Everything is so expensive! (just a vent)

[leahgoogle]

Another more controversial way to reduce inflation is to raise taxes. It reduces consumer spending pretty quickly.


The child tax credit begins next month and will continue to juice the economy. Once this comes to an end, then I’d expect some of these higher prices to start to come back down unless folks offset the lost of stimulus money with home equity loans, which have cratered since the Great Recession. Lots of untapped equity for additional spending.

I forgot that the child tax credit was starting in July. The Government is supposed make to be a portal in which you can opt to not get the monthly payments and just have it all applied to your 2021 tax liability when you file taxes. This is the route I want to go if possible.

 

[dvcgirl67]

Another more controversial way to reduce inflation is to raise taxes. It reduces consumer spending pretty quickly.


The child tax credit begins next month and will continue to juice the economy. Once this comes to an end, then I’d expect some of these higher prices to start to come back down unless folks offset the lost of stimulus money with home equity loans, which have cratered since the Great Recession. Lots of untapped equity for additional spending.

Well, there's been a child tax credit. It was $2000 and you got it when you filed your taxes. But I agree....this time the money will be sent out monthly and I believe it will reach more lower income families who may not file a tax return. It's supposed to end early next year I believe, but the new Administration is going to try and extend it in any stimulus plan they do get. That will be interesting to watch, because it's going to be a touch benefit to take away from families once those checks start arriving.

I believe, from everything I read and have seen over the years....that prices will come down when supply catches up.

 

[leahgoogle]

Well, there's been a child tax credit. It was $2000 and you got it when you filed your taxes. But I agree....this time the money will be sent out monthly and I believe it will reach more lower income families who may not file a tax return. It's supposed to end early next year I believe, but the new Administration is going to try and extend it in any stimulus plan they do get. That will be interesting to watch, because it's going to be a touch benefit to take away from families once those checks start arriving.

I believe, from everything I read and have seen over the years....that prices will come down when supply catches up.

Yes, usually you get the child tax credit when you file your taxes. The IRS increased the amount of the child tax credit, but they are giving half as monthly payments and the other half will be taken when you file your taxes. I would rather just use the entire amount when I file my taxes. My accountant was telling me that this actually may trip people up if they don’t know that the stimulus they are being given is actually part of their child tax credit they are getting early.

 

[dvcgirl67]

Yes, usually you get the child tax credit when you file your taxes. The IRS increased the amount of the child tax credit, but they are giving half as monthly payments and the other half will be taken when you file your taxes. I would rather just use the entire amount when I file my taxes. My accountant was telling me that this actually may trip people up if they don’t know that the stimulus they are being given is actually part of their child tax credit they are getting early.

Ahhh...okay, thanks for the explanation. No kids here....so only know what I've read.

 

[leahgoogle]

https://www.mlive.com/news/2021/06/...-credit-portal-opens-in-the-coming-weeks.html
Info on child tax credit payment options in case anybody is interested. Portal has not been released yet.

 

[RamblingMad]

This helps explain it.

https://www.cnbc.com/2021/03/16/thi...you-will-earn-under-new-child-tax-credit.html
This should lead to more consumer spending and inflated prices.

 

[DisneyJamieCA]

https://www.mlive.com/news/2021/06/...-credit-portal-opens-in-the-coming-weeks.html
Info on child tax credit payment options in case anybody is interested. Portal has not been released yet.

It looks like we're getting something in the mail today from the IRS about the child tax credit. I'll update if there is any important information in it. Like you, I'd rather wait to use it on the 2021 taxes.

 

[tzolkin]

Then again, the prices haven't gone up much at all. Skinless boneless chicken breast still $3.99-4.99/lb as it has been for a decade or longer. Ribeye steak still $19.95/lb.

I haven't seen $1.49/lb chicken breast in 20+ years.

Yikes! Chicken breast has been $5/lb where you live for a decade? I have not paid more than $1.99 ever. And I have lived in different states in different regions. (I have seen it with a $4 price tag, but the large pack of store brand can always be found for $1.99 or less)

 

[mrodgers]

Yikes! Chicken breast has been $5/lb where you live for a decade? I have not paid more than $1.99 ever. And I have lived in different states in different regions. (I have seen it with a $4 price tag, but the large pack of store brand can always be found for $1.99 or less)

To be honest, I don't shop at Walmart so I don't know what they cost there. Only have 1 grocery store which is anywhere from 75% to 100% higher priced than Walmart and another grocery store which I drive 40 minutes to shop at with reasonable but still not Walmart prices. It was this other store just last week I was buying chicken breast. Regular packaged from the store was $4.99/lb for giant dry fattened up horrid chicken breast. I bought the $5.99/lb. Amish brand chicken breast.

We went through a period of time here on the Dis where everyone was talking grocery shopping and couponing. It was depressing hearing people saying they spend $75/week to feed a family of 4 or even 6. We spent $250/week and wouldn't buy much extras.


Gas and groceries were my biggest lines of the budget which was about 50%. Both budget lines higher than my mortgage (back then at the time I had a mortgage.) $1600/month just on those 2 items.

 

[Nayan]

Chicken breasts are the same price as the above poster where I live. Even thighs/legs are outrageous. Sadly due to health reasons all of my cheaper options (beans/pasta) are no longer on the menu, so my grocery bill has gone higher as a result.

 

[leahgoogle]

To be honest, I don't shop at Walmart so I don't know what they cost there. Only have 1 grocery store which is anywhere from 75% to 100% higher priced than Walmart and another grocery store which I drive 40 minutes to shop at with reasonable but still not Walmart prices. It was this other store just last week I was buying chicken breast. Regular packaged from the store was $4.99/lb for giant dry fattened up horrid chicken breast. I bought the $5.99/lb. Amish brand chicken breast.

We went through a period of time here on the Dis where everyone was talking grocery shopping and couponing. It was depressing hearing people saying they spend $75/week to feed a family of 4 or even 6. We spent $250/week and wouldn't buy much extras.


Gas and groceries were my biggest lines of the budget which was about 50%. Both budget lines higher than my mortgage (back then at the time I had a mortgage.) $1600/month just on those 2 items.

Gas and groceries are definitely higher than our mortgage for our family of five (including two teenagers).

 

[Mackenzie Click-Mickelson]

To be honest, I don't shop at Walmart so I don't know what they cost there. Only have 1 grocery store which is anywhere from 75% to 100% higher priced than Walmart and another grocery store which I drive 40 minutes to shop at with reasonable but still not Walmart prices. It was this other store just last week I was buying chicken breast. Regular packaged from the store was $4.99/lb for giant dry fattened up horrid chicken breast. I bought the $5.99/lb. Amish brand chicken breast.

We went through a period of time here on the Dis where everyone was talking grocery shopping and couponing. It was depressing hearing people saying they spend $75/week to feed a family of 4 or even 6. We spent $250/week and wouldn't buy much extras.


Gas and groceries were my biggest lines of the budget which was about 50%. Both budget lines higher than my mortgage (back then at the time I had a mortgage.) $1600/month just on those 2 items.

If you have a Costco near you I bet you would save money there (even counting in the membership fee).

We get their chicken breasts and chicken tenders both are in separated sealed pouches and we freeze them. Because of how they are sealed they never get freezer burn and they last forever it seems. We just defrost them in the fridge when we're ready to eat them.

 

[Mackenzie Click-Mickelson]

Gas and groceries are definitely higher than our mortgage for our family of five (including two teenagers).

It's really hard to compare mortgages like that (not just speaking to your comment but the PP's as well). Number of people you're feeding isn't necessarily correlated to the price your mortgage is even if everyone is shopping in the same store everyone's expenditures will be different with respects to mortgages and grocery costs.

 

[DisneyJamieCA]

It’s really interesting- a few months ago when I said there were people who needed the stimulus money because of the increase in the price of goods, along with the use of more utilities, I was told that wasn’t a thing. That people’s expenses didn’t go up. Funny to see the tune change on that…

 

[sam_gordon]

It was depressing hearing people saying they spend $75/week to feed a family of 4 or even 6. We spent $250/week and wouldn't buy much extras.

We spend about what you spend. To me, someone spending only $75/week to feed that many people is either lying or putting in so much work (clipping coupons, going to different stores, etc), the savings isn't worth it (to me).

 

[Christine]

Chicken breasts are the same price as the above poster where I live. Even thighs/legs are outrageous. Sadly due to health reasons all of my cheaper options (beans/pasta) are no longer on the menu, so my grocery bill has gone higher as a result.

Where I live, you *can* find chicken breasts for $1.99. Usually it is a weekly special somewhere and it varies from store to store. Personally, I find them to be awful. Tough, flavorless. So I pay the extra and I buy the Bell & Evan's chicken and it tastes like chicken used to. You can even overcook it and it doesn't get tough. But it's expensive. On average, chicken breast, not on sale, runs about $5 per pound and it's not very good either, hence, I just go for the Bell & Evan's. Life's too short to eat tough, flavorless chicken. But that's me. Lot's of people don't even care or it doesn't bother them. I'm just pretty picky, admittedly.

 

[NotUrsula]

Where I live, you *can* find chicken breasts for $1.99. Usually it is a weekly special somewhere and it varies from store to store. Personally, I find them to be awful. Tough, flavorless. So I pay the extra and I buy the Bell & Evan's chicken and it tastes like chicken used to. You can even overcook it and it doesn't get tough. But it's expensive. On average, chicken breast, not on sale, runs about $5 per pound and it's not very good either, hence, I just go for the Bell & Evan's. Life's too short to eat tough, flavorless chicken. But that's me. Lot's of people don't even care or it doesn't bother them. I'm just pretty picky, admittedly.

I'm a careful shopper and I go to several stores, but I'd never heard of that brand, so I looked it up. It's only available here at one chain, which happens to be the most across-the-board overpriced in the area. I'm sure that the chicken is lovely, but I won't patronize the one store that sells it.

What I do to balance price and quality is to buy my meat in freezer lots from a local butcher shop, where I can get good chicken (and pork, and beef, and house-made sausage) at better prices than at grocery chains. Like everywhere else, their prices have risen, too, but on the whole they are a better buy than the supermarket when it comes to meat of all kinds, and I feel good about supporting local small business in these trying times.

 

[Christine]

I'm a careful shopper and I go to several stores, but I'd never heard of that brand, so I looked it up. It's only available here at one chain, which happens to be the most across-the-board overpriced in the area. I'm sure that the chicken is lovely, but I won't patronize the one store that sells it.

What I do to balance price and quality is to buy my meat in freezer lots from a local butcher shop, where I can get good chicken (and pork, and beef, and house-made sausage) at better prices than at grocery chains. Like everywhere else, their prices have risen, too, but on the whole they are a better buy than the supermarket when it comes to meat of all kinds, and I feel good about supporting local small business in these trying times.

Yeah, there is only one store in my area that carries Bell & Evan's also (which is Whole Foods) and I don't shop there. I did find out that Bell & Evan's is the supplier for Wegman's organic and non-organic "house" chicken so that's what I buy. It's Bell & Evan's but with the Wegman's label. Since Wegman's if 5 minutes from my house, it works.

I'd love to buy from a farm but we aren't close to anything like that, nor do I have the freezer for it. But I agree that it's the best way to go.

 

[2China2009]

I am renovating my basement now. Total gut. I am glad my contractor did the bid in March. He only added $200 on for lumbar. 1500sq ft basement. I have been lucky to get all my flooring, vanity,sink,toilet for great deals and everything has been in stock. My total price $20,000 all set and done. I live in the Midwest and we are not seeing the huge shortages as other parts of the country are.

Our food prices are stable. I only shop Aldi’s once a month. Gallon milk $1.15 and I buy 6 at a time and freeze them. Stock piling to some extent has saved me so much.

I have a paid off home, car with no debt at 49 and 2 kids as a single mom. It is nice to know that with inflation and increase prices we live very well.

 

[Mackenzie Click-Mickelson]

I live in the Midwest and we are not seeing the huge shortages as other parts of the country are.

I live in the Midwest and we are most def. seeing shortages and have been for a while now.

Lumber, furniture, appliances, now chlorine for pools (that was a plant fire IIRC combined with demand last year), boat shortages (demand), car shortages (mostly chips), etc.

Must be location-dependent I guess?