What does the state of finances look like for most Americans today? To find out, the Ramsey Solutions team polled over 1,000 Americans about their own financial health and how they view the financial health of the country. While Americans are struggling with things such as inflation and debt, there are some learnings we can glean from these struggles — and every challenge has a solution.
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Here are some of the key takeaways from Ramsey’s latest report.
According to the report, most Americans (52%) believe the president has a major impact on their personal finances. This belief is held pretty evenly by both men and women (54% and 50%). However, conservatives are more likely than liberals to believe in the president’s impact on their finances (67% versus 52%).
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While Dave Ramsey publicly endorsed now-President-elect Donald Trump, he has noted that the president doesn’t directly impact personal finances as much as many Americans believe. When discussing whether Trump or Vice President Kamala Harris would be better for individuals’ finances, Ramsey said that “neither one of these people are going to be your savior.”
“You’re going to have to look in the mirror and change your life,” he said while appearing on “Cavuto Coast to Coast.” “What happens at your house is a whole lot more important than what happens in the White House.”
The survey found that 78% of Americans are worried about the strength of the U.S. economy, with the top economic concern being inflation — 64% of Americans are “extremely” or “very concerned” about rising prices.
While inflation may be out of your hands, there are things you can do to save money amid high prices. The Ramsey Solutions team offered the following strategies:
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Prioritize needs over wants at the grocery store.
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Shop at inexpensive grocery stores.
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Use an app like GasBuddy or Waze to find cheap gas near you.
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Adjust your thermostat and be mindful of appliance usage to save on utilities.
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Consider moving to an area with lower living costs.
Due to rising prices, a challenging job market and other factors, many Americans are taking on more debt. According to the report, more than one-third of Americans (36%) said their debt load had increased in the past three months. Another one-third (34%) are now carrying more than $10,000 in consumer debt. This held true for different income groups, with a range of 31% to 35% of Americans at different income levels having five-figure debt or greater.
