Determine Your , Personal Inflation Rate, to Help Navigate Rising Prices.
NBC reports that the , Consumer Price Index , fell for the first time in eight months in April.
The Consumer Price Index takes
into account the price of food, airline tickets,
rent and hundreds of other goods and services. .
NBC points out that it is also a broad measure and
may not reflect an individual's experience of widespread
inflation which remains near a 40-year high. .
NBC points out that it is also a broad measure and
may not reflect an individual's experience of widespread
inflation which remains near a 40-year high. .
Figuring out your personal inflation rate
can help you get control of your budget
and navigate rapidly rising prices.
Step 1: , Pick a month. , Find your expenses for that
month from 2022 and 2021. .
Step 1: , Pick a month. , Find your expenses for that
month from 2022 and 2021. .
Step 2: , Determine your biggest expenses.
This includes food, housing, entertainment,
transportation, clothing, education and more. .
Step 2: , Determine your biggest expenses.
This includes food, housing, entertainment,
transportation, clothing, education and more. .
Don't forget to include bills that you pay quarterly
or annually. Take the time to figure out how much
each of those bills would cost each month. .
Don't forget to include bills that you pay quarterly
or annually. Take the time to figure out how much
each of those bills would cost each month. .
Step 3: , Total your monthly expenses and determine
the difference between 2022 and 2021. .
Step 4: , Divide by the total amount
of your expenses from 2021. .
This can help you figure out just how much of an impact rising prices are having on your budget. .
Determining how your expenses have changed offers a starting point for bringing your costs down and regaining control of your finances