WATCHING YOUR WALLET: Saving during inflation [Video]

(WFSB) – A new survey finds consumer sentiment is at a five-month low. The professor behind the study believes people have lost faith in the American dream and are saving less for the future.

Bill Leavitt is the president of Bridgelight Financial Advisors in Shelton. Leavitt is seeing how the negativity in the economy is impacting his clients.

“With the increase in cost of living and rent and fuel and housing, I think a lot of the extra money being earned is going to those expenses, instead of more important long-term saving such as your 401k or maybe college expenses,” said Leavitt.

Leavitt says it’s important to still save when you can because you don’t want to play catch up down the line.

“You typically have to save 3 to 4 times as much as you would if you had just started earlier in your life,” said Leavitt.

Leavitt suggests …