few ideas:
When the economy is strong, labor and material costs go up, and companies have to pay more to manufacture their products. In most cases, these costs are passed along to the consumer. Like Crest toothpaste? The price of a tube could be going up between five and 10 percent this year. But you still need toothpaste. So, what do you do?
Housing costs typically take up the biggest chunk of American's monthly budgets. But, many personal financial experts list transportation as the second largest monthly expenditure. This amount includes the cost of your vehicle as well as insurance, fuel and maintenance. Here are some suggestions for trimming your monthly transportation costs:
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