Inflation Taking Toll on Family Budgets

DETROIT LAKES (KDLM/MNN) – With the inflation rate at 8.6%, the highest since 1981, financial councilors have seen more families worried about their household budgets.

Emily Bezdicek, a HUD-certified financial and housing counselor with Catholic Charities says the best thing to do now is to compare how much your family is spending now compared to last year, “Pull those credit card statements pull those bank statements see how much you actually spent on things and see what that difference is – everyone’s going to feel this inflation a little bit differently.”

Food prices are up more than 10% from last year, energy is up 30% and used vehicles are up over 15%. Bezdicek suggests the best way to combat inflation is a complete understanding of the family budget, and how it compares to spending.