19: Cost of Living (National Averages & Differences)

Finance With Kids

In this episode, we’re going to talk about the cost of living. Do you know what it means when someone says the cost of living is high? It means that things like food, clothes and housing cost more money than they used to. So, why does that happen? One reason is inflation. Inflation is when the prices of things go up over time. This happens because the amount of money in the world keeps growing, but there are still only so many resources to go around. When there’s more money chasing the same resources, prices go up. Another reason the cost of living can go up is because of supply and demand. If lots of people want something, but there isn’t very much of it, like a toy that’s hard to find or a house in a popular neighborhood, then the price will be higher. It’s important to understand the cost of living because it affects how much money your family needs to earn to live comfortably. When the cost of living goes up, it can be harder for families to afford the things they need. But don’t worry! There are things you can do to help make sure you’re prepared for the cost of living. You can learn how to save money, budget wisely, and choose a job that pays well. In this episode we’ll discuss these things further and bring you up to speed about the concept of cost of living.
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