HONOLULU (KHON2) — Prices are rising and they are not expected to drop anytime soon.
Inflation is top-of-mind for many in the Islands as the cost of goods hinges on being able to ship the items across the Pacific Ocean.
Ricing prices of gas, bills and groceries are some of the issues facing folks in Hawaii. The founder of Milestone Wealth Management told KHON2 that many of his clients are asking, ‘When will prices stop rising?’
“I wish I had a crystal ball and could give them that answer,” Milestone Wealth Management founder Caine Nakata said, “but realistically, we will probably have rising prices for the next year or so.”
Nakata says shopping for “needs over wants” comes first when it comes to budgeting.
“When we talk about needs, it’s your basic necessities, right? It starts with food, clothing, housing,” he said.
“But what people got to realize is the average person wastes about $10 a day.”
Caine Nakata, Milestone Wealth Management founder
Nakata said the wasteful spending often comes from small purchases, like a daily cup of coffee or an extra soda after a meal.
“But it’s also other things, right? I mean, people get their nails done or detail their vehicles,” he said.
Nakata said buying items in small quantities might seem inexpensive, but it does add up when the spender is on a budget.
“Partner up with a neighbor and buy in bulk, things of that nature to just, you know. What people think is 25 cents, but 25 cents many times over, it ends up to be quite a lot of money,” he said.
One local nutritionist told KHON2 that switching to one day per week with beans as the main source of protein is a great way to save.
“A can of beans is maybe like $1, $2. It’s so inexpensive, you pair that with some rice and some vegetables, you have a balanced meal,” registered dietitian Jenna Corsi said.
Prices at the pump are also on the minds of many; Nakata said they are closely tied to the prices of other goods.
“When you look at gas prices, those fuel prices impact everything, especially we’re out here on an island,” he said. “Our ability to get things here comes across the ocean. And especially with this fuel costs, it’s just drastically increasing the cost of all goods.”
One expert said reconsidering your driving habits — and frequency — can help.
“If it’s serious enough and if you have a significant limited constraint on your budget, you can find out substitutes to driving,” said Jack Suyderhoud, University of Hawaii at Manoa Professor Emeritus of Business Economics.
“Or you try to combine errands so that you’re using the car less and that sort of thing,” Suyderhoud said.
