KNOXVILLE, Tenn. — For months people have been steadily feeling the heat of rising costs for just about everything. Rent, food, and now gas prices are through the roof.
We're all feeling the pinch, whether it's at the grocery store or in the car line and filling up the tank.
Data collected by GasBuddy said the national average of fuel is $4.32 a gallon as of March 15, and federal experts estimate groceries will go up by 6% this year.
“It is hard on people who are working; I mean it is not easy,” said Carolyn Monroe, who lives in Knoxville.
While the cost of necessities is higher than usual, Joseph Ottaviano, a financial planner, said there are ways to save money -- including making a few sacrifices.
“That is using the car less, consolidating errand trips,” said Ottaviano.
Monroe said she has made a few sacrifices, too.
“I've had to cut back on a lot of things like going to restaurants.”
Consider eating and drinking out less. For example, a beverage from your favorite coffee shop can cost more than $3 a cup.
“Grind your own beans, and you'd be amazed at how much you can save,” said Ottaviano.
Research by Acorns said people can save around $1,500 a year --- just by making coffee at home.
Ottaviano said the best way to survive an inflation wave is to have a financial plan, expect the best, and prepare for the worst.