TAMPA, Fla. — Like most people living in Tampa, you may have noticed the high cost of living within the last few years.
According to the study from WalletHub, Tampa is among the top ten cities with the most people in financial distress, and some residents have called the change "dramatic."
Tampa claimed the eighth spot on the list with a total score of 63.68. Three other Florida cities also made the top ten, including Jacksonville in third place, Orlando in sixth, and Miami in ninth.
Some people in Tampa weren't surprised by the study.
“Definitely a dramatic change over the last, we'll say, five years for sure," said Jason Burrelli, who lives in Tampa. "I mean, really, cost of everything, groceries, everything’s going up, so it’s definitely harder for sure.”
For those facing tough financial situations, Thomas Yannetti, the Director of Financial Planning at Taylor Financial, said first get organized and look at your fixed and variable expenses.
“We like to say the 20-60-20 rule, so 20 percent should be going to savings, 60 percent of your income should be for your expenses, and then 20 percent should be for those discretionary things, maybe it’s a vacation," said Yannetti.
Experts at Wallethub suggest people facing hard times should consider hardship programs, try debt management, and budget carefully.
“There’s companies out there that will consolidate your debt at a lower interest rate, so that might be a good option for someone, or also too if they’re employed and they have a 401(k), you could also take a loan against your 401(k)," said Yannetti.
A scammer tricked an 89-year-old, telling her that her grandson was hurt and that she needed to withdraw nearly $10,000 immediately. Luckily, Jennifer Sgro, a teller at Achieva Credit Union in Clearwater, stepped in when she recognized something was wrong.
