Budget Concerns Heading into the Winter

Published: Nov. 17, 2022 at 7:48 PM EST
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AROOSTOOK COUNTY, Maine (WAGM) - Inflation and rising costs will strain everyone’s budget this year. EJ Huck, the CFO at Thompson Financial Group says careful budgeting and planning will be required for everyone this winter.

Huck says, “This amount is based on a household that earns 50,000 dollars in a year. This is the amount that they could expect as income after taxes. In this households budget, if you consider no heating oil, in this example they’re spending 88% of their household budget. When we put in heating oil, if we think about the budget plan that we spoke about, that amount of three hundred and 64 dollars, the household has just a little bit of buffer. But if in the oil budget we get a single delivery of 150 gallons, when you add that expense in, they are now very much overly spent on their budget.”

Because of the added financial burden, the guidelines for qualifying for the emergency funds raised today have been increased. They start with an income of a little over 40,000 dollars for a household of one, a little over 52,000 per year for a household of two and go up from there. You are encouraged to reach out if you need assistance.