PHOENIX — Whether it's rent, gas, or groceries, prices are up in just about every economic sector, and people are starting to feel the pinch as we head into the holiday season. Even while you cut spending Carlson says it's still important to save. Put a little away each month for emergencies, and take advantage of employee matching 401k.
Surprise Safeway shopper, Debra Menegos, says prices are "Skyrocketing! On everything, especially the fresh food. And unfortunately a lot of times it's not good when you get it," she said.
Justin "Judd" Carlson is Co-Founder of Asset Preservation Tax and Retirement Service in Surprise. He says we're in unique financial times.
“Costs were pushed down during COVID and now demand has come back, but the supply is just not there,” he said.
Carlson says inflation is at 11.9% year over year, the highest level we've seen since 1990. But there are steps you can take to get through it.
“The number one thing you can do is to sit down and actually look at what you're spending,” he said.
From there, he says, you can start "trimming the fat," and eliminating expenses you don't really need.
“If you're paying for 500 channels on cable, and you're not watching it or watching 10 channels then that might be something where you could go and reduce your subscription or get rid of it,” he said.
Next, he says set a budget and stick to it. And if you're not good with money, don't be afraid to get help.
"Most of the professionals will give you some tools so that you can do a budget and look at what you're spending. There are apps like "Mint" that are out there that do a great job of helping people track," he said.
Carlson says that will empower people with the financial tools to ease their frustrations and give them peace of mind.
“Have a strict budget, and do the best you can," Menegos said. "That's why you make big casseroles and things like that. Lasagna is not a bad thing!” she said with a laugh.
