As we dust off our margarita glasses + shop for new flip flops, the breadcrumbs left behind by the global pandemic are all around us. I want to share these 3 Weird + Wacky ways our money is being impacted today.
#1: Used car prices are up over 30% as compared to last year. Why?
-Stimulus checks + low interest rates + going back to in-person working 👉🏽pushed upgrading a vehicle to the top of many lists.
-Disruptions to supply chains and chip manufactures due to Covid-19 have just about halted new car production.
Keep in mind, if you're looking to upgrade your car, you may want to hold off until prices normalize. On the other hand, if you have a car in good shape but lost your daily commute because of permanent remote working 👉🏽you may not find a better time to sell your car!
#2: Turn key homes are selling for a HUGE premium. Why?
-Construction costs (labor + materials) are higher than ever. Lumber + steel costs have shot up as much as 50% throughout the country. This is causing home upgrades + renovation quotes to jump up putting it out of some home owner's budget.
-Turn key homes are selling well above their appraised value which is NOT the norm!
#3: Inflation is here although we hope it's temporary. Why?
-Labor shortages + production declines has led to a spike in what you spend at the grocery store. Meat and veggies are coming with an unusual price tag.
-Restaurants of course have to pass this cost onto you + increases in minimum wage making your dinning out experience higher than last year.
A great way to continue reaching your financial goals is to automatically save. As prices fluctuate, if you are consistently saving you can navigate the spending waters with ease!