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Inflation & Layoffs: How To Manage In 2023

Kathryn Tuggle  |  November 25, 2022

Few things can impact our budgets and our financial lives quite like layoffs and inflation. We answer your questions on how to manage.

 

It seems like inflation is impacting everyone’s budgets. Over the last 12 months, prices were up by 7.7%. And while inflation has actually shown signs of slowing — an indication that the Fed’s six rate hikes so far this year have been working — rising costs have our budgets stretched thinner than ever. Many of us have cut back on non-essential spending as much as we can, and we’re still feeling the pinch — particularly those of us on a fixed income. Add to this the fact that tech companies have now eliminated more than 100,000 jobs in the U.S. this year, and other companies including Gap, Nordstrom, Ford, Gannett and Credit Suisse have also cut staff, it’s easy to see why many of us are concerned about the months ahead. 

We wanted to tackle some of your questions and hopefully help ease some of those worries, so this week we combed through the HerMoney Mailbag and put together a list of all your inflation and layoff-related questions. Listen in as Jean tackles questions on how to “beat” inflation, what to do if you know your company is headed for layoffs, whether or not our household spending impacts inflation, and how best to assist an elderly parent on a fixed income. 

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The HerMoney podcast is supported by      Edelman
All advisory services offered through Financial Engines Advisors L.L.C. (FEA), a federally registered investment advisor. Results are not guaranteed. AM1969416