Have you heard the news? 78% of U.S. workers are living paycheck to paycheck! After the last government shut down it could even be higher because more than 800,000 federal employees didn’t receive paychecks and had to borrow against future pay and stand in line for food from local resources. So how does this affect you and what can you do? Knowing the facts and getting serious about personal finance is a good start.
There are startling statistics related to budgeting, debt and just making ends meet that were provided in the 2017 survey by CareerBuilder which is one of the leading job sites. In the survey they found that nearly one in 10 workers that earn over 100,000 per year are living paycheck to paycheck.
And did you know that over one in four workers don’t set aside any money to savings each month? Also, almost three out of four workers have debt of some kind and more than half believe they will never be out of debt. Over half of the workers making minimum wage have to work more than one job just to make ends meet.
Even though one out of three people working full time use some form of a budget but over 50% of them cannot save more than $100 a month. And the biggest shocker to me was 28% of the people making between $50,000-$99,999 mostly or always live paycheck to paycheck. So how do we take care of those rainy days? Let’s start with three basic steps.
1. Save $1,000 as fast as you are able. And don’t touch it!
2. Snowball out of debt. A financial coach can help you with your plan and give you tips so it goes much faster. Bankruptcy isn’t always the way and is very costly over time.
3. After you have completed these two steps you need to have a fully funded emergency fund which is six months to a year in expenses. And most importantly, throughout these three steps you need to maintain a zero budget. Give every dollar a name and don’t let them talk back!
You may be thinking to yourself that you can’t manage your bills now, where are you going to get $1,000? If you are facing financial stress because of paycheck deficit you need to pick up a second job or turn your hobby into profit. Just know this, YOU CAN DO IT! You are not alone.
Financial coaches are here to help. And the good news is they want to help you succeed. Most Americans have debt and is proven because the US credit card debt is over $1 trillion outstanding again, you’re not alone. Just look at how much you are paying monthly in interest and possibly coffee or eating out each month, this well exceeds the cost of a coach. Wouldn’t you like to live debt free? I know I do. So set a time to talk. The first call is on you and at no cost. If you want to change your lifestyle let’s start now. I’m only a call away wanting to help you restore hope, faith and gain financial independence.
