CHARLOTTE, N.C. — Data from the Bureau of Labor Statistics shows inflation increased by 3.5% in March compared to a year ago.
So here at WCNC Charlotte, we want to help you get ahead.
A financial expert reveals what the average person can do to keep up so you’re not left asking, where's the money.
Even though experts say the inflation rate has slowed compared to its peak in 2022, it’s still beyond what economists would consider “normal” and prices will likely not return to the levels we saw in previous years.
"So as soon as inflation creeps up, it makes it very difficult for consumers to really have spending power," Leslie Tayne, the managing director at Tayne Law Group, said.
Tayne said this means your money doesn’t go as far.
"So when your income stays the same, when you go to buy goods or services, the goods and services are more expensive, and therefore, you can only buy less of those things," Tayne said.
To let us know how WCNC Charlotte can help you get ahead in 2024, email us at newstips@wcnc.com.
Tayne said the best thing to do when inflation is high is to really take a look at your budget and find creative ways to save money.
"Clip coupons, find ways to cut expenses because again, this your spending power is limited. so your dollar doesn't go as far," she said. "Sometimes some consumers, it's great to supplement income if you need more money."
If you sat down at the beginning of the year and wrote out a budget, Tayne said you’ll need to revisit it monthly, weekly or even daily.
"So budget is something that's alive, it's constantly being changed," she explained. "And it does need to be looked at on a regular basis."
Tayne also suggested everyone set up an emergency fund.
"Because if you do need something like an appliance or a fix of your car, know that that's going to be more expensive than you expect," she said. "So try to keep an emergency fund of at least six to nine months of living expenses in the bank."
Tayne said talking about finances and looking at your budget can seem stressful, but she says it can actually set you up for success so you can have “fun” later down the road."
"Especially if you're planning for big long life events, like vacations, holiday time, summertime, budgeting can actually be a lot of fun," she said. "What do I have to use towards my towards my activity?"
Tayne said if you’re struggling financially, there is no shame in asking for assistance. She recommended doing your research on legitimate organizations that will help you get your finances back on track.
WCNC Charlotte's Where's The Money series is all about leveling the playing field in the Carolinas by helping others and breaking down barriers. WCNC Charlotte doesn't want our viewers to be taken advantage of, so we’re here to help. Watch previous stories where we ask the question “Where’s the Money” in the YouTube playlist below and subscribe to get updated when new videos are uploaded.