Inflation is the decrease in the value of the currency. This happens when there’s an influx of physical currency floating in the economy, and the price of wages, goods, and services increases.
As a result, a surge in demand for products and services can cause consumers to pay more for the products. Inflation happens over time and can impact our cost of living.
“A lot of individuals in the community they are seeing an increase in the grocery bills, their gas bills, rent, but their not seeing an increase in their income. so, it’s like their income isn’t going up as fast as the price of goods and services,” said Monee Cheney, a financial coach.
Cheney says planning ahead can help your family in the long run.
Here are financial tips for families…
- Create a budget
- Cut back on unnecessary expenses
- Once basic needs are met – pay yourself – meaning put money in savings before you spend extra money
An organization called “Family Houston” offers free services for families who can’t meet their basic needs. They also offer financial coaching services. For more information visit their website.