Has anyone else been surprised by their unusually low bank account lately? Have you run out of money faster than ever over the last few months, even though your spending habits haven’t changed? Chalk your dwindling funds up to inflation (aka a general increase in the prices of goods and services, so your dollar doesn’t go as far), which has been soaring since the pandemic threw about a million wrenches into the economy and our day-to-day lives.
Eighty percent of respondents to a December 2021 survey by Credit Karma said their grocery bill had gotten more expensive due to rising inflation, and 30 percent of that group said they’re no longer able to afford the items they need. A May 2022 survey from Credit Karma shows that the trend has continued: One-third of Americans say they’re spending more today than pre-pandemic, and of that group, 75 percent of them are overspending in order to buy groceries.