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inflation newspaper

During Dave Ramsey’s Livestream event, on 1/13/2022, he and fellow Ramsey personalities Rachel Cruze and George Kamel briefly discussed the current inflation situation. Dave discussed his personal experience with inflation during the Jimmy Carter presidency where inflation was running 10-12%, compared to inflation for 2021 of 7%. Dave discussed reasons for current inflation related to policy changes regarding the oil industry, the increase in gas prices, along with significant supply chain issues caused by the lockdown order enacted due to Covid 19. Dave provided some positive notes regarding lumber prices coming down, and with factories catching up on production and inventory to aid in stabilizing price volatility.

With a steady stream of news reports and conversations relating to INFLATION, the important question becomes… “How does one prepare for inflation?” The answer is simple and quite complicated at the same time and can be summed up in one word: INTENTIONALITY. This is where the budget plays a critical role to a person’s day-to-day operations, keeping them mindful of the funds coming in and going out. According to an article written by CNBC: three of the biggest line items in the budget are dedicated to Housing (rent and utilities) approximately 35% of average budget; Transportation (including gas, maintenance and payments) about 16%; Food (groceries and restaurants) about 12%. This list does not include Dave’s recommendation of 15% going to retirement. CNBC also went on to report that the cost of groceries has risen 6.4% with meat, poultry, fish, eggs and beef increasing by double digits.

Ideas to help with reducing costs:

1. Budget

Dave Ramsey continues to stress budgeting. It is vital to know where your money is going and Ramsey Solutions has provided the free Everydollar app to track expenses and help you keep on track with your money goals. They also offer Everydollar+, that will sync to your bank account.

2. Create a meal plan

This is quite simply a budget for the food you buy. Make a plan of what you need at the store to make meals at home. Make enough for leftovers. Plan what you will have for snacks in between meals. Have a plan when you go to the store and stick to it. Try using your store’s click list then picking up the groceries. Not only does this simple step save you the time from going into the store, it also prevents you from looking at unwanted items, or, seeing that snack you can’t live without.

3. Entertainment

This is a sore subject for many people. People feel they work hard and therefore they “DESERVE” to treat themselves and go out and let loose. I am not here to disagree, but, we can’t have our cake and eat it too. Remember this is about intentionality, making short term sacrifices for long term gains. Dave Ramsey consistently refers to the definition of maturity as: “the ability to delay pleasure” or “children do what feels good and adults devise a plan and stick to it.” Cut cable temporarily, the cheapest Dish Network package is $69.99 a month ($839.88 a year). Go to a State Park, or find free entertainment alternatives.

4. Coffee

Make your coffee at home. Your daily coffee runs are likely more expensive than you think. If you were to spend $1.50 for a Tall black coffee (which is cheaper than most places) you spend $10.50 a week or approximately $546 a year.

5. Insurance

This is a very simple way to save hundreds of dollars a year. Look into an independent insurance company. Here at Whitaker Myers Wealth Managers, we have independent insurance advisors, whose job is to shop multiple insurance companies and find you the best available deal. They can also assist in bundling insurances which can also save you money.

6. Cash

According to a study completed by Carnegie Mellon University, Stanford and MIT, when people spend cash to buy goods, it activates pain receptors in the brain, which can lead to a reduction in spending. However, the same pain centers are not activated when using a credit card. This can lead to increased overspending when using items such as credit cards. The easier it is for a consumer to buy, the more they are willing to spend.

Are you ready to discuss your budget? Coming soon, Whitaker-Myers Wealth Managers will have dedicated, in-house Financial Coaches, to help you ensure your budget is ready to deal with anything inflation has to throw its way. Contact your Financial Advisor today, to learn more.

Referenced articles:

Iacurci, G. (2021, December 11). Inflation is hitting the 3 big areas of household budgets. CNBC. Retrieved January 18, 2022, from

(CMU), C. M. U. (n.d.). Spend 'til it hurts. CMU. Retrieved January 20, 2022, from


January 23, 2022

Logan Doup

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