How much are you, specifically, affected by inflation in dollar amounts? It depends on what you're spending and where. Here's how to calculate your personal inflation rate.
To figure out how much inflation is actually impacting your wallet depends on how much you are spending and where you're spending it. You need to calculate your own personal inflation rate. Here's how to do it:Gather your credit card bills and bank statements to find the exact amounts that you spent in each category.Then subtract your total spending for April 2021 from April 2022.The result of that equation is your personal inflation rate.
Depending on your income, the impact of your personal inflation rate may feel better — or worse — on your wallet than the latest CPI number.
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