My grandparents are probably some of the funniest and wisest people I’ve ever known. My grandmother, Inez, for example, is an 80-something-year-old fire ball who’s mind is sharp as a tack. She can crack a joke at the drop of a dime and ALWAYS has the best stories to share.
I remember my cousins and I spending the entire summer with our grandparents and hearing them often reminisce about growing up in rural Mississippi during a time when families raised their livestock, tilled gardens, and worked hard for a living, but they were also well educated.
The cost of living has increased since they were young. In fact, according to SIGNAL Magazine, the cost of milk was 67 cents in 1946 versus $3.23 in 2006. Ten years later, the cost is roughly $3.29 locally, but can be higher in other areas of the country.
What causes the cost of goods and services to increase over time? Watch the It’s a Money Thing video below to hear Jenn and her Grandmother have an interesting conversation about inflation and get a better understanding of how to financially prepare for it.
If and when you ever have a need to review the cost of orange marmalade, feel free to revisit this video. LOL!
Accounting for inflation in your savings goals is a good way to plan ahead for inflation.
Consider speaking with one of our trusted financial advisors at Vantage Credit Union by visiting one of our area 14 branches or visit us online at www.vcu.com.
In what ways have you noticed the effects of inflation?