U.S. stocks tumbled last month when the Labor Department reported its consumer-price index (CPI), which measures what people pay for goods and services, rose 8.3% since last year.
While it’s true the CPI is trending down from July’s 8.5% and June’s 9.1% — the highest inflation rate in four decades — the news showed that inflation is more persistent than investors anticipated. And for the average American, it means they’re spending $460 more each month to buy the same things — like gas and groceries — than they did last year.
Medical costs also remain a top concern. In fact, about half of all US adults say they have trouble covering healthcare costs, both preventive and as-needed costs, according to a recent poll by the Kaiser Family Foundation. But not prioritizing your healthcare can take a financial toll, and sometimes leads to major, unforeseen costs later. Here are some tips to stay healthy in an expensive economy.
Trim-Up the Food Budget (and Your Waistline)
Eating a healthy diet is one of the best ways we can prevent illness. Yet grocery prices have gone up 13.1% since last year — the largest annual increase since 1979. That means everything from milk and eggs to fruits and vegetables costs more this year.
To keep yourself in the black, cook at home as much as possible and make more meatless meals, swapping in beans and lentils as protein instead. It’s also a good idea to avoid pre-cut fruits and vegetables, which can be pricey. Instead, buy the whole watermelon, for instance, and slice it at home.
You might also consider sticking to store brands, which are often less expensive. A few other good options when hitting the grocery store include:
- Buying in bulk when possible
- Not shopping while hungry
- Sticking to your list
You can also give up your soda or specialty coffee habit, which can cost you as much as $30 or more each week, or $1,560 a year — not to mention lead to weight gain and anxiety.
Raise the Bar on Fitness
Yes, giving up that high-priced gym membership can help save you money, but remember its health benefits, too. If you do give up the gym, be sure to get outside and move as much as possible. From running and walking to hiking and swimming, there are plenty of free ways to exercise.
Here are a few ideas:
- Buy used fitness equipment and create a home gym
- Use cans or bottles as weights
- Use your own body weight to do lunges, squats, crunches or jumping jacks
- Look to see if your community offers any free fitness classes
- Hit the court (tennis, basketball and pickleball are all free options, and most communities have courts available)
Get the Right Amount of ZZZs
Most adults need between seven and nine hours of sleep each night. And getting the right amount of sleep has its rewards, from improving your focus, mood and energy levels to strengthening your immune system. Yet on average, 1-in-3 adults sleeps less than seven hours. And that’s a health problem, since getting too little sleep can increase our risk of obesity, diabetes and other chronic health conditions.
Mental Health is Preserved Wealth
If inflation is on your mind, you aren’t alone. A recent survey by the American Psychological Association found that nearly 90% of Americans say it causes them a significant level of stress. And stress that lasts for a long time can lead to all sorts of health problems, from heart disease and Alzheimer’s to cancer.
To lower your anxiety, it’s important you find ways to raise your dopamine levels that don't hit you in the pocketbook. For example, when you feel anxious, try taking a walk, getting outside to soak up some vitamin D, sipping a hot cup of tea, stretching or counting your breaths. These activities won’t cost you a cent but will cause your body to release feel-good endorphins that calm the mind.
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Bottom line? Don’t put your health on the backburner. Keeping yourself healthy will help protect your bottom line. Start with these suggestions. But if you find you need additional support, your primary care physician is always a great resource.
