Recalibrate Your Budget

That moment when your bills surpass your income—it happens to many of us, and it has recently been affecting my household. With the continued rising costs of living, it is important to recalibrate your budget and lifestyle. There will be seasons when you have the luxury to spend on “wants,” and there will be seasons when you have to live modestly. For this season, many are struggling to keep up with inflation, and our salaries are not keeping pace.

While you may get your annual raise of 2-4%, the inflation rate in 2021 and 2022 was 7% and 6.5%, respectively. The math doesn’t add up, and even worse, take a frequently purchased item like eggs—it had a 60% price hike in 2022. So that budget you created a few years ago doesn’t jive with the new cost of living. It is important to revisit these conversations with your family frequently and recalibrate your budget. Here are some regularly purchased items and their inflation rates in 2022.

Gas: 41.5%

Butter: 31.4%

Lettuce: 24.9%

Flour: 23.4%

Dairy: 21.4%

Before jumping into these critical conversations, reminding yourself of the importance of contentment is key to getting through these seasons.

Philippians 4:12-13

I know what it is to be in need, and I know what it is to have plenty. I have learned the secret of being content in any and every situation, whether well fed or hungry, whether living in plenty or in want. I can do all this through him who gives me strength.

-HC