SIOUX FALLS, SD (KELO) — Many people start the new year with hope and optimism in many areas of life – but when it comes to finances and economics, that optimism is also balanced with some realism and many unknowns.
Find out how people are feeling about their finances as the new year begins in today's edition of Your Money Matters.
“How do you assess the economic situation at the beginning of the new year?”
That's the question KELOLAND News asked many people walking on Phillips Avenue in downtown Sioux Falls this week.
“I think there are probably a lot of areas where it's easy to judge things negatively,” Nick Winkler said.
We heard many challenges and financial concerns from several people we spoke with.
“I think everything has really gone up in price, things are overpriced and really expensive,” Corina Clark said. “Things like rent have become so outrageous and I just don’t know how these families manage.
“Last year was tough, I don't know what will happen next with inflation and the cost of everything. I just hope the prices come down, we all need that,” said Chris Lucas.
This is a consensus we've heard from everyone who shops downtown, but we also met with a Winner farmer who is seeing the same growth in his industry.
“Your inputs go up, your fuel gets more expensive, your fertilizer gets more expensive, your seeds get more expensive, taxes, everything goes up. But the prices of our raw materials have not increased as a result,” said Rusty Blare.
This means that many New Year's resolutions this year are very similar when it comes to finances.
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“Just trying to watch our expenses since everything is so expensive and try to budget more,” Clark said.
“I’ve gotten a lot better at saving money,” Lucas said.
“Just save more, just keep accumulating money in the savings account,” Winkler said.
There is a plan to save more in 2024 as there remains a general sense of uncertainty about the financial future this year.
“Well, I'm confident, it's hard to say what's going to happen,” Clark said.
“We have an election coming up and that will always be a hindrance to us no matter what happens,” Blare said.
“I don’t think the current developments in the market are a cause for concern,” said Winkler.
“What goes down will eventually go up again,” Lucas said.
Some optimism for the financial future in the new year. Find out what financial experts expect from the economy in 2024 and what possible events or factors could impact finances throughout the year on Thursday's Your Money Matters show.
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