Can't "out-budget" inflation? Here are things you can do

Inflation is a nightmare for the many Americans who already stretch their dollars to cover basic needs. What happens when those dollars lose value?

They have to make difficult trade-offs, beyond cutting streaming subscriptions or purchasing cheaper, store-brand groceries. Instead, Americans coping with high inflation may now be have to choose between buying enough food and paying rent.

The families hit hardest by inflation typically have little in savings and few back up resources. Their limited financial means can be rooted in historical inequality, said Phuong Luong, a Massachusetts-based certified financial planner and founder of financial education firm Just Wealth. When inflation causes everything to become more expensive, for families of limited means, basic necessities can become unaffordable.