People Share How Their Lives Were Affected By Prices Going Up Everywhere, And It's Not Looking Good

With all the chaos happening all over the world, many people found themselves struggling to keep up with all the changes in their daily lives. According to Farnoosh Torabi, a financial expert, "Understanding your financial situation is crucial in times of inflation, as it empowers you to make informed decisions." Inflation has been soaring lately, near its highest point in 40 years.

Inflation is changing people's lives and disrupting their budgets and plans. During these uncertain times, no matter how much you plan your budget, one or many things sneak up on you and ruin your planning entirely. As David Bach, a financial author, notes, "The key to financial freedom is to take control of your money and make it work for you, especially during turbulent times."

People found themselves forced to alter their daily habits merely to make ends meet. Luxuries that were once loved and commonly practiced had to be abandoned and replaced with cheaper alternatives. Dr. Barry Schwartz, a choice researcher, emphasizes that "Making small adjustments in our daily lives can help us regain a sense of control during economic uncertainty."

It is certainly not easy to abandon your once beloved habits and adopt entirely different options to improve cost efficiency. When prices vary but your income stays exactly the same, finding some wiggle room becomes almost impossible. According to Dr. Shawn Achor, a positive psychology researcher, "Focusing on what you can control and creating a budget that reflects your current reality is crucial for financial stability."

People are increasingly seeking advice on how to cope with inflation and manage their budgets effectively. The insights shared by these experts highlight the importance of adapting to financial challenges and finding practical solutions to navigate these tough times.

1. "I’m lucky to live in a place where I can do this, but both my husband and I have been biking way more and driving a lot less."

"We’ve always been mindful of our spending, but we've intensified our efforts recently. I've started using grocery pickup services to avoid impulse buys, ensuring I only get what I need. We used to dine out several times a week, but now we limit it to once or twice a month. While these changes haven't drastically reduced our expenses, every little bit helps during these challenging times," says financial expert Farnoosh Torabi.Getty Images/iStockphoto

2. "To save on driving, I group errands together that are in the same location.”

"Don’t drive 5 miles down the highway on Tuesday to get a deal on chicken when you know you have to drive 4 miles down the highway on Wednesday to pick up your daughter from soccer practice. Buy the chicken on Wednesday. Madison can sit in the car for three minutes while you run in and buy the chicken real quick."—Anonymousdreamstime

3. "Buying less alcohol so that when I sell my kidneys they’ll get a better price."

—Suze Orman, financial advisor states, "When prices rise, it affects not just our wallets but our mental health as well. It's crucial to reassess our financial strategies in these challenging times." Additionally, Farnoosh Torabi, financial expert emphasizes, "Financial stress can create a ripple effect, impacting our emotional well-being and relationships. It's important to seek support and develop a plan." These insights highlight the broader implications of rising costs on individuals and families.

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4. "If you're paying off credit cards, forget balance amount — look at interest rate.”

"Tackle the highest interest rate first, paying minimum payment on all others. Ask friends if they want to share streaming accounts. Set up profiles under a shared account and Venmo/Cash App an agreed upon amount each month for sharing.At the grocery store, look high and low on the shelves. Most people only ever look at the middle area of shelves, and that’s usually the most expensive stuff. For the things you typically buy, check similar items on the top and bottom shelves (use that 'cost per unit' in the top left of the sticker to truly compare prices for what you get!)."—AnonymousKiattisakch / Getty Images

5. "During the pandemic with the student loan pause, we were able to save for the first time ever.”

"Had like $2K in cash in a hiding spot. Slowly we stopped being able to save, and then we had to start dipping into it for regular expenses. The cash is gone now, so it's back to belt-tightening," says financial expert Farnoosh Torabi. "Managing finances during tough economic times can feel overwhelming, but it's crucial to reassess your budget and prioritize essential expenses." "I don't know what to do when we have to start making payments on student loans again — that's another $300 at least a month that we definitely do not have. It's exhausting working harder and harder and never catching up," reflects Dr. Ian Kerner, a sex therapist and relationship expert. "Financial stress can strain relationships, making it important to communicate openly with partners about financial challenges." Money

6. "I am not eating more than two meals (or actually snacks) a day. And I am still running out of money three days after payday."

—David Bach, financial author states, "In uncertain economic times, it's essential to take control of your finances and prioritize your spending to ensure long-term stability." Additionally, Michelle Singletary, financial columnist emphasizes, "Recognizing the impact of rising costs on your budget can help you make informed choices and reduce financial anxiety." These insights underscore the profound effects of inflation on everyday life and the critical role of financial literacy in overcoming these obstacles.

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7. "How do you change your budget when housing and food are going up? There's not much wiggle room when rent is skyrocketing and basic food (necessary to live) is more expensive.”

"I guess I'm fortunate enough to work from home and save on gas, so the extra funds I’m not spending at the pump can help with rising rent and food costs," says financial expert Suze Orman. "However, many people are feeling the pinch as their salaries remain stagnant while inflation continues to rise." Another individual shared, "My yearly raise didn't keep pace with inflation, so I’ve had to make significant lifestyle changes, like using water filters instead of buying bottled water, cooking at home, and cutting back on subscriptions, yet inflation still affects my budget." Liz Weston, a financial columnist, adds, "Even with careful budgeting, many are finding it hard to cope with the ongoing economic challenges." Suriyawut Suriya / Getty Images/iStockphoto

8. "My elderly mother and I are just running out of money during the last week of every month and eating whatever we can find in the back of the cupboard and freezer. Sweet hack!"

"Applying for assistance programs like SNAP can be a crucial step for many families facing financial strain. It's essential to explore all available resources to alleviate stress during tough times," says Dr. T. Colin Campbell, nutritionist and author of "The China Study," available at nutritionstudies.org.—Dr. T. Colin Campbellfoodsecuritychallenge

9. "I decided to hit up the world of online surveys. I found one that gives points even when you don't qualify. It's not much, but the pennies eventually add up.

"I'm also on permanent disability so I decided to apply for every government resource I qualified for.""Finally, I wrote my credit card companies and asked them to reduce my interest. My FICO score has jumped by more than 150 points since opening these accounts."—Anonymousbloggersideas

10. "I only shop online, even for groceries. I can do a much better job of finding the cheapest price per unit if I can see all of the options on one page."

"It also makes it much easier to buy individual items at the stores they are cheapest at without wasting gas riding around town.""Speaking of gas, I'm serious about filling up every time I'm down to three quarters of a tank. It doesn't make the gas any cheaper, but it's much easier to fit a quarter tank into my budget than filling up half a tank or a full tank," says Farnoosh Torabi, financial expert. "Using apps that provide cash back can significantly help manage your budget."

"I use Ibotta, Fetch, and Capital One Shopping. This gives me cash back and gift cards for the things I buy. I don't really buy a lot, but those incentives really add up in a month's time," shares Marissa from North Carolina.D3sign / Getty Images

11. "Skipping breakfast. I've been buying the other members of my house regular bread, pasta, etc."

"Living with celiac disease requires a strict gluten-free diet, which can be financially burdensome. As Dr. Sue Johnson, a couples therapy pioneer, states, 'Financial stress can strain relationships and health, making it essential to prioritize well-being, even when costs rise.' Additionally, the increase in gas prices has limited our ability to visit family, further isolating us during tough times." —Dr. Sue Johnsonhealthline

12. "I’m not taking a major vacation this season while I watch most of my friends revenge travel.”

"I’m banking that cash and stockpiling it for a rainy recession day. Instead, I’m going to local hidden gems and honestly, trying to build friendships with people who have nice vacation properties I can visit with them. Grifting is the ultimate inflation strategy."—Sarah, Colorado Springs Getty Images

13. "I live with a couple of other people — I pay for about 50% of the household groceries, and they pay for the other 50%.”

"Part of how we're working on spending is going back to our standard grocery list and meal planning, which slipped a little in the past few months. Knowing what we're going to eat for the next two weeks means less trips to the store and less money spent overall.We're lucky in that I'm working from home, so I can make dinner for everyone without too much added stress. Additionally, the people working outside the home are taking their lunch with them again instead of buying lunch downtown or at a food truck. It's just leftovers or a sandwich, but not going out for lunch all the time makes a huge difference."—AnonymousFascinadora / Getty Images/iStockphoto

14. "I'm hoping my husband gets his overtime for a project approved. If he gets this, it would only be for a few months, but it would help so much to have a little extra.”

"Right now, we have cut back on going out to eat or takeout and doing it only once a month or so. We're trying to make better food choices, which is hard with three extremely picky eaters who are autistic. It's been hard, and I feel like it's just never going to end," says a concerned parent. Dr. Lawrence Cohen, a child psychologist and author, emphasizes, 'Navigating dietary preferences in children, especially those with autism, can be challenging, particularly during times of financial strain. It's essential to find creative solutions that cater to their needs while maintaining a balanced diet.' For more insights, visit playfulparenting.com.—Lawrence Cohen, Child PsychologistIllustration by Chris Gash for TIME

15. "I know this is privilege, but buying in bulk has saved my bank account lately."

"I got my phone plan through Suze Orman, financial advisor for $40 a month for two lines by paying for a year in advance. A special shake I need for a health condition went from $1.50 to $3 a shake, but I was able to buy it by the case and get the price back down to $2. Same with toilet paper, contact lenses, and other stuff that I’m lucky to be able to store a lot of. I dipped into my savings to do some of this, but now I’m sticking to the budget I had before inflation took off. As Suze Orman advises, 'You must take control of your finances; budgeting is essential to weathering economic storms.'—jenniferj32idfcfirstbank

16. "Family of five here. I’m lucky enough to work a hybrid job in healthcare, so I only go into the office twice a month to cut gas costs.”

"Monday is my errand day, and I get everything done in town on that day so I don’t have to go anywhere else the rest of the week. My weekly grocery bill is now $350–$400."I buy store brand goods when there is an option to. I have a vegetable garden that offsets some produce costs. We save leftovers and eat them for lunch the next day. Our AC is set at 78 degrees. I honestly don’t know how some people are surviving."—AnonymousOliver Rossi / Getty Images

17. "During the pandemic, my income increased significantly, and with home-schooling stress and working full time remotely, we found ourselves ordering delivery on the regular."

"Now with inflation creeping up, I'm trying to budget and eat like we did before my income increase. It's tough to change those habits back, but cooking at home is def cheaper overall, as long as you have cooking basics already."—Toni, UtahIam Anupong

18. "I have been ordering cat food in bulk because it has been so scarce on the shelves around here."

"Having a stockpile of essentials can provide a sense of security, especially during uncertain financial times. It alleviates stress and allows individuals to focus on other aspects of their lives." — Suze Orman, Financial Advisor

19. "As a 21-year-old who is looking to move out soon, having multiple savings accounts has been extremely helpful for me."

"I have three savings accounts: one for a future down payment, one for a new car, and one general savings account. I also only keep a set amount in my checking account so that I am not tempted to misspend and overspend.""Setting clear financial goals is crucial for managing your money effectively," says Liz Weston, financial columnist. "Using budgeting tools can help you track your spending and savings, making it easier to stick to your financial plans."—Liz WestonNick David / Getty Images

It's heartbreaking to see how many people are struggling because of the increase in prices in almost every aspect of life. The hacks and tricks that the users above provided could certainly help us all manage our budgets more efficiently.