Inflation has caused prices to rise steadily throughout the years, causing many people to struggle to provide for themselves. From housing to gas to groceries, high prices have left many people unable to afford what they previously might struggle less to buy.
The rise in prices can be caused by many factors, such as supply and demand or production costs. Even higher wages can cause inflation, as the more money consumers have can prompt companies to raise their prices. Money Matters teacher Samantha Donelson understands the intricacies and sensitivity of the economy.
“Inflation recently has been caused by the housing market because when COVID happened, our rates dropped dramatically. The federal government has been trying to make that back up. We’re having inflation because of all the money that was brought in during COVID, and we have private businesses or businesses like Walmart where they have the ability to raise prices as needed, so they can have consumers pay more,” said Donelson.
The housing market has been greatly affected by inflation. Prices have increased drastically causing many people to worry about finding an affordable place to live. Chemistry teacher Katrina Covington has seen a price increase in both her house and houses on the market.
“I think we bought the house six years ago at $300,000, and now I think on Zillow, we look now and then, it’s worth $475,000. The taxes are naturally going to go up because your house is worth way more than what it was,” said Covington. “My son is 21, and he works for Amazon. He’s a delivery driver, so he has a decent job, but he can’t afford an apartment by himself because the economy is terrible. Even with a full-time job, he has to find a roommate.”
Increases in prices aren’t only causing immediate worries, but forcing people to consider the logistics of their future. With college prices increasing, scholarships and student loans are becoming even more crucial. English teacher Amy Markan understands the importance of ensuring her kids work hard to be successful.
“I want to make sure my kids don’t mess up when they get to high school. I want to continue to be like ‘Do what you have to do so that you can get scholarships and grants,’” said Markan. “UTA used to be, I think like, $10,000 for the year, now I want to say it’s almost double that for the semester. I don’t know how anybody can afford college anymore. I’m fortunate that my husband and I make fine money, but if I ever had to pay for it on my own, I stress about it all the time.”
Students have also been faced with struggling to pay for their needs and wants. Being reliant on an allowance or minimum wage has made them more conscious of the money they spend. Sophomore Bailey Cunningham has noticed the subtle change in the price of what she buys.
“I would say there has been an increase. When I was trying to buy mascara, I noticed that it went from like $10 or $12 to $15, so there’s been inflation in the economy, I can definitely tell,” said Cunningham. “My allowance increased, it used to be $20 but now it’s $25. I wasn’t doing anything differently, but maybe my parents could tell I was spending more money because of the increase in prices.”
With rising prices, finding ways to save has become more important. Being aware of what you’re spending and knowing how to manage money is crucial to living in the current economy. Sophomore Madison Boseman has noticed rising prices and tries her best to save the money she makes.
“I work at the natatorium teaching swim lessons, and I make $14 an hour. I spend my money on food mostly, I go to Taco Casa a lot and the burritos used to be like $1 but now they’re $2. Every time I get a paycheck, I put at least half of it into my savings and then I don’t touch that. It’s for college, but also if there’s some big purchase I want like I just bought concert tickets for example,” said Boseman.
Inflation has impacted many aspects of life, forcing people to change their lifestyles as they adjust to increasing expenses. Whether it’s going out less or working a second job, people have worked hard to provide for themselves in the face of a changing economy.
