Can't Afford the Fundamentals? The High Cost of Living Is Due to Factors Other Than Inflation
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Everything is costly. The experts explain why.
Money series Priced Out as part of the CNET : Coping With America's High Cost of Living, I sat down with four experts on my So Money podcast to discuss the economic insecurity that far too many US households are experiencing today – and why.
Ceiling fan circulation of warm air ||Ceiling fan energy savings.
Though inflation has recently added to our financial woes, the root causes of why millions of families live paycheck to paycheck and can't afford basic necessities like housing and health care are longstanding and mostly systemic. The lack of affordable essentials prevents lower- and middle-income families from achieving financial security and stability, which affects their ability to achieve other goals such as saving, investing, planning for retirement, advancing education, or participating in cultural or recreational activities.
We talk about how real people are coping, coming up with creative solutions, and relying on their communities for help in CNET Money's Priced Out feature series and these podcast episodes. We also discuss the fundamental policy changes that must occur, as well as the tools and resources required to navigate a changing economic world.
Money,medical treatment and illness.
I started the conversations with Emily Maloney, the author of Cost of Living, a collection of essays about her life experiences dealing with illness, money, and medicine as both a patient and a professional — an EMT, an emergency room tech, and a drug rep. She talked about her experience as a survivor of the difficulties that many Americans face when navigating the health-care system, and she gave us important advice that can help us save money and stress.
calculating the financial cost of gig work.
The risks of gig work are then discussed. While it is marketed as a path to work-life balance and entrepreneurship, the gig economy fails to provide important protections and adequate pay for the many contractors who work for Uber, TaskRabbit, and others. Alexandrea Ravenelle, UNC-Chapel Hill associate professor of sociology and author of Hustle and Gig, joined to share personal stories of millennial gig workers, emphasising the volatility of working in the so-called sharing economy.
What are the inflation figures hiding?
What is the most accurate way to calculate today's cost of living? Why do trusted indicators such as the consumer price index and unemployment rate fail to provide an accurate picture of the economic realities we face? My guest, Gene Ludwig, who formerly served as comptroller of the currency and is now chairman of the Ludwig Institute for Shared Economic Prosperity, discussed TLC, or True Living Cost, an alternative metric that provides a more accurate picture of the struggles of middle- and lower-income families by factoring in housing, food, transportation, health care, child care, technology, and other miscellaneous expenses.
Why is the middle class suffering?
Finally, Alissa Quart, author of several books: Why Our Families Can't Afford America, provided insights into her extensive reporting on economic hardship. We talked about the "middle precariat," or middle-class professionals living in a precarious economic situation, who are barely scraping by, underemployed, or in debt. We discuss how generations are being squeezed, what inequality looks like, and how to move forward to a better future.
Reduce your utility bills by making this simple modification to your fan.
With utility costs skyrocketing this year, you may be looking for ways to save money on heating. Take a look at your ceiling fan. While you may think of it as a summer-only appliance, there is a money-saving trick that can make it usable all year – and save you money on your utility bill.
The trick is that almost every ceiling fan is designed to rotate both clockwise and anticlockwise. Most people are aware of the advantages of a fan's anticlockwise motion: It cools you by creating a downward airflow, which is ideal for when you're hot. A ceiling fan's downward draught can even make you feel up to 8 degrees Fahrenheit cooler, allowing you to use less air conditioning during the peak summer season.
What you may not realise is that by simply changing the direction of your ceiling fan to rotate clockwise, you can turn it into an essential item in the colder months as well. Turning on the fan to get warmer may seem counterintuitive, but the clockwise direction draws cool air up and forces warm air down, which is ideal for winter or whenever you're cold.
Sure, you could always take shorter showers, remember to turn off the lights, and set your thermostat to a more comfortable temperature, but this simple tip could save you a lot of money this winter. And here's some good news: changing the rotation of your ceiling fan is simple. This hack is one of the most effective ways to save money. Here is what you must do.
How to Reverse a Ceiling Fan's Rotation
Ceiling fan direction for winter
A switch should be located beneath the blades of your ceiling fan's motor housing. Make sure your fan is turned off and then flip the switch to reverse the direction of your fan. This simple modification makes your fan usable regardless of the season.
Clockwise in the winter
Ceiling fan energy savings
You don't want cold air blowing on you in the winter. As a result, most people instinctively turn off their fans. A better option is to reverse the direction.
When you want to create a warming effect, turn your fan anticlockwise. Instead of pushing cool air downward, the clockwise rotation pulls it upward, forcing warm air near the ceiling back down (remember, heat rises). To check the direction of your fan, stand beneath it while it is turned on. If it's spinning in the wrong direction, turn off the fan, wait for it to stop spinning, and then flip the switch.
Using ceiling fans to reduce heating costs.
You want your fan to keep you cool during the hottest months of the year. You'll need your fan to push air down in order for this to happen. This downward airflow creates a refreshing wind-chill effect, which is ideal for summer.
Stand beneath your fan while it's running and observe which way the blades are rotating. Turn off the fan, wait for it to stop spinning, and then flip the switch if they're rotating clockwise. If your fan is already rotating anticlockwise, you're good to go.
One last thing to consider regarding your ceiling fan.
Ceiling fan speed for winter or Winter ceiling fan usage
This trick does not have to be used only in the summer or winter, and it does not have to rotate anticlockwise during the summer and clockwise during the winter.
If you want to make a room feel warmer or cooler, simply reverse the direction of the fan to feel more comfortable without relying on your heat or air conditioning as much.
For more information, see how much electricity you can save by unplugging appliances and how to save money on your gas, electric, and water bills.
More money-saving home-improvement ideas
- You can actually save money by using electricity during these times.
- Can You Really Save Money By Showering Instead of Bathing?
- Do Energy-Efficient Appliances Really Save You Money?
- What Is the Appropriate Amount of Time to Spend in the Shower?
- Here is how much energy a microwave consumes in comparison to an oven.
- Unplug Your 'Energy Vampires' to Save Money on Electric Bills: TVs, Computers, and Other Electronics
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