Retirees get creative with budgeting as inflation soars

Feb 28, 2022, 2:49 PM | Updated: Jun 7, 2022, 2:58 pm

KAYSVILLE, Utah – Record inflation, spikes in gas, groceries, and utility costs are bad news for Utah retirees. A fixed income can make it much harder to cope.  

A financial expert has practical solutions for seniors. 

For 42 years, Sarah Voigt taught 2nd grade. “That’s my favorite grade. They’re so eager to learn,” said Voigt, who lives in Kaysville.  

She’s retired and on a fixed income while the cost of living soars. “The prices go up almost every time you go. Just a chuck roast was $40, so I just really pondered whether I was going to do that or not,” she said.  

It’s a problem many seniors face. Social Security benefits for 2022 went up 5.9% starting last December. But consumer prices increased 7.5% last month, the highest jump since 1982, and are still rising, according to the U.S. Department of Labor, 

“We have to prepare for that,” said Martin Booker, Program Manager of Financial Resilience Programming with AARP.  


Create a fluid budget, one you update often.  

List your income and expenses, factoring inflation, and make sure to be thorough.  

“Every little expense that comes in, we want to make sure we capture it, so the small coffee break that we take, right where we go and pick up a coffee, we want to make sure that that’s in the budget. 

Find ways to stretch your income like food banks and sales to lower your grocery costs, and consider cheaper options for services. “Places like hair schools, or nail schools, you know, beauty and cosmetology schools, these are places where you can get cheaper services done by students with, with really good quality as well,” Booker said.  

Look for ways to increase your income. “Small entrepreneurial endeavors that may allow you to make a few, a few dollars,” Booker said. Experts suggest decluttering your house and selling items online, but be wary of scams. Or, look for part-time work you can do from home.” 

If Social Security is your fixed income, and you have made it to the full retirement age, you are able to work and make as much money as you possibly can, with no penalty to your Social Security benefit.  

“Voigt said. “I try to go to the clearance rack or the sale rack.”  

Voigt braced herself for more increases. “It’s going to get worse, I think, before it gets better.”  

She also brings some wisdom. “There was a time when things just weren’t quite right, and I made it through then.”  

There are many resources to help older Utahns during this tough economy.  




AAA Fair Credit. 

USU Extension Services  

Utah Department of Workforce Services 

Utah Division of Aging Services  

For immediate assistance, dial 211, or click here. 

KSL 5 TV Live

Positively 50+

One of the volunteers of the Foster Grandparents holding up a promotional sign....

Dan Spindle and Michael Houck, KSL TV

P50+: A lasting legacy of learning

A national volunteer program is looking for more grandmas and grandpas to help the nation's youth with their growth.

6 days ago

(KSL TV)...

Dan Spindle

Local nonprofit helping people care for their pets and themselves

What if you had to make a decision to take care of yourself or take care of your pets? Would you forgo major medical procedures if it meant that your dogs or cats wouldn’t be cared for?

1 month ago

man sleeping on bed with sleep apnea mask...

Dan Spindle

How to get better sleep

Would you believe the average adult will spend a third of their lives, more than 9,000 days, asleep. But the quality of the other 60%, those waking hours, is greatly affected by the time spent sleeping.

2 months ago

The Ormsbys visit with Wendy's mom, Sally Weaver....

Keri Wilcox

Resources available to guide ‘sandwich generation’ through caregiving role

About one-quarter of U.S. adults are in the "sandwich generation" — raising kids while also caring for an aging parent. Getting support and connecting to resources is just a phone call away.

3 months ago


Ayanna Likens

Why your nutritional needs change as you age

A Utah dietician gives advice for nutritional needs as adults age.

4 months ago

(KSL TV)...

Ayanna Likens

Free program helps older adults adjust to aging

Aging can come with some changes and challenges in our health, finances and quality of life, but there is a great resource that helps older adults adjust to some of those changes and thrive.

5 months ago

Sponsored Articles

Design mockup half in white and half in color of luxury house interior with open plan living room a...

Lighting Design

Lighting Design 101: Learn the Basics

These lighting design basics will help you when designing your home, so you can meet both practical and aesthetic needs.

an antler with large horns int he wilderness...

Three Bear Lodge

Yellowstone in the Fall: A Wildlife Spectacle Worth Witnessing

While most people travel to this park in the summer, late fall in Yellowstone provides a wealth of highlights to make a memorable experience.

a diverse group of students raising their hands in a classroom...

Little Orchard Preschool

6 Benefits of Preschool for Kids

Some of the benefits of preschool for kids include developing independence, curiosity, and learning more about the world.

rodeo contestant on a saddle bronc...


Get Ready for the Days of ‘47 Rodeo!

The Days of '47 Rodeo is a series of events everyone in the family can enjoy, with world-class rodeo contestants vying for the gold medal.

Electric LED Lightbulb Change In Light At Home...

Lighting Design

How to Know When to Upgrade Your Lighting

This guide explores indicators that suggest it’s time for a lighting upgrade with tips to make an informed decision when you’re ready to buy. 

Brunette guy in headphones playing games on his desktop computer...

PC Laptops

Looking For a New Computer? Use This Desktop Buying Guide

Choosing a new desktop computer can come with a lot of questions, so we created this desktop buying guide.

Retirees get creative with budgeting as inflation soars