WEST PALM BEACH, Fla. — Rising prices now have Florida residents having to work an average of 21 days just to cover their monthly bills, according to a new study from loan-providing firm Advance America.
Florida actually ranked behind other states, including New York (22 days), Alabama (26 days), Mississippi (24 days), South Carolina (22 days), Kansas (22 days) and Michigan (23 days).
WATCH BELOW: Florida residents need to work 21 days to pay monthly bills, report say
"Your dollar isn't stretching far, cost of living is increasing," Alicia Reeves, a West Palm Beach resident, told WPTV on Thursday.
We asked Reeves what monthly expense has increased the most.
"It's the groceries," she replied.
The Advance America study confirmed Reeves' notion, saying that food prices are the No. 1 "expense that climbed the most in the past year", followed by utilities and rent.
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"The survey highlights regional divides: Southern households report needing the most time to cover bills, while those in the Mountain West fare better," the report said. "No matter where people live, some themes hold true. Groceries are putting the most pressure on budgets. Small luxuries, like dining out, are the first to go."
We spoke with budgeting expert Andrea Woroch for some advice on tackling monthly expenses.
"A lot of consumers are feeling financial pressures more than ever," Woroch said. "The first thing you have to figure out is how much money do you have coming in versus going out."
Once you have a budget mapped out, Woroch said you should then target certain expenses.
"Identify different categories where you can start cutting back," Woroch said. "Maybe you didn't realize how much you're spending on entertainment like streaming video content or games for your kids or app purchases."
For the report, Advance America said they surveyed 3,002 U.S. adults about how much they spend each month on essential household bills, including housing, food, childcare, health care, transportation and utilities. Responses were then averaged by state.
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