Document Type

Other

Publication Date

6-1-2009

Keywords

price increase, budgeting, financial practices

Extension Number

ExEx 14113

Department

Consumer Sciences

Description

An increase in the price of goods and services can be traumatic. When you have to pay more for things like gasoline, food, and health care, other difficulties may arise, especially if you are retired and/or are living on a fixed income. It can be alarming to realize that, even in covering just the basics, your income does not go as far as it used to. Overall price increases are often due to an increase in the price of one essential product. An increase in the price of that essential product may trigger an increase in the price of other products and services. For example, an increase in the price of a barrel of oil may result in an increase in the price of gas at the pump, which, in turn, may help to increase both transportation and heating and cooling costs. As price increases continue, it doesn’t take long until you personally feel the effects, perhaps even to the extent that you have little or no discretionary funds and/or you strain to pay all your bills.

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