InvestigateTV - Around 75% of Americans do not feel confident about their finances in 2023, a new survey by NerdWallet found.
The survey also found that over half of Americans feel worried by the current state of the U.S. economy, while 44% described feeling “stressed out.”
“Because of all of that uncertainty about the economy, inflation, rising interest rates, it means that people are experiencing a lot of stress and strain,” Kim Palmer, a personal finance expert with NerdWallet, said. “And that means that it’s a really good time to take a really close look at your budget.”
For those looking to trim their spending, Palmer recommended to examine what you spent money on over the last year and identify areas where you can cut back. She also said you should set financial goals for the year and put reminders in your phone to check on them in a few months.
“We can’t control things like inflation, but we can set goals and also take other steps like take some time before you make any big purchases to really comparison shop, think through how much house can actually afford? How long will it take me to pay off debt,” Palmer said. “At NerdWallet we have a ton of resources and calculators to help you kind of run through all of those numbers.”
Palmer said comparison shopping takes effort but putting that time in can save you hundreds of dollars a year. She recommended to start with your car insurance. Instead of just letting it roll over each year, Palmer said to look online or call around and get new quotes.
She also recommended to make a plan to tackle your high interest debt like credit cards.
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