Christine Nguyen (Va resident) has quit eating lunch in nearby restaurants with colleagues to eat at home.
This 33-year-old graphic had to change designers because inflation has driven up the prices of basic goods such as food and transport.
“Times are tough right now,”According to her,
Sandwiches and small drinks that were $7 each used to cost $9.
“I’ve been carpooling with my husband on his way to work to save money on gas”.
Additionally, she has cut down on unnecessary spending and stopped eating out as much. Instead of going out every week, she and her husband go out only once a month.
Many Vietnamese people have taken on second jobs.
According to U.S. Labor Department (US Labor Department), inflation last month was 7.5% higher than anticipated, marking the highest rate in over 40 years.
It stated that food, shelter, and electricity were the most important contributors to the rise, which was caused by rising demand and a shortage due to Covid-19’s global trade impact.
“Grocery prices are sky-high, and I cannot buy as many things as I used to,”Trang Nguyen, a student at George Washington University, made this comment while looking through food shelves at a Washington, D.C. supermarket.
“Previously with $100 I could buy chicken, beef, milk, vegetables, and fruits for more than a week. Now I have to spend up to $150”.
She says she needs to reduce her meat intake “because its prices have been soaring for months”.
EconoFact, an independent economic publication, reports that prices for chicken, pork and beef have increased by 26 percent, 19 percent, respectively, since the Pandemic of early 2020.
Gallup is an American advisory and analytics firm. It claims that nearly half of American households will report experiencing hardship due to inflation by December 2021.
Respondents were able to identify 45 percent who had endured severe hardship or moderate hardship.
Trang replies with a sigh “My rent went up last year, so I had to find a cheaper place. My current landlord told me last week she will hike the rent starting this summer”.
Because of rising prices for groceries, many are having to alter their shopping habits.
Nguyen Thi Van (43), works at a nail salon in Orange County, California. According to her, the higher prices of food have hit their family hard.
Beef was taken out of her shopping basket to make it easier for her to shop for essentials. Her children are the only ones who buy fresh fruit and her milk purchases have been reduced.
“I have to substitute meat for less expensive proteins like eggs, nuts and beans,”According to her,
She also visits corner stores, supermarkets, and open-air markets to search for the best deals, something she wasn’t used to doing. In dollar shops, she finds a wider range of products at an affordable price.
According to NBC News, Americans are shifting to dollar shops even if they have higher incomes.
Christine says she is a savant. “walking away”Switched to lower-cost alternatives after switching from name brand brands
“Now I favor going to discount stores, and avoid buying fresh fruits and vegetables”.
Nhat Anh is an accountant working for a shipping business in Irvine. “shocked”You can see gasoline for as low as $5 per gallon
“It used to cost me just $45 to fill up my tank. Now I have to spend around $60. If the gas price keeps climbing, I might have to switch to electric cars eventually”.
In an effort to compensate for the rising gas prices, the 31 year old also cut back on her dining out and other leisure activities.
She has cancelled her Spotify subscription ($9.99 per month), Disney Plus subscription ($7.99), Spotify subscription ($9.99) and gym membership ($49 per month).
“Now I only have Netflix to entertain myself at home”.
Van has considered switching to a cheaper phone provider.
“I’m not going to buy anything luxurious. Everything is more expensive”.
While some families are able to manage with just a small reorganization of their household budgets and other people need side income, others will have to look for additional work.
Vu Minh Qan works as a cashier in Washington D.C.’s grocery and makes $18 an hour. Vu Minh Qan says it is difficult to pay rent after it increased from $1200 to $1500 a month.
“After paying bills and rent, it is lucky that my family of four has enough money to buy food. The amount is becoming even less now as prices are going up”.
He is currently struggling to pay off spiraling debts after having a baby. “no other choice”Credit cards can be a good way to keep your finances afloat.
The sole breadwinner has taken on a second job at a Virginia Vietnamese restaurant to pay off credit card debts as well as continue providing food for his family.
Due to the rapid decline in their savings, some people put off travel plans or buying a home or car.
Christine abandoned an attempt to save money enough for a down payment of a Virginia townhouse.
“Saving money is now a challenge amid the inflation”.
Also, she said that the savings were running out so she cancelled a trip to Vietnam for this summer.