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What Causes Inflation?

Education | 05/18/2022 22:00

Inflation has been a hot topic of conversation lately, and for good reason. Inflation is the highest it’s been in nearly four decades, and it’s affecting every part of our day to day lives.

Today’s inflation is exacerbating many people’s money issues, causing more and more strain on many household budgets and leaving many on the hunt for ways to save money. But what exactly is inflation, and why is it rearing its ugly head now?


Today we are talking all about inflation – what it is, what causes it, and how you can protect your money.


What is Inflation?

Inflation is the increase in the price of goods over a period of time. It is natural and can be a good thing – to a certain extent. Economists believe that a little inflation signifies a healthy economy with healthy supply and demand. If consumers believe prices will rise slightly, they are more apt to spend their money at present. There is no cut and dry rule for what constitutes healthy inflation, but economists and policymakers generally accept that 2% inflation is acceptable.

When inflation gets out of hand and starts exceeding the 2% mark, that’s when the economy takes more of a hit. Our current inflation rate is around 8%, quadruple what it should be. So what caused this drastic change?


What Causes Inflation?

Inflation has many causes, some of which are more complex than others. In general, these causes can be broken down into two categories: demand pull inflation and cost push inflation.


Demand Pull Inflation

Demand pull inflation is when the demand for items is greater than the supply of those items. When demand gets ahead of supply, prices increase as upward pressure is applied. Here are a few causes of demand pull inflation:

  • Marketing and New Technology. When a new product or new tech comes out, the demand usually outweighs the supply, resulting in demand pull inflation.

  • Growing Economy. When the economy is growing and expanding, unemployment tends to drop and people have more money in their pockets. This results in increased demand for items, and therefore an increase in prices.

  • Government Regulations. Certain government regulations, such as tax subsidies, can cause demand to rise. If that demand is higher than the supply levels, demand pull inflation can occur.

  • Expanded Money Supply. If the Fed prints money at a higher rate than the economy is growing, then more money is in circulation. Since there is more money in circulation for the same amount of goods and services, demand pull inflation occurs.


Cost Push Inflation

Cost push inflation occurs when the cost of materials and wages increases. These costs are then passed on to the consumer, resulting in inflation. Here are a few causes of cost push inflation:

  • Supply chain issues. When materials are scarce, the cost of the materials will increase due to supply and demand. This is one of the main contributors of our current hyper-inflation. 

  • Rising wages. When wages increase, either as a result of government regulation or as a result of competition for workers, it results in a higher cost of production. It is important to note that this is a debated area in the world of economics. Many economists believe that higher wages across the nation will cause an increase in demand that can offset inflation.

  • Government regulations. Certain government regulations, such as building regulations and tariffs, can cause the cost of production to rise, costs that are then passed on to consumers causing cost push inflation.

  • Change in exchange rate. If the value of the U.S. dollar loses value in relation to foreign currency, imported goods become more expensive to buy. Since most products in the United States are imported, this causes cost push inflation.


Our current drastic inflation is a result of both demand pull inflation and cost push inflation. 

Is Inflation Good or Bad?

While it a little inflation, as mentioned above, can be ok, there are definitely some downsides. Let's look at the possible consequences of inflation.

When inflation occurs, it causes a decline in purchasing power. This leads to a cycle where: 

Consumers spend less money → Businesses cut back on investing and hiring → Higher unemployment rates and reduced spending 

The bottom line is that when inflation occurs, it can be hard to get out from under. 

But what does this mean for you? Inflation has three major effects on consumers in their everyday lives:

  1. Products are more expensive. Prices rise due to increased wages, supply chain issues, and lowered exchange rates. Money does not stretch like it used to, putting more of a strain on everyone’s budgets.

  2. Loan interest rates increase. Interest rates increase in part because of the Fed’s response to inflation. To cool down the economy and curb inflation, the Fed decided to increase the fed funds rate earlier this year. This rate serves as a benchmark for interest rates nationwide. This makes it harder and more expensive for people to buy houses, cars, and get personal loans. 

  3. Returns on savings decrease. Savings account interest rates hovers just above 0%, so any interest that you might accrue is quickly outpaced by inflation. 


In short, every dollar matters more than ever in times of inflation. 


What Should You Do When Inflation is High?

Budgets are tighter and uncertainty runs rampant in times of inflation. But there are some steps you can take to protect yourself from the effects of inflation and make it through these financially difficult times.


Make a Budget (and Stick to It)

While it’s not the most exciting task in the world, making a budget is more important now than ever. A little planning can go a long way in keeping your spending (and saving) on track. Simply follow our easy guide to budgeting to create a realistic blueprint for your finances.

  1. Determine your income.

  2. Determine your expenses.

  3. Budget for your needs.

  4. Budget for your savings and rainy day fund.

  5. Budget for your wants.

  6. Review your budget on a monthly basis to maintain.


For a more in depth guide on budgeting, you can check out our blog post here. Be sure to include a rainy day fund in your budget; experts recommend having six months worth of expenses tucked away. Rainy day funds are important, even when budgets are tight (in fact, they are even more important when money is tight because you are less likely to be able to handle a financial emergency).


Pay Off Your Debts

Now is a great time to focus on paying off any variable debt that you have, such as credit card debts and personal loans. Since these rates can change based on other benchmarks, it’s a good idea to pay them off so that you are not subjected to increased rates. Include this as an item in your budget to ensure you prioritize it.


Look into Refinancing

Higher inflation rates tend to lead to higher interest rates. Car loans are not directly affected by the fed funds rate, and the competitive nature of the car loan industry makes the interest rates more stable than rates in other industries. But chances are the rates will increase over the next few years, as we are still experiencing incredibly low rates for refinancing.  


Refinancing your car to a lower APR can save you a lot of money in the long run and help you stretch the money in your budget. How do you know if it’s worth it to refinance your car loan? Easy! If any of the following apply to you, it’s worth considering vehicle refinance.

  • If you have a higher credit score than you did when you originally got your car loan.

  • If the trending market rates are lower than they were when you originally got your car loan.

  • If you want to stretch out your loan payments over a longer period of time.

  • If you want to add or remove a cosigner from your car loan.


Vehicle refinance can free up hundreds of dollars in your monthly budget. And in the era of hyper inflation, that can make a huge difference in your day to day life. If vehicle refinance sounds like a good idea to you, contact Auto Approve to get a free quote today!


Consider Investing in Bonds

Bonds are a great investment to make in an inflated market because they are guaranteed to keep pace with inflation. Since they are fixed rate investments, they are adjusted for inflation, making them a safe investment in uncertain times. Consider an I-bond, which can be cashed out after a year, or a Treasury Inflation-Protected Securities bond (TIPS), which can be cashed out after two years.

And that’s everything you need to know about inflation.


We hope these tips will help you navigate the waters of our inflated economy. Understanding how inflation works is important because it can help you protect your money and your investments. Inflation changes how we think about our money, making it a time to hold off on riskier investments and instead prioritize budgeting, saving, and cautious investing.

Refinancing your car loan is a great way to save some of your hard earned cash. If rates have dropped since you initially took out your car loan (and they probably have), now is a great time to consider refinancing. Get in touch with one of our refinance experts at Auto Approve today to start saving today!

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5 Things Every Car Owner Should Know

Let’s talk about five of the essential things every car owner should know.There are tons of skills you come by naturally as you start driving. Some things you learn for your drivers license exam, some skills you pick up as you start driving. But there are a few things not everyone knows how to do that can make you a better car owner and help you feel more confident on the road.These are some of the top skills you need to take time to learn once you own a car. Let’s take a closer look.Essential Skills for Drivers and Car OwnersTake a peek at the list. Do you know how to do all of these things? Most people will have learned at least some of these skills naturally, but taking time to really master them can help you drive safer and keep your car in great condition longer.1. How to Check and Change a TireIt’s important to get to know your tires, and recognize the right tire for your vehicle. But buying the right tires is only the beginning – tire maintenance and tire changing are super handy skills for every driver. The same is true for recognizing, checking, and changing or replacing fluids like engine coolant, brake fluid, windshield washing fluid, transmission fluid, and engine oil. If you see a liquid coming out of your vehicle, being able to recognize what fluid it most likely is and whether or not it constitutes a safety hazard is key.To get you started here are the essentials of changing a tire:Find somewhere safe to park on a level, firm surface.Turn on your hazard lights.Gather your tools: spare tire, car jack, lug wrench, and your owner’s manualReview any important information in the manual about tire changes for your specific vehicle Loosen but do not remove the lug nuts (which may be under the hub cap)Position the car jack at your vehicle’s jack points based on the instruction in the car owner’s manual (sometimes marked with a notch on the chassis)Slowly raise the car with the jackFinish loosening and remove the lug nuts, keeping them somewhere you can easily find them again where they can’t roll awayRemove the flat tire and replace it with the spare, lining the spare up with the wheel studsReplace the lug nuts and gently start screwing them in by handLower the car Use your lug wrench to tighten the lug nutsPut all your equipment back where you usually keep itCheck tire pressure for all tires (you may want to go to a garage to make sure everything’s good to go and your tire pressure is even)Return to the road, driving slowly and carefully if you’re driving on a donutPracticing changing your tire a few times at home can make it much less stressful if and when you need to change one on the road.2. How to Deep Clean Your Car YourselfWhile automatic car washes are handy and typically fairly affordable, deep cleaning and detailing your car can get expensive and time consuming. Knowing how to keep your car clean and how to handle stains and wear and tear on the inside and outside can improve your driving experience. After all, according to AAA, American drivers spent an average of 60.2 minutes behind the wheel every day as of 2022. Making that space clean and comfortable can help that hour of driving feel less stressful.Plus, deep cleaning your car yourself can save you money, and some people find it meditative!Speaking of saving money…Here’s one more thing every car owner should know how to do: lower their car payment quickly and hassle-free with Auto Approve!Get a free quote to see how much you could save.3. How to Read A Paper MapOnce a ubiquitous skill, knowing how to read a paper map is less and less common with the rise of GPS and digital map apps for the phone and in-car systems. However, it’s important that drivers of all ages master this skill and keep it sharp to be safe. You never know when you could lose service or battery power. Having a map in your glovebox and knowing how to read can help save headaches should you land in a tough spot. The last thing you want in the case of a breakdown is to add not knowing where you are to an already stressful situation.And reading a map isn’t all – all drivers should have on hand and know how to read their vehicle’s manual. 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10 Sneaky, Simple Ways to Spend Less Money Every Day

Whether you’re saving up for a milestone purchase or just need to tighten up your budget, saving money is never a bad thing.But too often, when we think about ways to spend less, we think about major lifestyle changes. Unfortunately, studies suggest that if you feel like you’re depriving yourself, you may be more likely to slip and return to old spending habits. That’s why we’ve compiled this list of 10 easy ways to save money that don’t require sweeping changes. Of course, there are cases where small savings won’t be enough, but making money saving tricks like these a habit can help you keep your spending in check and put more in savings to weather financial emergencies throughout your life.Here Are 10 Easy Ways to Spend LessWhile not every option will work for everyone, with these tips you can save a few extra bucks for a nice dinner out this month – or hundreds or even thousands of dollars over the course of a year.1. Opt for lower cost optionsIf you want to save a little extra cash this month or curb your monthly spending, one of the easiest things you can do is switch to cheaper options wherever possible. This can be as small as switching tomato paste or pasta brands, where you might save only a few cents or dollars at a time, or bigger changes like opting for a less expensive restaurant for date night, thoughtfully selecting subscriptions to downgrade, or shopping at an outlet version of your favorite clothing store next time you need something. Comparison shopping to find the lowest price for something can even be thrilling when you find a great deal!While you might not notice small changes like these right away, that’s exactly why they’re so smart – over time, you’ll spend less on every purchase, without feeling like you’ve made a big change.2. Watch your spending closelyFor many people, a simple change that can make a difference is just spending more time paying attention to what they’re spending and where. That means logging into your bank account more often and looking at where your money is actually going. Most people can find areas to save money just by paying more attention.If you don’t already have a set budget, this is also a great opportunity to start creating categories and setting spending limits for how much you spend in a month. Basic budgeting is never a bad idea, and can make a huge difference if you’re struggling to save.3. Pick DIY over done-for-you where you canThis tip applies broadly – wherever you can save money by doing something yourself, do it! This can mean making your meals at home, bringing a water bottle instead of buying one, picking things up yourself instead of having them delivered, having a movie night in with popcorn and snacks instead of going to a theater, and so on.Incremental changes – like still getting takeaway, but ordering it in person instead of using an app – can save you money with minimal sacrifice. Small repetitive purchases we don’t spend time thinking about can be a huge money suck when added up.Of course, you might not be able to save up a home down payment by making your coffee at home, but being selective about every spending habit can help you splurge smarter.4. Lower your car costsOur favorite easy way to save money on autopilot? Refinancing your vehicle. Most people are paying more on their monthly car payment than they need to be, thanks to dealership markups. 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If your neighbor needs an extra blender for a party, you might lend her yours for the day, rather than her going out and buying one. If you have a child who’s outgrown their old clothes, you might find another mom whose child is just growing into that size to give the clothes to. This is something people do naturally anyway with those they know – neighborhood groups just expand the circle of people you can ask and give.Doing this can prevent old clothes and electronics from ending up in landfills and help everyone spend less over time.8. Revisit old favoritesSometimes, you don’t need something new – you just need to dig into the back of a closet. Rereading a book you loved in college, shining an old pair of shoes, depilling an old jacket, plugging the InstaPot back in, digging out a board game you used to love can all be a boost. And old clothes can be mixed and matched to look in style again with a little creativity. Most of us have something in the house we’ve never touched or loved once but haven’t thought about in a long time. Dusting off whatever that is for you and falling in love with it again is a great way to feel like you’re changing things up without spending a penny!9. Throw time at big purchasesDespite being at number nine, this is one of the most important items on this list. Many of the things we’ve talked about focus on small purchases. When it comes to big purchases, this is the top tip for financial experts everywhere. If you want something that will be a big purchase for your budget, do all the research you want, and then wait a month and see how you feel. If you still want it in a month – and it’s worth the cost to you, and you can afford it – then you can decide to move forward with the purchase. For expensive non-essentials, this buffer time can help you avoid unnecessary impulse purchases and help you put the cost in perspective relative to your work and other expenses. 10. Save with coupons and pointsLast but certainly not least, one of the easiest ways to save without lifting a finger is to pay attention to coupons and sales, and time necessary purchases to ensure you get the best deal on them. Loyalty programs, points, sales, coupons – making them part of your spending plans can pay off royally. Most grocery stores and pharmacies have loyalty programs, and of course there are often sales around certain holidays, but you can get even more granular, choosing coffee shops with punch cards or downloading the apps for your favorite chains.Use These 10 Tips For Saving Money To Simplify Spending Less We’ve all heard the old adage, “a penny saved is a penny earned.” Some of these tricks might seem small, but add them up and you’ll be saving a pretty penny in no time.Start now by finding out how much you can save on your auto loanWhen you refinance your vehicle with Auto Approve, you get personalized help to make sure you find the best deal for you. And once you choose your new loan, we do the paperwork for you, meaning you save not just money, but time too.Get your free quote now.

Your Ultimate Guide to Planning a Road Trip

Planning a road trip? This step-by-step road trip planner is here to help as you get ready to embark.Whether you’re hitting the road with your family or going for a solo adventure, road trips are an iconic summer experience. Planning a road trip, however, can be a bit daunting, and many people have trouble figuring out all of the details that will guarantee a successful vacation. That’s why we’ve created the ultimate guide to planning a road trip. From picking the best destination to budgeting accordingly, here’s everything you need to know to hit the road.Here’s your ultimate guide to planning the perfect road trip.Step One: Outline your trip.This might be the easiest – or hardest – decision to make. While you should have a destination in mind, it’s important to remember that the road trip is not about the destination. A road trip is about the experience of travelling, the joy of the open road, and the stops you make along the way. It can be helpful to pick a theme for your road trip. You may want to hit a bunch of national parks to see the views and enjoy the hikes, or go on a food tour of a certain area. Once you figure out what you want your road trip to entail, you will be able to focus more on the actual route and map. Ask yourself the following questions to define your trip:How long do you have?Are you planning on a three day road trip or a month long road trip? This will greatly affect what options are available to you.Is your car in good shape?Another important consideration is the car you plan on using. Is your car able to handle a road trip that is a significant distance, or should you keep your trip a bit closer to home?How long can you drive in one stretch?If you are driving alone, it’s important to remember that you cannot drive 24 hours a day. Consider how much time you truly feel comfortable driving before taking a break. Can you go three hours? Five hours? Eight hours? If you have another driver in the car you can trade off driving, but make sure you have a clear understanding of what each other’s limits are when it comes to sitting behind the wheel. And remember–road trips are about enjoying the whole trip, not just getting from point A to point B as fast as possible.Where’s your final destination?Once you know your road trip theme and the amount of time you have you will be able to determine your final destination. From there, you can map out an alternate route home so that you can hit different stops on your way home. Step Two: Determine your budget.Like everything in life, your road trip plan will depend heavily on your budget. Are you trying to do this for as little money as possible, or are you willing to spend some cash to enjoy all the trip has to offer? While driving is usually cheaper than flying (especially when there are multiple people involved) there are still several expenses to consider. Gas, accommodations, food, attractions – everything comes with a price tag that needs to be considered.Gas: Look at the average gas prices along the way to get a rough idea of how much money you will spend on gas.Accommodations: Think about where you want to sleep for the duration of your road trip. Are you sleeping in your RV or resting at a campground overnight? Would you prefer to stay at a motel or hotel instead? Factor in the cost per night that you will need to budget.Food: Eating out at restaurants adds up very quickly, especially if you are doing it three times per day. Consider how often you’d like to eat out and what other options you may have along the way. Are you able to cook at any of your accommodations? What snacks and quick meals can you bring along with you? Look at each day of your trip and determine how much you will spend per day on food.Attractions: There are bound to be attractions along the way that will have entrance fees and other miscellaneous costs. Consider this as you map out your route, knowing that all of the attractions may not fit into your budget.Step Three: Map it all out.Once you have the bones of your trip figured out (the timeline, the final destination, the theme, and the budget) you can get down to the real heart of the road trip – the map. There are several ways to create the perfect road trip map for yourself. Of course, you can go old school and plan your map with a paper and pen, looking at a map and figuring out what towns and sights you’d like to see. But if you want to make your life a little easier, there are several apps such as Roadtrippers and Wanderlog that can help you create the perfect road trip. You can even create a road trip map on Google Maps, which may be more intuitive for some travelers. All of these apps can help you plan what attractions, accommodations, and routes you should use. And when you use them during your trip, they can provide live traffic updates and help keep your trip on schedule. Want to know the easiest way to save money for your road trip? Refinance your loan with Auto Approve!Refinancing your loan with Auto Approve can save you hundreds (if not thousands) – it might even fund your summer road trip!Get a free quote to see how much you could save.Step Four: Get organized and make your reservations.While road trips can provide some much-needed spontaneity, it is important to have your ducks in a row as much as possible. Imagine planning a route out only to find that the hotel you were planning on using is sold out for the night. Making a timeline for each day and booking your reservations ahead of time will help ensure your road trip stays on track for your timeline and your budget.Step Five: Prepare your car.It’s not every day that we ask our car to endure such a trip, so it’s important to make sure your car is up to the task. Be sure to check the following before heading out (or take your car to be inspected by a professional):Check that all fluids are topped off. This includes transmission fluid, coolant, power steering fluid, and wiper fluid. Change your oil and oil filter.Inspect your tires. Do they maintain proper pressure and have good tread? Check that the brakes are working well. Inspect the brake pads and rotators and replace as needed.Inspect the lights and ensure that they are all working properly.Change the wiper blades if they are not working perfectly.It’s also a good idea to start with a car that is clean inside and out. It will help keep you organized during the long drive and create a more peaceful environment. Give your car a good wash and vacuum and have a plan for collecting garbage while on the road. Our recommendation? Keeping a small garbage bag in the car is always a good idea!Step Six: Pack everything up.One of the many advantages of road tripping is that you can take anything and everything you might need – as long as it fits in your car. Since you’ll be on the road for so long, there are some unique things that you should consider bringing along, especially if you’re traveling with kids. In addition to the regular packing you’d do for a trip (clothes, toiletries, etc), consider packing up the following:Road trip essentials for youDriver’s license, insurance, and registrationExtra key for the carCar manualEmergency cashFirst aid kitAntibacterial wipesRoad map (in case you are unable to use your phone for some reason)Snacks – loads and loads of snacks!Reusable water bottleCell phone mountCell phone chargerHand sanitizerGallon of water, soap, and paper towels (for when you really need to wash your hands)SunglassesUmbrellaExtra blanketsCoolerFolding camp chairsSunscreenBug sprayPen, pencil, and a notebookTrash bags for the carRoad trip essentials for kidsSnacks (yes, even more snacks)Travel gamesHeadphones TabletColoring booksBooksToys, such as sticker books, Water Wow Books, travel play mats, and fidget toys (note: avoid packing a ton of toys – instead, try to select two or three to rotate through)Road trip essentials for the carSpare tireCar jackJumper cablesTire pressure gaugeFlaresTool kitWiper fluidGlovesFlashlightTire patch kitIf in doubt, check out our guide to putting together an emergency kit for your car.Step Seven: Enjoy the ride!When your car is packed and your map is loaded up and ready to go, you can finally enjoy your trip. Drive safely and be sure to take breaks when you feel tired or distracted. Engage in conversation or games if you have passengers, or crank up the music if you are driving solo. Whatever you do, enjoy the drive as well as the destination.That’s everything you need to know to plan a road trip.A successful road trip needs a good route, a thoughtful packing list, and a budget that can make your dream trip a reality. And if your budget has you feeling stuck at home, Auto Approve may be able to help. Discover how much you can save by refinancing your car loan with Auto Approve today!Get your free quote now.
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