Inflation has increased 8.6% since May 2021, according to data released this month from the U.S. Bureau of Labor Statistics. An average family of four is spending about $700 more per month on the same things they purchased a year ago.
Ideas, Tips, and Resources to Help Utah Handle Inflation and the Rising Cost of Everyday Expenses
Inflation is up 10.4% in Utah since May 2021— the biggest increase in 40 years! This translates to a need for $700 to $800 more per month for a family of four at a time when half the population is unable to cover a $400 emergency expense without borrowing money.
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Cutting Expenses and Budgeting for Inflation
During times of high inflation, it is imperative to cut back on expenses and strengthen your budget.
Cutting Expenses Guidebook (Free Download)
More than 90 tested and approved ideas are included to help you make small (or big) adjustments in your spending, freeing funds to put toward your goals! This guidebook provides tips in the following areas:
- Boosting Savings
- Clothing Expenses
- Entertainment Expenses
- Grocery Expenses
- Medical Expenses
- Transportation Expenses
- Utility Expenses
- Home Expenses
- Holiday Expenses
- Miscellaneous Expenses
Budgeting for Emergencies
Encountering financial challenges has become common for many, and being financially prepared is essential, especially during times of inflation.
To help with emergency preparedness and budgeting for emergencies, download our emergency prep bookmarks.
Utah Inflation Resources
See our below resources to help Utahns find ways to manage the rising cost of living.
PowerPay (Free Debt Reduction Tool)
PowerPay gives you the tools to develop a personalized, self-directed debt elimination plan. Discover how quickly you can become debt free by allocating funds to help with inflation and other financial goals.
Money Master Online Course
Learn real-life money smarts regarding your personal financial vision, money personality, tracking expenses, budgeting, managing debt, understanding credit, and saving money. Register for the course free of charge for a limited time using promo code "FWFREETANF."
Create Better Health
Create Better Health helps Utahns live healthier lives on a limited income. Visit the website to learn about menu planning, eating healthy on a budget, basic cooking skills, increasing physical activity, plus delicious, low-cost recipes.
Our free toolkit will help guide you through the estate-planning process to help keep your assets safe.
Looking for economical ways to play together as a family this summer? These Hidden Gem guides provide fun and inexpensive family activity ideas that can be downloaded free of charge.
Five solutions to combat panic at the grocery store.
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Parents need to be proactive in teaching their children about money, or the world of marketing and advertising will teach them—incorrectly!
Three steps to create positive conversations about money.
Our Team Members
Here to help Utahns learn to adapt and thrive, even during times of high inflation.
Frequently Asked Finance Questions
Here are answers to your most commonly asked finance questions.