DAYTON — One in three Americans says they are making financial decisions every day; that’s according to a new study by KeyBank. And it highlights the financial pressures so many are facing from high prices.
News Center 7’s Consumer Reporter Xavier Hershovitz talked to financial experts who say making the right decisions can set you up for success.
From housing to groceries and now gas prices, it seems like the price of everything is going up.
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Ion Dogoter of Montgomery County said, “Insurance increase, price for food, for everything, for tires, for oil change, like we pay for everything.”
Stacy Radabaugh, who is the Midwest Regional Retail Leader for KeyBank, said, “Times are tough. Costs are higher, but what we’re encouraged by is people taking that proactive step forward.”
A KeyBank study found that 88 percent of people have made at least one meaningful change to their financial behavior. The most common is to cancel subscriptions, drawing from emergency savings, and either consider moving or have moved.
“They’re not panicking. They’re making choices, and adjusting how they spend, save, and plan, rather than waiting for things to settle down,” Radabaugh said.
A trend they’re seeing is the shift from reactive budgeting to proactive planning.
“Reactive budgeting is taking a look at the end of the month to see what you have left, where you’re at, versus a proactive plan to really think about how we’re going to spend our money? What are our priorities? What can wait?” Radabaugh said.
Radabaugh says to go into your bank and set up a time with a banker who can help you create a financial plan, specific to your goals.
“The bank can help them take a look at things like budgeting, take a look at lending, take a look at savings, and make sure that they’ve got a plan that will help them get where they need to go,” Radabaugh said.
It’s all about taking action and making a plan to set yourselves up for success.
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