Fight Back Against High Inflation

Whether you’re 28 or 68, you’re staring down a surge in con-sumer prices. But for many millennials, the precipitous rise in inflation—which reached an overall rate of 8.5% in March—has been especially steep.

- LISA GERSTNER

Consumers ages 35 to 44 recently experienced inflation at a higher rate than other age groups, with those who are 25 to 34 close behind them, according to a Wells Fargo study. Millennials typically dedicate a greater share of their spending than other generations to certain expenses that have been increasing most rapidly, such as rent and home purchases, used cars, and gas. Your grocery bills are likely getting bigger, too—especially if you’re feeding a growing family.

Tweak your budget. I asked several financial advisers how millennials can mitigate inflation’s effects, and many of them brought up the basics of budgeting. Take a close look at your spending habits to see where you can shrink some bloat.