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5 Tips to try to beat inflation and overcome shipping problems during your purchases

inflation
This season consumers are willing to spend, even when prices rise The process is not only expensive

May 20, 2022 –Hispanic Solutions Group

Inflation has risen at the fastest pace in years, and prices have risen rapidly on many of the items Americans commonly give to one another. “It is clear that rising prices due to inflation and ongoing supply chain issues could make this a more expensive season for many people this year,” says specialist James Burton, It is particularly important that people have a plan in place and stick to their budgets this year.

This season consumers are willing to spend, even when prices rise. The process is not only expensive, it is also frustrating. A November survey found that more than 3 in 4 American adults (or 77 percent) have already had problems with their purchases this year, from high prices and shipping delays to out-of-stock items and quality issues.

But, consumer demand does not waver. Unemployment is improving and Wages are rising, giving Americans more resources to spend. Consumption has soared to new heights through 2021, eclipsing pre-pandemic levels. The Commerce Department reported in October that spending rose 1.3 percent, reflecting a whopping 12 percent increase from a year earlier. The National Retail Federation estimates sales this year will double by far the average sales of the last five years.

Experts say that the chain of events is giving companies more power to price fixing. Analysts are already warning of fewer promotional offers during the

shopping season, “A broad swath of Americans will face first-world problems this season,” says Mike Schenk, chief economist and deputy director of advocacy at the National Association of Credit Unions.

THE DATA. –For Americans ready to start shopping, here are five steps you can take to beat the economic odds and find something that fits your shopping list.

1.Make a budget and tell your partner

The most important step for shopping this season is to make sure you carefully analyze your finances and define specifically how much you are willing to spend. That often includes having a conversation with your partner or spouse, depending on your financial situation and the status of your relationship.

Having a seasonal savings fund is ideal, but many Americans certainly might not be in that position, especially after the COVID-19 pandemic hit households hard.

See how much money you bring in each month and how much money you’re spending. If necessary, consider eliminating any discretionary items you can live without for the next several months.

For many Americans, the pressure to buy their loved ones the perfect gift can often exceed the dollar limit they have set. To help with stress, Griffin recommends having clear conversations with the people he’s shopping for about how much he can afford and what specifically they might want in his price range.

Communicating your budget constraints is important to help manage emotions, says Griffin. “Make it clear what that boundary is, that way, if there are things your kids are asking for, they’ll know what to expect.

2. Find the best deals and compare prices

Retailers may still announce discounts this season, but they may not be as significant as in previous years, and they may not be the best deal you can find on the market either. Be sure to shop around for any item you’re thinking of buying, and don’t buy an item on impulse just because it looks like it’s significantly discounted.

Americans often check their budgets by buying an item because it’s on sale, rather than because it’s something they needed, says Griffin. “You can save yourself debt if you’re not careful,” she adds.

3. Be very careful with the buy now and pay later options

Americans may view “buy now, pay later” options as a solution to buying more than they are budgeted for, but financial experts warn that such methods can be financially risky, especially since they build up over time and carry high interest rates if not paid within the introductory period.

4. Shop locally to avoid waiting for shipping

Anytime inflation spikes or shortages make an item impossible to find, experts recommend buying a replacement. One possible route:

find an item that is produced locally, according to Professor Gabriel Mathy, That’s because shipping limitations are not just a global problem, but a national problem.

5. Give a service instead of an appliance, television or other durable goods, experts recommend

Experts say appliances, electronics, TVs, cars, furniture and the like are at higher risk of delays, especially as they need to be manufactured and shipped. If your biggest concern is getting your gift on time, you may prefer to give someone an experience. That could be a meal out, a hair coloring service, a ticket to a play, movie or musical, as well as a trip. That could be a boon for service sector businesses, which were hit hard during the COVID-19 shutdowns, and consumers who were deprived of those activities due to the shutdowns.

Indeed, some services have risen in price and been subject to inflation, including tickets to sporting events, theaters and concerts, but those gains have skyrocketed as quickly as the prices of goods.

Don’t forget, vacation planning is often a year-round task.

Consumers may never have anticipated some of the challenges of shopping, but the importance of starting early could be a lesson they can take with them even in the post-pandemic years and remember that it’s critical to think about holidays year-round.

If you have any questions related to finances, credits in the United States and other related issues, but do not know who to turn to, contact us by going to Hispanic Solutions Group, writing to info@hispanicsolutionsgroup.com.

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