Thanks to the tumultuous American economy, “living paycheck to paycheck” is expected in conversation. This topic is no longer surprising, appearing in weekly news headlines and TV interviews. Yet, it’s still essential for financial wellness because what if there is a tip you can use? What if something in that interview could help your financial practice?
According to Marketwatch, 66% of the nation lives paycheck to paycheck. It’s easy to think those in this demographic would be in lower middle-class or single-income homes, but that’s not necessarily the case. In the same poll, they found the financial pinch affects us all:
- 48% of people earning $100,000 or more annually and 36% earning $200,000 or more reported living each month “getting by.”
- That compares to 75% of those earning $50,000 yearly or less and 67% of those earning between $50,000 and $100,000 annually share they can’t save month to month.
- 72% of females feel like they’re living for paydays, compared to nearly 60% of males.
- 74% of Millennials feel this way each pay period, with Generation X close at 72%. The nearest next generation is Gen Z at 65%.
This is why Dr. Erika Rasure, Beyond Finance’s Chief Financial Wellness Advisor, joins an expert panel for personal finance blogs and outlets whenever possible. Our friends at GoBankingRates.com and Yahoo! Finance frequently help Americans who fit this mold.
In the article “8 Moves to Make Now if You’re Running Out of Money Each Month While Making a Good Income,” Dr. Erika emphasized the importance of consistently preparing a budget.
“While budgeting is a common sense technique for good money management, like any habit you hope to change, consistency is key,” she said. “A budget is a tool, not a fix-all. It’s only helpful if you’re consistent with it, so find one that works for you.”
We encourage you to save the article to learn more about Dr. Erika’s insight on combating living paycheck to paycheck. From time to time, take out the link and re-read the practical advice. You’re not alone; we can all use tips to help us spend less, save more, and gain peace of mind.