Buffalo, N.Y. (WBEN) - Gas prices have jumped 48 cents across the United States over the last week as the result of fighting that continues in the Middle East.
Here in the Buffalo-Niagara region, prices at the pump have risen 34 cents since last Monday, averaging about $3.40 per-gallon, according to AAA.
However, Jill Schlesinger from "Jill on Money" says that's not the only increase that Americans could be seeing on your every day goods.
"I don't know how long this is going to last. None of us knows that. But while it lasts, I think that you should be prepared to just pay higher prices. I don't know how to sugarcoat that," said Schlesinger during her weekly Monday appearance on WBEN. "Groceries, you have to get groceries from one place to another. We also get most of our fertilizer from the Middle East, so that could actually impact the farmers out there. So all-in-all, I think it's probably wise to just count on some short-term - I say short term, I don't know what that's going to mean - but I think it is going to be a short-term period of time where we're going to have higher prices."
On top of groceries, Schlesinger believes air fares will also be on the docket for an increase in the coming weeks.
During this period of volatility, Schlesinger recommends it's always good to go back to the basics.
"'Do I have an emergency reserve? Do I need to write a check for a tuition? Am I buying a car?' Whatever that is like, get that money out of anything risky, Schlesinger said with Brian Mazurowski and Susan Rose. "But also, to just be very clear, control what you can control. Is that emergency reserve fund beefed up? Are you paying down your debt? Are you actually keeping the money flowing into your retirement account? One of the partial success stories of being an investor is putting that money in even when things look kind of sour. So just try to stay long-term in your focus. And when it comes to the short-term, just control what you can control. Everything else is going to be noise."
While Schlesinger acknowledges the increases of certain goods will put a strain on many Americans, she says it doesn't do anyone any good to panic.
"One of the things my mother always says to me, 'Don't tell me not to panic,' because she hates when I say that. But what I'm really saying is, 'Don't take any action,'" she added. "You're going to feel anxiety, I get it. We all feel anxiety when stuff's happening in the world and in the markets, and in our face when it comes to our spending - gas prices, food prices. But what you can take away from this is, 'There's only so much I can control.'
"The worrying about it will not be anything that will help you, but managing the things you can manage. 'Hey, I'm going to keep a little extra money in my savings account. Hey, I'm going to go file those taxes, because I'm due a refund. I need that money now.' These are things you can do right now."