Inflation is currently increasing faster than the average wages of American workers. K-State Research and Extension Family Resource Management Specialist Elizabeth Kiss says as a result the average household will pay more to purchase the same things they bought a year ago.

Kiss says the current economy provides an opportunity to think about values and goals and to set some priorities for how money is spent. Kiss says as price increases continue to outpace wages, it may be difficult to meet financial obligations. If that occurs, she says it may be time to make some lifestyle changes whether it's for one season or for the year.