COVID-19 has people feeling budgetary pinches
People on the street have been feeling the pinch for some time. The results of a nationally representative survey conducted by Consumer Reports in October of more than 2,000 adults in the United States revealed that 92% of respondents had noticed higher gas prices while shopping. More than six out of ten reports that the increases were “substantial.” More than 80% of people who buy food believe that prices have increased, with 53% claiming “significant” increases in price. For shoppers, higher prices necessitate more planning. In some cases, it requires a complete redesign of their financial situation. This may mean finding ways of bringing in more money and looking at new lines of credit. In this scenario, it is imperative to compare credit. According to Douglas Boneparth, a certified financial planner and the president of Bone Fide Wealth in New York City, “keeping a cash reserve can be beneficial if larger bills or unexpected expenses come in.” When navigating any financial scenario, keeping track of your cash flow is quite beneficial.