Saving Money When Living Paycheck to Paycheck

Many of us are very familiar, most likely even personally, with how many Americans live paycheck to paycheck. Living paycheck to paycheck seems to be an extremely common, yet uncomfortable position that most Americans find themselves in. This should be an extreme cause for concern for most of us because until we figure out and solve our personal financial situations, we really can’t live the lives that we want for ourselves and our families.

Even though we all desire the financial security and freedom that comes with extra money left over, new statistics in 2017, unfortunately, show an extremely large percentage of Americans living paycheck to paycheck. A recent report from CareerBuilder shows that 78 percent of Americans are living paycheck to paycheck, even if they are working full-time.  This number, which is up 75 percent from last year, is simply shocking and emphasizes the necessity for more households to know how to not live paycheck to paycheck. On top of these staggering statistics is the fact that 71 percent of all US workers are in debt and that 56 percent of them say that their accrued debt is completely unmanageable.

If you are wondering how to save money every paycheck, there is a tried and true strategy for you!  

This might seem easier said than done, especially when you note that about 56 percent of US households save $100 or less every month. However, if you remain diligent, the best strategy to save money is to pay yourself (in the form of a bank account or other savings fund) BEFORE you pay off your bills and other necessities.  Using this method essentially makes saving money for yourself every month another one of your bills and by keeping it as the most important payment you have every month, you will quickly see those savings add up.  Most financial experts advise us to focus on creating an emergency fund that can last at least for six months worth of bills.

If you have any questions or concerns about saving money or getting out of debt, feel free to contact us here at Color My Credit and we will be happy to help you. A great place to start your road and education on how to not live paycheck to paycheck would be to click to the link below and get this fantastic resource to help immediately improve your financial situation: