The United States is experiencing inflation, which is making the housing market, along with other essential items, price’s go up. According to Commerce NC, consumers are having to grapple with increases unseen since the 1980s.
On May 21, 2024, ABC News reported that a 35 year-old woman, name unknown, had been found living in a Michigan store sign for over a year. Although the woman never gave a reason for living in the store sign, this story shines a light on how other people may be getting by during a time of economic distress.
With the housing market being so expensive, many college students are not able to buy or rent an apartment. However, inflation is not just affecting housing prices. It is affecting food costs, clothing costs, medical costs, and more importantly, it is affecting college tuition and housing fees. According to Commerce NC, inflation skyrocketed in 2021, which led to a widespread shortage of goods and services.
Many students at Northwood are either about to start or have already started an independent lifestyle. College brings freedom and independence, but it also costs a lot of money. Because of inflation, the cost of housing and college tuition fees have gone up. Due to many students having jobs, they may be focused on saving money for the future. Constantly keeping an eye on how inflation is affecting college students will help you to know when you need to save more.
Here are some ways to save money during a time of high inflation:
- Get a Roommate or Multiple.
- Look for somewhere with cheap monthly costs.
- Think about how much money you would be putting into housing in the long run before making a final decision.
- Make sure to make a note of everything that could cause you to lose money.
- Water. (Use less / Alternatives)
- Collect rainwater for things such as plants or cleaning your car.
- Washing Machine & Dryer
- Is there a nearby laundry place?
- Gas
- Can you bike or walk to your destination instead?
- Find a place that is nearby to your school and/or work.
- Clothing
- Go to thrift stores
- Water. (Use less / Alternatives)
- Create a budget that will allow you to save as much money as possible.
Overall, inflation has made prices rise and it is affecting how people live their lives. It’s important to keep an eye on how inflation could affect you and be smart with your money so you can live a life with access to all of your necessities.
