“The bottom line is that you either need to make more or spend less,” said BECU lead financial educator Stacey Black. Unemployment rates have fallen sharply, down to 3.6% as of February 2023, but millions of people are still catching up, which can make budgeting for higher prices of basic needs more challenging. Nationally, unemployment hit a high of 14.7%, affecting 23 million people in April 2020, according to the U.S. Making big adjustments can be difficult, though, especially if you don’t have much room in your budget. You need to make bigger adjustments to make sure your budget continues to work for you as you face these unexpected increases in prices. It’s always a good idea to revisit your budget often to make sure your spending and savings stay on track as your goals and expenses change over time.ĭuring periods of inflation, prices of just about everything, including housing, food and energy, go up, even if your daily habits don’t change at all. Īdapt your budget in response to higher prices by following these 11 tips from BECU’s lead financial educator.Įven in stable economic times, budgeting isn’t a set-it-and-forget it sort of thing. This entry was posted in Whole U Program Information.
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