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The Rising Cost of Living and Its Impact on the Middle-Class

By: Brittany Engelmann-- 2016-11-11 7:00 am --

The cost of living has been steadily rising in many U.S. cities, which has been impacting many middle-class families. Add to that, stagnating wages have made it harder for families of today to make ends meet. According to Business Wire, about 47 percent of Americans report feeling very concerned that the rising cost of living could pose a serious impediment to their retirement plans.

As the Cost of Living Rises, Wages Stagnate

The unfortunate reality for many middle-class families is that, even as the cost of living is rising in their area, their wages simply aren’t keeping up. The same Business Wire survey found that 50 percent of respondents reported not receiving an annual raise in their working years, resulting in many middle-class families struggling to survive on a fixed income. Many workers worry that inflation will deeply impact their retirement plans, requiring them to work much longer than initially anticipated.

What Can Families Do to Stay Ahead Financially?

Workers have no control over the economy and limited control over their income. So, what’s a middle-class family to do when the cost of living is rising faster than their wages can keep up? According to many expert financial planners, the key rests in how you spend your money, as well as how you invest it.

Invest Your Money Wisely and Get an Early Start

Millennials report being particularly concerned about their financial futures, due to the prevalence of low-paying work available to the younger generation. Yet, millennials are also at the perfect age in their lives to embark on their investment plans to ensure they’ll have a healthy retirement set up, even if wages continue to stagnate. Millennials will be best off by seeking a job that offers good benefits and a 401k plan, so they can begin steadily saving for retirement in a safe and reliable manner.

Look at How You Spend Your Money

One of the best ways to stay ahead in this economy is by carefully tracking your spending, remaining within an established budget, and scaling back wherever practical. For middle-class families, buying in bulk is a critical factor in saving both money and time, enabling you to stock up on the supplies you need, while accessing the lowest bulk rates. Buying in bulk has increased in popularity as the cost of living rises, and many shoppers report doing it out of convenience as much as out of cost-savings. In fact, according to a survey conducted by Acosta Marketing Group, 60 percent of respondents claim to stock up on items even when they aren’t on sale, simply so they’ll make fewer trips to the store.

By purchasing bulk goods online, you can further the benefit, as it provides ultimate convenience and cost-savings, allowing your packages to be delivered right to your front door. At DollarDays, we sell all of the household products and supplies that families need at low wholesale prices. With the convenience of online shopping, you can conquer your to-do list in minutes without even stepping outside, while minimizing your spending and having more change leftover to save. Visit our website today and start browsing.