More Americans Are Dipping Into Their Savings To Get By

More Americans are feeling anxious about making ends meet compared to a year ago. In fact, many say they are dipping into their savings to cover their expenses. In order to find out the nation’s overall mood when it comes to the cost of living, Compare The Market conducted a survey.

This company surveyed 1,000 people to determine the true impact of the cost of living on Americans. Unfortunately, but not surprisingly, close to 80% of us feel the cost of living has increased over the past twelve months. Over 20% of those surveyed admitted they are dipping into their savings to cover bills. In addition, nearly 40% say they can’t save as much money as they used to.

Which household costs are Americans most concerned about? First, it’s groceries. Almost half (46%) are feeling the biggest pinch at the supermarket checkout counter. Second, it’s the power bill. Four in ten said this was their biggest cost of living concern. Third, gas prices, with 39% losing sleep at night while worrying about filling the tank. Car insurance (28%) and healthcare costs (23%) rounded out the top five.

Not surprisingly, many Americans admit that most of their debt is tied up in credit card bills. Over half of those responding say they use their credit cards to cover rising household costs. Meanwhile, other sources of debt in American households include car loans (27%), personal loans (16%), and buy now pay later accounts (13%).

As has been noted, the survey found that American households are finding it tougher to put money away for a rainy day. However, one in three respondents say they mainly invest in managed funds when possible.

How about budgeting? Despite the fact that most of us are finding it harder to make ends meet, most households do not stick to a budget. Almost one in three surveyed (30%) say they don’t even have a household budget. Furthermore, 46% of those surveyed said they set a budget, but they don’t stick to it.

Where do Americans turn for financial advice? About one-third go to social media for financial advice. Yikes! Good luck with that financial plan. Another third or so talk with family members and close friends for money strategies. Additionally, 15% turn to podcasts.

With this in mind, it begs the question: As a nation, are we doing enough to educate our citizens about money, budgeting, and finances?

With inflation hitting everyone, especially at the store, here are some money saving meals you can take advantage of at the grocery store. Now these might be money saving meals we loved as a kid, but now enjoy as adults.

According to a recent survey put out by Reddit, some might refer to these as their favorite "poverty meals". However, when it comes to saving money, we can all agree they are meals we can all like! One of the biggies on the list, but did NOT make the Top 5 is Hamburger Helper! As a kid, we loved Hamburger Helper, so it makes sense that as an adult we might think about using it to save when we can.

Another childhood favorite was a simple Cheese quesadilla. "Total cost to make one would be about 40 cents." Talk about money saving! You add a bit of chicken or beef and you have a treat! One more that might bring back some great memories, Kraft Mac & Cheese! Hey, you add some hot dogs to it and you're talking gourmet...of course, who can afford hot dogs right?

Not high on the list, but doable, it's Lasagna! Sure, why not. Make enough of it and freeze the rest, you are talking about for entire month! Again, keep in mind that everything tastes good in small doses, but if you're trying to save money, you do what you have to do!

Keep in mind that you probably couldn't eat all this day after day, but when it comes to cutting cost, every little bit helps. Just go back in time when life was easy and everything your mom made tasted great. The meals might have been pretty simple to make, but times being what they are now, may it's time to go back! So what are the Top 5 Money Saving Meals? Scroll down further to see the list...and enjoy!

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One of the money saving meals that cracked the Top 5 List was Lentil Rice Casserole. Seems easy enough to make and doesn't cost an arm and a leg to make...that's why it makea the Top 5!

Is there anything better than a grilled cheese sandwich and a warm bowl of tomato soup on a slightly chilly day in Las Vegas? Didn't think so! Cheap to make and it always tastes good...that's why it's #4 on the list!

This is probably the one meal we can all agree on. Easy to make, fun to eat and very cheap! To spice things up, go ahead and chop up some hot dogs to add to the mix...one reason why this money saving meal ends up at #3 on the list!

It seems that any "noodle" dish is going to be cheap to make and Maruchan Ramen is no different. Again, easy to make, fun to eat and you can add anything to it to spice it up a bit. All good reasons as to why it ended up #2 on the list!

Didn't we just say that anything "noodles" is going to be on the list? Well, there's a reason as to why Instant Noodles made it to #1...cheap and easy! That's why when you need to cut corners and save a couple of bucks at the grocery store, this is what you might want to stock up on. The main reason Instant Noodles is #1 on the list of Money Saving Meals at the Grocery Store!

Larry Martino is the long-time afternoon drive personality on 96.3 KKLZ. The views and opinions expressed in this blog are those of Larry Martino and not necessarily those of Beasley Media Group, LLC.

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