Emergency Savings Impacted by Higher Inflation

CNBC is reporting that with inflation on the rise to 40 year levels, consumers are feeling the pinch and starting to reduce the amount of their emergency savings. This makes sense as day-to-day expenses rise with inflation, something has to get cut. It’s looking more and more like “discretionary expenses” like cable, and travel are taking the hit, as well as contributions to emergency savings.

I’ve always preached that everyone should have an emergency savings fund for unforeseen expenses, but when you have to choose between and contributing to your savings or paying your rent, obviously, the rent/food/gas/utilities come first.

If you find yourself having to cut other expenses in order to afford food or rent, or utilities, maybe it’s time to explore your options.

Contact us today to see if bankruptcy is one of your options to get a fresh start in these unprecedented and uncertain times.

You’ll be glad you did!