CLEVELAND — Gerald Koler has worked as a financial advisor at his family’s business, Koler Financial Group, for more than 30 years.

He said some households are feeling the strain as prices continue to increase. 

A survey by the New York Times and Momentive reports 55% of workers received a pay raise in the last year, but 41% said their raise hasn’t kept up with inflation. 

“Some of the causes, certainly supply and demand,” he said. “We have supply chain issues going on. You have wages that have gone up significantly in the last year and also energy costs even before the Russian invasion in Ukraine.” 

The Consumer Price Index shows that in February, the price for goods and services increased 7.9% from the same time last year. This is the highest inflation rate since January 1982. 

“Things they could start to do is looking at where they could maybe make some cuts,” he said. 

He said he offers suggestions to people when it comes to rethinking and adjusting your financial plan. 

“Oftentimes, people have subscriptions that they don't use. They may instead of getting five cups of coffee a week, they may make it at home a couple of days a week,” he said. “Certainly, they can make changes to the products that they buy, maybe cheaper version or by hamburger instead of steak and things of that nature, or also in terms of going out if they're going to make a trip make sure you bundle. I'm going to go to the doctor and go to the grocery store at the same time, not make separate trips to each one to cut back on gas usage.” 

He said it’s good to make important decisions. 

“I think it's a lot of times the habits. We just have to change habits, and sometimes, habits are hard to change. But once you get down, that path becomes easier,” he said. 

Koler said people should not be too concerned at this time about inflation. He said he’s hopeful current worries are short term and that people can get through this.