High inflation is stressing people into feeling financially insecure and they say they need to earn $233,000 a year on average to feel comfortable, a Bankrate survey found.
From groceries to cars to mortgages, just about everything is costing more, and that has a whopping 72 percent of people feeling financially insecure, a survey for Bankrate found.– From groceries to cars to mortgages, just about everything is costing more, and that has a whopping 72 percent of people feeling financially insecure, a survey for Bankrate found.
To boost financial security, Foster says to start by not worrying about what you can’t control, like interest rates. Instead, focus on the things you can control, like your habits. Also, set small goals because small steps will still get you on your journey. “Our best advice is really making sure you’re taking some steps at all,” she said. “It doesn’t matter how much money you put into retirement or your emergency fund; what really matters most is you are taking steps and building that habit.”Moving your savings to a high-yield savings account can add up and preserve buying power.“Think carefully about your budget,” Foster said. “Go line by line about what you are purchasing and see if cheaper alternatives are there.
“What I would suggest maybe is saving for fun as much as emergencies even if it’s only ten, 20, 50 dollars a month toward it,” she said.As a consumer reporter, Marilyn is all about helping people stay safe and save a buck. Since coming to KSAT in 1985, she’s covered everything from crime to politics, winning awards for her coverage of the Mexican Mafia, Oklahoma tornadoes, children’s transplants, an investigation into voting irregularities and even a hit-and-run Santa Claus.
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