SPRINGFIELD, Mo. (KY3) — Rising inflation has many people panicking and some need to save more money than they previously thought.
Financial adviser, Stephen Evans of Evans Wealth Planning in Springfield, said money was tight for everyone these days.
“You have these payments; interest is high. I mean, it’s just that it’s awkward,” Evan said. “It’s like sucking the soul.”
Evans said the heavy use of credit cards could hurt the mentality of how much you really have.
“With spending money, it’s so easy because you don’t feel it,” Evans said. “You just swiped these cards, and you don’t really think about it, you don’t really think about it, it’s like, oh, I spent $20, but you don’t look at your account, how many money I have.”
Consumer Credit Counseling Director Holly Wilson says turning to a payday loan company can be easy, but it could cost you.
“They’re falling into a trap,” Wilson said.
Wilson said payday or paycheck loans keep you in a cycle of always borrowing money and then being stuck with high interest rates.
Wilson also said more people are sticking to a budget and buying only basic necessities.
“Everyone has seen the cost of their groceries go up, and that’s becoming a problem,” Wilson said.
Wilson and Evans cannot stress enough the importance of a weekly budget over a monthly budget.
“If you didn’t realize it, you were spending $400 a month on groceries, and now you’re spending $600 a month. That $200 is a lot of money and it’s the same with gasoline,” Evans said. “If you’re spending a lot more and you’re not looking at that money, and you still want to do the same things that you wanted to do before, well, that’s going to start putting you into debt.”
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