As you and your family are faced with the high cost of inflation, you’ll need to develop a plan to help you meet your expenses. It’s important to look realistically at the situation and actively seek solutions to the new cost of customary expenses.
Update, or create for the first time, a budget (AKA a spending plan). It should reflect a best estimate of anticipated changes in your income and expenses for the next few months as a result of inflation.
Start by listing what money is available. Do you have cash on hand? Unemployment income? Food stamps? Money from side jobs? What is the total amount of money that will be available to use for expenses?
Next, list all of your expenses and when they are due. Prioritize your expenses. What needs to be purchased and what are things that are able to be delayed if necessary?