EDEN PRAIRE, Minn. (WCCO) -- From groceries to gas, consumer goods prices are the highest they've been in 40 years. Here are some tips on how to save your family money.
University of Minnesota Carlson School of Management marketing professor George John says when you see drastic markups in goods like cars or household products right now, it's due to supply chain shortages.
On top of that, consumers are also experiencing record inflation, especially in perishable goods like meat.
"Any disruption anywhere spills over," John said.
On Twitter, Jeremy from Burnsville wrote, "we paid $12 for 2 chicken breasts a few days ago. We thought our grocery bill was approximately $40 more than normal"
"I think it's more important than ever to be saving money," Twin Cities mom blogger Samantha Vilendrer said.
Vilendrer lost her jobs in the pandemic. She and her husband have found ways to cut costs for their family of four amid rising prices.
"We buy in bulk and that helps," Vilendrer said.
Vilendrer recommends downloading the apps for grocery stores and planning your menu around deals. She uses the Ibotta app to earn cashback.
She has also noticed prices can be marked up for pickup and delivery
"I'm a big fan of going in-store because I've noticed you can save more," Vilendrer said.
Vilendrer also checks social media accounts for brand discount codes before making a purchase. She follows local social media influencers on Instagram for deals.
Vilendrer says her family cut their cable, switching to a cheaper streaming service instead.
She also recommends cutting any subscription services you don't use regularly.
"It's helpful to do your research for sure," Vilendrer says.
John says he does not anticipate prices going down anytime soon and recommends that consumers be flexible with their purchases.
for more features.