Hey Joe - is inflation the reason we can't save enough anymore?

Keep a dollar in your pocket for a month. At the end of the month it'll be worth 97 cents...

Over time, inflation can reduce the value of your savings, because prices typically go up in the future. This is most noticeable with cash. If you keep $10,000 under your bed, that money may not be able to buy as much 20 years into the future. While you haven't actually lost money, you end up with a smaller net worth because inflation eats into your purchasing power.

When you keep your money in the bank, you may earn interest, which balances out some of the effects of inflation. When inflation is high, banks typically pay higher interest rates. But once again, your savings may not grow fast enough to completely offset the inflation loss. 

When inflation rises, your purchasing power goes down. If inflation outpaces the interest you earn on your bank account, it will feel like losing money. Your balance might be increasing, but not enough to keep up with higher prices.

When you are able to save money for the future, you hope it will be able to buy at least as much as it buys today, but that’s not always the case.  

During periods of high inflation like we are experiences right now, it’s reasonable to assume that things will be more expensive next year than they are today—so there’s an incentive to spend your money now instead of saving it. The problem is, with rising cost of everything from food to fuel to clothing and all of the other day-to-day necessities, there's very little left to add to your nest egg.

In the end, you just don't have the money to burn like you used to. 

I wish I had a solution for you, but we can only hope that shit 

starts to look better in November. Keep your fingers crossed...

...