As Q3 economic data continues to roll in, consumers in every income bracket are quickly changing their saving and spending habits in an attempt to offset the toll of historically high inflation. The latest Q3 figures for the all-important measure of upward price velocity stand at 9.1%, which is sending homeowners, workers, and retired adults scrambling to cover their financial assets in any way possible. Both spending and savings habits are being transformed as a result of rapidly rising prices and a generally unstable domestic economy.
Many are discovering that some of the most effective ways to battle the situation include refinancing old student loans to have a payoff in sight, finding extra cash by selling off unneeded assets like second cars, taking on second jobs, using coupons for grocery and household purchases, downsizing their living space, driving fewer miles, and reworking monthly budgets. New labor rate and price data will be available from government sources later in 2022, soon after the holiday shopping season closes. If those numbers reveal a worsening fiscal situation, it’s likely that consumers will continue to operate in emergency mode as the year comes to a close.
By the end of Q1 in 2023, it will be clear whether the current recession is a transitory phenomenon or a more long-lasting one. Working adults who still carry education debt on their monthly balance sheets are discovering the power of refinancing. Amid the hectic, volatile financial atmosphere of 2022, a student loan refinance agreement has the potential to free up funds in personal monthly budgets.
By opting for a brand-new loan, borrowers can gain access to better terms, rates, and repayment periods. As across-the-board prices continue to rise well past the official 9.1% inflation rate, working people with student loans can offset at least part of the sting of rising prices by realigning their student loan obligations to potentially saving hundreds per month. Coupon apps are in high demand, and companies that offer easy-to-use products and fast, free downloads are experiencing massive increases in website visitor traffic.
The latest variations in shopping apps for Q3 include simple interfaces, thousands of everyday grocery item discounts, and in-app features that allow users to earn cash rewards on promoted products. The used car market has never been hotter than it is right now, during the final months of 2022. While more and more working people are choosing not to purchase new vehicles, prices for used ones are soaring.
That is one of the reasons that so many cash-strapped consumers are deciding to sell their unneeded second cars alongside other assets like home appliances, tech devices, and furniture. There has been a recent uptick in the average number of work hours per person in both US and other developed nations. Inflationary forces are largely responsible for otherwise busy adults taking on extra hours at their current jobs, opening small businesses on the side, and searching for micro-jobs online, like tutoring and website testing.
Developing additional income streams has always been a go-to tactic for money-starved workers who face price rises in almost every category of goods and services. This year’s financial pressures have included uniquely pressing concerns for homeowners, apartment dwellers, and people in every income bracket. As the price of new homes rises at historically rapid rates, many owners are opting to downsize in order to cut immediate expenses and create a more efficient lifestyle.
Smaller homes cost less to maintain, come with lower utility bills, and can be ideal for older couples who no longer need a large space. The upshot of the poor economy is a rise in demand for condominiums and townhomes. Likewise, demand for motorhomes and manufactured houses is higher than ever.
Working people across the income spectrum are learning the value of careful budgeting. Some are hiring experts like CPAs (certified public accountants) and financial planners to help them construct realistic household budgets, eliminate excess expenses, and boost investment returns. The latest round of government accounting data, with its nearly double-digit inflation numbers, has spurred interest in precise family budgeting techniques. Homeowners and renters are doing whatever they can to add income via additional investing or taking on new jobs.