Budgeting to keep up with inflation? Here are some tips

Jun 13, 2022, 11:12 AM | Updated: Jun 21, 2022, 9:21 am


Budgeting for a big family means stretching resources and making expenditures do double duty (or more). Photo credit: ©

(or more)

SALT LAKE CITY — As inflation hit a 40-year-high in May, a Utah financial planner offered advice on how to budget to keep up with rising costs.

DMBA Certified Financial Planner Shane Stewart told KSL NewsRadio that now is the time for people to begin budgeting.

“This is a very crucial time to put together some sort of plan for your spending before things get worse.”

Budgeting starts with knowing what you’re spending

Stewart said the best thing you can do doesn’t necessarily involve cutting every expense but, just knowing what your expenses are.

“Many people have a very general idea of what they’re spending, but in some categories, they really don’t know,” he said.

The first step is to identify what you’re spending and where.

“What’s really prudent — before you even start putting a spending plan together — to look back and find out what you really have been spending, really pinpoint it,” Stewart said.

What to cut

Stewart said having a plan can help limit how much you spend on variable expenses like eating out, home improvement, or hobbies. 

“Your mortgage or your rent could be regular and consistent. But dining out, or going to a home improvement store, those are variable; not consistent and not predictable,” said Stewart.

Variable expenses can really get away from us if we don’t know how much we are really spending on them each month, according to Stewart.

Stewart said if you struggle with variable expenses, set aside the cash you can afford to spend on it for the month and put it in an envelope. 

“[Take that hundred dollars, put it in an envelope, and that’s what you use for the month. And it seems to help us retrain our brains to get within a pattern of spending, especially in times where money’s tight,” said Stewart.

But, Stewart said, don’t avoid setting money aside.

“Trim back as much as you can, but I recommend not trimming back on something like a 401K, especially if you have a matching amount coming in. And not trimming back on — at least a few dollars — into emergency savings,” said Stewart.

Related: With rise of gas prices, here are some tips to make fuel last longer

We want to hear from you.

Have a story idea or tip? Send it to the KSL NewsRadio team here.

Business + Economy

Rural wildlife firefighters, "Hot Shots"...

Michael Camit

Utah is struggling to retain its rural ‘Hotshots’

Filling jobs of rural wildlife firefighters can be difficult due to the cost of living according to the Utah Division of Forestry, Fires and State Lands.

2 hours ago

A car is filled at a gas pump in Sandy on Tuesday, March 19, 2024....

Adam Small

Experts predict record number of drivers, lower Memorial Day gas prices

Experts have predicted that 43.8 million people will travel this weekend. They could experience lower gas prices.

3 hours ago

People skate at Millcreek Common in Millcreek on Monday, Dec. 5, 2022. The New Americans Internatio...

Eric Cabrera

New Americans International Market offers space for newly settled Americans to share culture and connect

The New Americans International Market at Millcreek Common is helping new refugees and immigrants connect with the community.

4 days ago

A customer checks prices while shopping at a grocery store in Wheeling, Ill., Friday, Jan. 19, 2024...

Curt Gresseth

Inflation eases but grocery store prices in Utah still stinging

Inflation eases slightly in April, but in Utah, consumers are still feeling the pinch of grocery-store prices.

5 days ago

FILE - A street sign is seen in front of the New York Stock Exchange June 14, 2022. The U.S. stock ...

Simone Seikaly

LISTEN: Utah analyst on stock market highs

Stock market investors are reportedly energized by a report showing inflation is cooling somewhat across the U.S.

5 days ago

An EV charging in Salt Lake City. SLC, like many cities around the United States, lacks the chargin...

Alexandrea Bonilla

EV charging is lacking in Salt Lake City

Only about 1.6% of Salt Lake City listings are EV friendly. That makes homes with electric vehicle chargers a hot commodity.

5 days ago

Sponsored Articles

a doctor putting her hand on the chest of her patient...

Intermountain Health

Intermountain nurse-midwives launch new gynecology access clinic

An access clinic launched by Intermountain nurse-midwives provides women with comprehensive gynecology care.

Young couple hugging while a realtor in a suit hands them keys in a new home...

Utah Association of Realtors

Buying a home this spring? Avoid these 5 costly pitfalls

By avoiding these pitfalls when buying a home this spring, you can ensure your investment will be long-lasting and secure.

a person dressed up as a nordic viking in a dragon boat resembling the bear lake monster...

Bear Lake Convention and Visitors Bureau

The Legend of the Bear Lake Monster

The Bear Lake monster has captivated people in the region for centuries, with tales that range from the believable to the bizarre.


Live Nation Concerts

All the artists coming to Utah First Credit Union Amphitheatre (formerly USANA Amp) this summer

Summer concerts are more than just entertainment; they’re a celebration of life, love, and connection.

Mother and cute toddler child in a little fancy wooden cottage, reading a book, drinking tea and en...

Visit Bear Lake

How to find the best winter lodging in Bear Lake, Utah

Winter lodging in Bear Lake can be more limited than in the summer, but with some careful planning you can easily book your next winter trip.

Happy family in winter clothing at the ski resort, winter time, watching at mountains in front of t...

Visit Bear Lake

Ski more for less: Affordable ski resorts near Bear Lake, Utah

Plan your perfect ski getaway in Bear Lake this winter, with pristine slopes, affordable tickets, and breathtaking scenery.

Budgeting to keep up with inflation? Here are some tips