It’s just about grilling season, ladies and gentlemen. ♨️ Time to fire up the coals and start cooking up those glizzies. 🌭 That’s what hot dogs are called now, in case you missed the memo. 💁🏻♀️📄
While we’re on the topic of grilling, a handful of recent surveys grilled middle America for their thoughts on the economy. 💭
Here’s Five Fast Facts on how middle income Americans feel about their finances:
- 😎 High On Life - New data shows that consumer confidence hit a record high of 79.4 in March. That’s the highest it’s been since July of 2021. The increase points towards consumers’ optimism about inflation softening, prices becoming lower, and an ease on the cost of basic living expenses.
- 👛 Pinching Pennies - On the flip side, Americans had to suck it up big time to survive these past tough years. Many reported big budget cuts. In a recent survey, 67% of folks said they gave up vacations, buying vehicles, and making home repairs.
- 🏘️ All the Way Home - Mortgage rates and home prices are literally through the roof (love a slam dunk pun). Roughly 20% of Americans spend about 30% of their paychecks on home loan payments. An estimated 10% spend over half of their pay on their mortgage.
- 😈 Devil’s in the Details - This year, we have yet to see the average 30-year fixed-rate mortgage dip below 6.6%. Data shows home prices are around 6% higher than they were this time last year. That’s a lot of 6’s…thank goodness we’re not superstitious…
- 💰 Bang for Your Buck - Data also shows that the average American might be missing out when it comes to savings. Although 74% of folks believe they’re on a solid financial path, 56% are earning less than 3% interest. Right now, many high-yield savings accounts are well above 5%.
🔥Bottom line: You know what, champ? You work too hard to miss out on a relaxing night of grilled meats and tasty treats. Crack open a cold one and turn up the tunes. Oh, and send us the address. We’ll bring some moonshine. Click here if you *really* wanna know how much you pay in taxes over a lifetime (buzzkill warning).
How are you feeling about your finances these days?
Let us know by connecting with us on Facebook and Instagram! Also, remember to share this newsletter with your friends & coworkers!
Btw, If you’ve read this far and haven’t yet signed up for the weekly Paycheckology newsletter, CLICK HERE!
