The economy is in a truly bizarre place right now. Some countries are on the verge of a recession. Others may or may not have already gone through one and have rebounded, depending on what expert you ask. Inequality is deepening while shrinkflation is rearing its ugly head. And despite people grumbling about their expenses, not everyone is changing their spending habits. It’s a confusing time for many of us.
But something that many people have noticed is just how gosh-darn expensive things have gotten compared to years past, from second-hand clothing to even regular fast food meals or just a cup of coffee in town. The r/AskReddit community shared what has completely shocked them in terms of prices, and we’ve collected their most relatable insights. Scroll down to read them.
Bored Panda reached out to personal finance expert Sam Dogen for some insights on living with a tighter budget and how breadwinners can treat their loved ones even when times are tough. You'll find our interview with the author of ‘How To Engineer Your Layoff’ and the host of the ‘Financial Samurai’ blog below.
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Personal finance expert Dogen, the host of the 'Financial Samurai' blog, likened tightening your budget to wearing braces to realign your teeth.
"When you first get braces, they are painful. But after a while, as your teeth shift, that discomfort fades. Then the orthodontist tightens them again and you feel it afresh!" the author of the bestseller ‘How To Engineer Your Layoff’ shared with Bored Panda.
"Similarly, if your new saving rate isn’t somewhat painful each month, you haven’t cut expenses substantially. But over time, you adapt to lower spending levels again. That signals the need for further reduction, tightening back up bit by bit. Keep incrementally trimming 10% more elements until reaching solid financial bones," he suggested.
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Personal finance expert Dogen suggested keeping one 'Financial Samurai' mantra in mind when it comes to budgeting and cutting back on expenses: "If the amount of money you're saving each month doesn't hurt, you're not saving enough!"
He also shared a savings guide by age with us that can help anyone keep on track "for a wealthy retirement."
Bored Panda was curious about how people can still treat their loved ones even when they're working with considerably tight budgets.
Dogen, the author of ‘How To Engineer Your Layoff,’ explained to us that it's not money that should be the main focus here.
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"The best gifts we can give our family are our love, time, and attention—all of which are free. Younger children simply want to play with their parents. Older kids appreciate being heard as they navigate various emotions and dilemmas at school. Partners and spouses cherish words of affirmation about how much we care, along with listening to what we appreciate about them," he said.
"Whether our families are young or old, large or small, remembering to actively express our selfless love through quality time and engaged listening connects us in profound ways," the expert told Bored Panda.
"The daily stressors that distract us will come and go, but the bonds nurtured between those closest to our hearts are what matter most."
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Feeling wealthy isn’t about any exact number in your bank account. Feeling wealthy comes down to how you manage your income, expenses, savings, and investments. If you’re taking care of your and your loved ones’ needs and have enough cash left over to indulge in travel, hobbies, and fun activities—you’re living the life.
On the flip side, no matter how much you earn, you’ll never feel like it’s enough if you’re in debt and dipping into your savings to maintain a luxurious lifestyle.
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When it comes to spending money, you want to make sure that you’ve put together a budget and covered your core necessities (e.g. food, fuel, rent, clothing). Then, make sure that you’re thinking about the future and setting a certain portion of your cash aside either in your savings account, investing it, or a bit of both. Many personal finance experts call saving a portion of your paycheck “paying yourself first.”
However, just living off rice, beans, and tap water isn’t going to do wonders for your emotional and spiritual health. People need more than just survival. So even if you’re on a tight budget, set aside a small part of your wage to have some fun.
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Say, if you used to enjoy eating dinner downtown or grabbing a cup of coffee with a friend, do that from time to time. Or go see a movie at the (ridiculously overpriced) local cinema, treating yourself and your date to some popcorn. It’s the frequency of these activities that matters, not that we avoid them altogether. Otherwise, life is going to be very bland.
Of course, there are plenty of cheap and free ways to enjoy life, too. Learning to cook awesome meals at home is a ton of fun, improves your skills, and can really impress your social circle. Going for long hikes out in nature is a fine way to get fit and detach from all the tech in your life. It can be a good alternative to going to the gym if the membership costs have gone through the roof.
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At the end of the day, every tiny bit of additional income and every small saving quickly adds up. It’s up to you to decide what your priorities are going to be. If you’re a big fan of music, then naturally, you’ll still want to attend concerts. You’ll find ways to pay for those shockingly expensive tickets by cutting back in some areas of your life that you care less about. Like letting go of the half-dozen subscriptions you might have, slowly eating away at your bank balance.
Meanwhile, if you’re passionate about painting, traveling, or rebuilding that sweet 1967 Chevrolet Impala in your garage, you’ll find the budget for these things. You might have to reduce your expenses, but you’ll find that the cliche of skipping lattes at Starbucks can give your budget some additional flexibility.
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