Living paycheck to paycheck is a reality for many Americans. According to a recent survey, nearly 60% of Americans are living paycheck to paycheck, meaning they are unable to save for the future or manage their finances effectively. This is not a problem. This is a crisis that is not talked about, ignored, and overlooked every single day.
The survey revealed that the majority of those living paycheck to paycheck are in the lower- and middle-income brackets. Approximately 50% of those making less than $50,000 per year reported living paycheck to paycheck, compared to only 26% of those making more than $50,000.
The survey also found that living paycheck to paycheck can have serious consequences. Nearly one-third of those living paycheck to paycheck reported being unable to pay their bills on time, while another one-third reported having to borrow money from friends and family to make ends meet.
Additionally, the survey revealed that living paycheck to paycheck can limit one’s ability to plan for the future. Only 15% of those living paycheck to paycheck reported being able to save for retirement, while only 11% were able to save for a rainy day.
Living paycheck to paycheck can be a major burden, but there are ways to break the cycle. Budgeting, setting financial goals, and seeking out professional help can all be effective strategies to help get back on track financially. Additionally, debt forgiveness is another solution to help get debt under control. Forgivey is a modern solution to debt and can be very effective in helping you to wipe out those debts, which in turn will help that paycheck go further.
By understanding the current state of living paycheck to paycheck in America and taking the right steps, it is possible to break the cycle and achieve financial freedom.