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My biggest ways of coping are that I am taking no vacations and not eating out much at all. Those are on hold until we get through inflation to the other side, and I see how much my fixed-income buying power has been reduced.
I love road trips but gas in Tennessee is pushing $5 per gallon, and I am just not going to go gallavanting around the south at that price. Won't do it. I used to laugh at high California gas prices. I am not laughing anymore, even though California is pushing $7.
I am hardly eating out at all anymore. I am kind of on the "Inflation Diet". Just eating less these days. I am often down to 1 meal a day. I can afford more, I am just conscious of the cost and figure why not cut back while everything so blasted expensive.
I am not trying to imply I restrict myself to 1 meal a day. I often eat twice a day, just saying that now meals are a consious decision rather than a "eat constantly" practice.
I have not downgraded my eating out. I am not going to "cheap" restaurants as replacement for pricier fare. I am going wherever I want to eat whenever I want to, but the overall expense is such that I just don't want to pay to eat out these days with everything else costing so much, so I just don't eat out nearly as often. I have probably cut back by 2/3rds. So I used to eat out maybe 6-7 times a month, and now I am down to about 2. I used to eat out almost every week, and now I go a couple of weeks without going to a restaurant. They are losing my business due to inflation.
Last edited by Igor Blevin; 06-08-2022 at 09:09 AM..
I get tired of this whole "retirees on a fixed income" stuff. Over time frames of a year or less, nearly EVERYONE is on a fixed income. (And often working people go quite a bit longer than that before receiving a raise or a bonus. To get a real income boost often requires working a second job or quitting their current job and accepting a higher-paid one; both come with significant costs).
Inflation doesn't uniquely affect retirees. It hits everyone hard.
"Over time frames of a year or less..."
Ridiculous time horizon.
No duh, everybody is hit hard for a year. 10 years on in an inflationary bear market, the retiree's 401k is way down. Meanwhile, pay has DOUBLED for that worker who was hit hard that first and second year before the raises started coming.
The "fixed income" thing is about the longer time horizon where high prices are the new normal, but the retiree's money has not or cannot rise appreciably, especially if they are still paying rent or a big mortgage. Meanwhile, that 25 year old worker is going to be making MUCH more money 30 years down the line.
My career was 35 years. I went from $13,000 my first year to six figures my last year of work. Somewhere in the middle, I made about $60,000. So around 17 years in, my pay had quadrupled.
And that was ABSENT inflation. We didn't have massive, 70s style inflation during my 35 year career. Just your normal steady inflation.
Imagine that 60 year old retiree on a fixed income today with 15% inflation raging (while the FedGov lies about it being 8%). When he is 75 years old, worker pay will be quadrupled. So his buying power will be 1/4 of this year's.
It is all about the time horizon. It is meaningless to discuss 9% official CPI in terms of "over time frames of a year or less". Nobody would worry about inflation if we knew it would just be a single year, and then prices would fall back to "normal."
It is all about your buying power getting crushed in 5 years, in 10 years, in 20 years.
"Over time frames of a year or less..."
Last edited by Igor Blevin; 06-08-2022 at 09:53 AM..
A lot of "lousy" coffee is simply too weak. Try making it via the cowboy method (boil water in a pan, add grounds, let steep five minutes) to beef it up!
Maybe I just got a bad batch? I'm really not a coffee snob. A lot of times I'll ask a wait person if they can brew a strong pot of coffee and a lot of times they oblige. Doctoring it up, as I do, usually masks a cheap brand, but unfortunately not this time.
I am tracking my expenses for the first time in my life. I have never worried about money or my discretionary income. In fact, I am pretty sloppy with money. I really sweat big purchases like cars, appliances, furniture, & electronics and shop sales or wait for great deals. If there is big money to be spent, then there are big potential savings, so I really sweat deals there.
When it comes to daily food, clothing, entertainment & etc, I am pretty sloppy. I have had ample income in the past just to buy what I want and not sweat the financial impacts.
With the severe inflation and being a fairly recent retiree (2 years in), I am no longer sure how well my money matches my future expenses. To that end, I am now tracking every expense. After I do that for a year, I will analyze my expenses and start making adustments.
This is something I never planned or expected to do. Track expenses and budget costs.
I never thought I would ever have to "worry" about money, and I don't think I will ever have to struggle, but high inflation is causing a new normal price plateau. Gas could stay above $5 or $6 per gallon the rest of my life. Meat prices could be at current prices or higher the rest of my life. Everything I expected to readily afford the rest of my life, I now have to rethink. ]
I have to prepare for what costs will be like when I am 75 and older and how that matches my money.
I always assumed I would have money for that end of life medical cost and home care, & etc. Now, I am not at all sure if I will be able to afford that if I live another 20 years.
The biggest impact inflation has on me is, I expected to have sufficient play money to travel. That has all but gone out the window. I will always take a vacation here and there, but my dream of extended road trips and spending weeks at fun tourist destination has all but evaporated.
Inflation has vaporized my travel dreams.
Yet I still count myself lucky and am grateful to God for my good fortune that all of my basic needs will be met and I should never have to struggle or scrimp. Too many unfortunate people are going to have it very difficult to the point of severe anxiety over money stress. That is a miserable way to live. I am fortunate, and very grateful to be so.
Last edited by Igor Blevin; 06-08-2022 at 09:17 AM..
There was a local quick place like Jiffy Lube near me named Southern Classic. Prior to the pandemic, you could get out of there $30-$50, depending on what you had done. Southern Classic sold the company to a bunch called Take Two. I went back to the same spot a couple months ago - nearly $80 for a synthetic oil change.
Just amazing.
I went to Jiffy Lube. Once. They stripped the threads on the aluminum oil pan on my Acura Integra. My dealership caught it on the next change, but it was way too late to go back and complain to Jiffy Lube or try t to make them pay for it. The price to replace my aluminum oil pan would have paid for years and years of dealership oil changes.
That was the last day I ever went to a low pay, high turnover, barely trained oil change butcher shop like Jiffy Lube.
YMMV.
Last edited by Igor Blevin; 06-08-2022 at 09:18 AM..
I get tired of this whole "retirees on a fixed income" stuff. Over time frames of a year or less, nearly EVERYONE is on a fixed income. (And often working people go quite a bit longer than that before receiving a raise or a bonus. To get a real income boost often requires working a second job or quitting their current job and accepting a higher-paid one; both come with significant costs).
Inflation doesn't uniquely affect retirees. It hits everyone hard.
I agree. Unless you are bringing in money to the company, workers are seen as a cost, which limits your ability to work overtime and receive pay increases. Juggling 2 jobs is difficult when both of them expect priority. Now that I am retired, my income is much less fixed, as I could choose to go back to work if I wanted to.
Not going back there again either. I should've gone to the garage across town, and next time I'm in CA I will.
I go to Valvoline, which is the equivalent. I notice they forgot to reset my "maintenance required" light yesterday, which makes me wonder what else they forgot to do (they were clearly training someone), but I've always had great experiences there, so I will continue to patronize them, especially with a coupon!
Put the Spam in a blender and then use that instead of oil. Money-saving trick. Healthful for your car, and it will smell so tasty once it gets running!
Like the suggestions to put Tab in your gas tank from decades ago.
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