Memphis Hit Hard by Inflation
Inflation happens when prices and cost of living go up while wages remain the same. This means every dollar is worth less all of a sudden than it was the day before. At the moment, Memphis inflation is rising at catastrophic rates, and it’s affecting nearly everyone in the city.
Here’s what’s happening and what you can do about it.
How Inflation Is Different in Memphis
Over the last year or so, inflation has become a major issue around the world. In the United States, we reached a 40-year high last month.
These rising costs affect nearly everyone, but they have specific impacts on the city of Memphis.
First, Memphis doesn’t have a massive public transportation system. Most Memphians use our cars to get to work and school. As a result, when gas prices go up, unlike in some cities, we feel it in our everyday commute.
What’s more, Memphis is one of the biggest shipping hubs in the world. Our economy depends in part on the success of companies like FedEx. However, inflation usually hits those companies harder than others. Not only does it cost more all of a sudden to ship things, but now people are cutting back and ordering less to begin with.
This translates to layoffs, shortened hours, and less money coming into our city’s economy.
Inflation also impacts our energy costs. This means it may become much harder, if not impossible, to cool our homes during this hot, humid summer.
So inflation threatens our city, its residents, and all of our well-being.
What We Can Do About Inflation
I wish I could offer a simple solution to families struggling with inflation. For most of us, the only answer is to cut back as much as we possibly can.
I’m certainly doing that, and so are all the clients who come into my office worried about their debts.
But it’s incredibly frustrating to do that and still see prices rise even higher. Most of us can’t just cut our gas usage in half—at least not if we want to show up at work and keep our jobs. And we can shop at the dollar stores to cut costs, but now even some of those stores aren’t true “dollar stores” anymore. They’re $1.25.
That means we need to get organized with how we spend our money.
My best advice would be to make a budget, and divide up your spending between three categories:
- Fixed expenses
These are expenses that don’t ever change. Think rent/mortgage, car payment, etc. - Flexible expenses
These are expenses you have to cover, but the amount can change. For example, you have to buy groceries every month, but you may be able to cut back on which groceries or how much you buy. Same for gas. - Nonessentials
These are the things you want but don’t need in order to survive.
With a budget, you can see more easily where and how to make cuts. You should always start with non-essentials, then flexible expenses. Don’t stop paying those fixed expenses unless the situation is desperate.
If you get to the point where you can’t pay those fixed expenses, or maybe you’ve taken out too much on credit cards, that’s where I come in.
Memphis Attorney to Help with Inflation
If you can’t afford your bills anymore or you have a ton of debt you can’t pay back, it’s nothing to be ashamed of. Inflation isn’t your fault. It’s affecting all of us, and you’re not alone.
Our attorneys can help you get a fresh start so you’re better able to care for yourself and your family.
We work with you to make sure you keep the things that matter most to you. We help you clear all those debts. And we don’t give up on you until we’ve helped you get back on your feet.
It’s a great honor to serve this city, including during difficult times like this. My goal is to help you get out of inflation debt and move into the life you deserve—a life of freedom and financial security.
The conversation is totally free. To get started, just give me a call at 901-327-2100 or fill out the form below.