Well, I hate to be the one to tell you this, but prices are going up everywhere. Due to inflation, you may have already had to pay nearly $5.00/gallon at the gas pump, but that is just the beginning.
The USDA announced in their June 2022 Food Price Outlook that our food prices will continue to increase in 2022. Food price increases are expected to be above the increased observed in both 2020 and 2021. In 2022, grocery prices are predicted to increase between 8.5 and 9.5 percent, and expected to exceed historical averages and the inflation rate in 2021. You have no doubt noticed the increase to your grocery bill over the last couple of months.
Instead of giving up on your budget when the numbers don’t work out, just make a few adjustments. Your budget should actually be changing pretty regularly when expenses are added or taken away every now and then.
If you have adjusted the numbers to accommodate for increasing gas and food prices and you’re still having trouble staying within your budget, it could be time to try Dave Ramsey’s envelope system.
Whichever system you use, just be sure it’s one that works best for you.
If you still haven’t jumped on the budgeting bandwagon, maybe an increase in prices will make you want to at least try it. Check out last week’s article for some helpful budgeting tips.