Trying to fight inflation? Experts offer age-based financial tips | Business

Olivia Jurkovich paid $53 for a partial tank of gas one day this month. That’s $20 more than what she normally pays to top off her Mazda SUV.

“I was just shocked,” said the 18-year-old who grew up in Woodbury, Minn., and who until recently worked in a coffee shop. “It is crazy to see how much more money I have to spend on gas, so I have to kind of cut back on other things.”

Inflation is causing headaches for every generation of consumer as U.S. inflation rates reach levels not seen in 40 years. Financial consultants say there are vital ways to combat the pain, but the approach will differ depending on age, career level, income and the level of anxiety rising prices bring.

“It will be hard to avoid sticker shock these days, but the best advice I can give is to go back to budgeting basics,” said Thrivent financial consultant Alex Gonzalez. “Revisit your cash flow and get down to brass tacks. … What’s the amount of money coming in vs. going out? Inflation may require you to reprioritize your expenses so you can redirect your money toward immediate and pressing needs.”

Young adults should tighten belts

Jurkovich’s mother, financial planner Dawn Dahlby, refused to increase the debit card allotments Jurkovich and her sister, Sophie, 16, get each month to cover their expenses. Instead, the family sat down together to figure out a…

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