Americans ‘ lives are changing daily thanks to inflation, specifically for middle-class families. Fast Company recently published a report discussing the ever-increasing prices for housing, food and childcare. “A family making $100,000 a year can have trouble making ends meet.” Those are harrowing words for many people to read.
Aligning with that report is a National True Cost of Living Coalition release. They report 65% of Americans consider themselves “middle class.” That is a family of four earning 200% above federal poverty level standards–$62,300 annually. And the majority of them are “facing financial hardships.”
That stark reality of paychecks not lasting as long as they did before inflation, COVID, and supply chain issues is causing middle-class households to reconsider what they buy at the mall, for home improvements, or even at the grocery store.
Yahoo! Finance and Go Banking Rates gathered a few national experts on personal finances to discuss “everyday splurges” several middle-class Americans have difficulty affording today. These are many items that can easily be taken for granted, such as coffee, name-brand items, and going to the movies.
Chief Financial Wellness Advisor Dr. Erika Rasure spoke about many of those name-brand items we see on the grocery shelves.
“Anything that has an excellent generic swap is a good choice,” Rasure said. “This isn’t true for every product or grocery item, but it can often work. Store brands taste good or perform well frequently. If there are items upon which you won’t compromise, wait for a sale or coupon to buy the name-brand.”
Have you made that change in your budget? Do you shop somewhere else to afford more? We encourage you to bookmark this article and read more about what these financial experts think middle-class households aren’t buying as much any longer.