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Feb 13 - 1 in 3 Americans run out of money before payday


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 2 weeks ago '05        #1
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phantomnation  topics gone triple plat - Number 1 spot x16
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Feb 13 - 1 in 3 Americans run out of money before payday
 

 
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Going extra light at the grocery store. Cutting down on medical supplies. Buying clothing and household supplies secondhand.

These are just some of the many ways many Americans are making it work when money is tight. For about a third of Americans, this is a regular financial stress, with 32% running out of money before their next paycheck hits, according to a new survey fielded by Salary Finance of over 2,700 U.S. adults working at companies with over 500 employees.



Amy,* 36, is intimately familiar with running short on cash and using these workarounds, especially during tax season. That’s in spite of the fact that she and her husband make about $50,000 a year, just short of the average household income in the U.S.

“Tax time hurts for us because we don’t get a refund, we get a bill,” she tells CNBC Make It. Her husband, the primary earner, works for a company in a different state, so state income taxes aren’t taken out, she says. While they typically get a federal refund, they end up owing the state more than the federal refund.


Salary Finance compared the percent of working American who said they run out of money before payday “most of the time” or “always” among different income levels.

“We never have a lot, but spring, summer and fall we can usually get what we want at the grocery store,” Amy says. The hard times start pretty much as soon as winter hits because the heat bill goes up, and she and her husband know tax time is coming soon. It’s back to cutting corners at the grocery store, or hitting up the fresh food giveaways that occur in their region of central New York.




This year, they’ve opted to also cut down on some of her husband’s CPAP machine supplies in an effort to find ways to save. “We’ve been fortunate to not have many unexpected bills pop up over the past couple years, so we’ve been able to hold fairly steady lately. But it’s scary, of course,” she adds, saying she’s fearful they’ll need a new roof soon — a huge expense.

“We’re OK, but we’re also just one bad day away from things turning horrible,” Amy says.

Living paycheck-to-paycheck affects all income levels


Contrary to popular belief, “this is not just an issue for people at the lower end of the income spectrum,” Dan Macklin, Salary Finance’s U.S. CEO and co-founder of SoFi, tells CNBC Make It. About 31% of respondents earning over $100,000 also regularly experience a budget shortfall before payday.

For many, it’s the rising cost of living — including food, housing, education and medical expenses — that creates the squeeze. Over the past year, basic costs increased by 2.3%, according to the Bureau of Labor Statistics’s Consumer Price Index. The cost of medical care rose 4.6% in 2019, the largest year-over-year increase since 2007, the BLS reports. Housing also jumped 3.2% last year, while education expenses rose 2.1% and food prices increased about 1.8%.

For others, it’s stagnant wages. Real wages effectively remained stalled last year, showing only a 0.2% year-over-year increase, according to the PayScale Index. But looking longer term, Payscale found median wages, when adjusted for inflation, actually declined 9% since 2006.








Salary Finance compared the percentage of respondents who say they have money worries among different income levels.

No matter the underlying reason, the struggle to pay bills and put food on the table when you’re short on cash leads to a lot of stress, the survey finds. Financial stress is very prevalent today, with 42% of working Americans experiencing it. It’s a percentage that Macklin finds “extremely worrying.”

That’s because that financial stress can have lasting effects on your mental and physical health, he says. Those with financial worries are six times more likely to suffer from anxiety and seven times more prone to depression, Salary Finance’s survey found.

Build up a savings cushion


In order to shield your future from financial threats, Tom Butch, managing director of retail distribution at TD Ameritrade, recently recommended Americans develop a comprehensive financial plan and build an emergency savings fund of three to six months of living expenses.

Setting up regular, automatic transfers from your checking account to a savings account will help grow your emergency fund over time. If you’re tight on money at the moment, start small with just $5 a day or $5 a week. And consider a high-yield savings account, which typically pays higher interest that compounds over time.

That may be easier said than done for those who are routinely running short on cash. Almost half of working Americans surveyed by Salary Finance, 48%, say they don’t have any money specifically set aside for emergencies.

But having a source of savings can not only save you from getting into high-interest credit card debt or other high-cost loans, it can help your mindset. Those who consistently save experience less financial stress, according to the survey.

Many times, finding ways to save money from your monthly budget comes down to planning in advance. Trying to save up a few thousand dollars on the fly can seem daunting, but finding small ways to save over time can be easier.

In Amy’s case, all of her cost-cutting during the months leading up to tax season is saved up and then used to help keep the couple out of debt when covering their state income taxes.

“At least we know it’s coming and are able to cover it with planning,” Amy says.

*Subject asked to be identified with a pseudonym to protect her privacy.

visit this link https://www.cnbc.com/2020 .. re-payday.html
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 2 weeks ago '18        #2
DUCEDUCE 
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Here come the boxden millionaires. Real people are hurting. sh*t I make good money and I am trimming a lot sh*t is expensive. And what is cheap does not last. I was looking at a rental property in la and there is no way to make money with these prices. Everything is priced high cars, houses, groceries.
+60   

 2 weeks ago '18        #3
Juliette DaBlok  topics gone triple plat - Number 1 spot x3
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 DUCEDUCE said
Here come the boxden millionaires. Real people are hurting. sh*t I make good money and I am trimming a lot sh*t is expensive. And what is cheap does not last. I was looking at a rental property in la and there is no way to make money with these prices. Everything is priced high cars, houses, groceries.
Too late. Looks like @ brought his alias out
+9   

 2 weeks ago '20        #4
NachoDips 
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 2 weeks ago '16        #5
Proveone  topics gone triple plat - Number 1 spot x1
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Welcome to the gilded ages, hence those new payday apps that are trying to not come across as payday loan services. America is broken and only one candidate is gonna change things


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 2 weeks ago '06        #6
Skateboard T 
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 BX Stallion said
Wreckless spending is the problem. If you arent making money in this record breaking economy then you deserve to starve you dumb a*s

Job growth hasn't been particularly good in the traditional "working class" areas.

Manufacturing is at its lowest point since '09

Coal is hurting.

The main area that doesn't require any vocational training or college degrees is warehousing and shipping which are typically concentrated in the suburbs of population centers so rural Americans without training or degrees are the ones hurting as well as lower-income groups in larger metro areas who are unable to afford reliable transportation to the suburbs.

So it may not necessarily be "wreckless spending" (it's 'reckless' btw) but rather stagnant wages, lack of job growth, and systemic causes of poverty that are leading to this problem.
+17   

 2 weeks ago '06        #7
Skateboard T 
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 Juliette DaBlok said
Too late. Looks like @ brought his alias out
I was thinking it was binary. Gold face been MIA for a long time now. Binary's gone through 4 accounts in 3 days lmao.
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 2 weeks ago '06        #8
Skateboard T 
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 Proveone said
Welcome to the gilded ages, hence those new payday apps that are trying to not come across as payday loan services. America is broken and only one candidate is gonna change things


Yup I really hope he drops a plan to get more tradesman in the neighborhoods that have been most impacted by gentrification and white supremacy.

Imagine if instead of having to import a bunch of uppity rich kids to make a neighborhood more attractive, the residents were able to do it themselves AND go join a union to get regular work.
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 2 weeks ago '06        #9
Skateboard T 
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 BX Stallion said
it's all facts kid.
+8   

 2 weeks ago '07        #10
Rico23  topics gone triple plat - Number 1 spot x1
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 Skateboard T said
I was thinking it was binary. Gold face been MIA for a long time now. Binary's gone through 4 accounts in 3 days lmao.
So to be clear...gold face truly isnt dc3003?
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 2 weeks ago '07        #11
Rico23  topics gone triple plat - Number 1 spot x1
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But to be on topic i believe it. I have a great job and a good salary and generally i'm a responsible spender and at the end of the day i still be feeling like i'm broke even though i have money in the bank
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Top 10 most slapped recently  2 weeks ago '20        #12
Capital D  topics gone triple plat - Number 1 spot x12
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 Rico23 said
But to be on topic i believe it. I'm a responsible spender and at the end of the day i still be feeling like i'm broke even though i have money in the bank
That’s a good mindset to have that mean you’re careful. I need to be more like you guys

 2 weeks ago '09        #13
messy marv stan  topics gone triple plat - Number 1 spot x16
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 Skateboard T said
it's all facts kid.

potatohead never learns

 2 weeks ago '18        #14
DUCEDUCE 
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 Skateboard T said
I was thinking it was binary. Gold face been MIA for a long time now. Binary's gone through 4 accounts in 3 days lmao.
Arent they all the same person?
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 2 weeks ago '18        #15
Juliette DaBlok  topics gone triple plat - Number 1 spot x3
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 Skateboard T said
I was thinking it was binary. Gold face been MIA for a long time now. Binary's gone through 4 accounts in 3 days lmao.
It's one of the two

 2 weeks ago '16        #16
Aztlan 
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 Rico23 said
So to be clear...gold face truly isnt dc3003?
Dc3003 is a white dude that likes to fish.

Goldface is a Cuban that wishes he was a gringo.

 2 weeks ago '07        #17
Rico23  topics gone triple plat - Number 1 spot x1
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 BX Stallion said
Broke a*s loser lol hopefully you don't have kids you sound useless
oh no you got me....if all else fails i can fall back knowing i'm a mentally stable human that doesnt have 20+ alias accounts on a message board that i troll 12+ hours a day 7 days a week...Health is wealth right?
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 2 weeks ago '18        #18
Juliette DaBlok  topics gone triple plat - Number 1 spot x3
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 Rico23 said
So to be clear...gold face truly isnt dc3003?
They are the same person, or the use the same machine, etc. The mods confirmed it already. And the only reason I asked them was because he slipped up one day and said something that made me think he was @
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 2 weeks ago '18        #19
Juliette DaBlok  topics gone triple plat - Number 1 spot x3
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 Aztlan said
Dc3003 is a white dude that likes to fish.

Goldface is a Cuban that wishes he was a gringo.
They are the same person. DC3003 is GoldFace, either that or they are related, so they are most likely the ethnicity as well.
+3   

 2 weeks ago '07        #20
Rico23  topics gone triple plat - Number 1 spot x1
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 Aztlan said

Goldface is a Cuban that wishes he was a gringo.
Makes sense now So many Cuban ppl reek of colorism and hatred of other minorities so it makes sense...He's probably angrily doing some thot's lacefront wig right now fuming somewhere that he has to do hair to make money
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 2 weeks ago '07        #21
Rico23  topics gone triple plat - Number 1 spot x1
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 Juliette DaBlok said
They are the same person, or the use the same machine, etc. The mods confirmed it already. And the only reason I asked them was because he slipped up one day and said something that made me think he was @
he slips up all the time...but even without the slip ups, the accounts always post back to back even without mentions...that right there was already the sign pathetic
+3   

 2 weeks ago '20        #22
NachoDips 
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Why was he making kissy faces ,had the news section in shambles ?
+2   

 2 weeks ago '07        #23
Rico23  topics gone triple plat - Number 1 spot x1
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 BX Stallion said
Hey you admitted to being a broke a*s I just pointed it out

If you can't afford to live in the world's greatest economy with the cheapest prices of goods then you wouldn't last a week in a socialist country.

Just feel sorry for your family if you have one is all you bum a*s loser

+13   

 2 weeks ago '18        #24
Juliette DaBlok  topics gone triple plat - Number 1 spot x3
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 NachoDips said
Why was he making kissy faces ,had the news section in shambles ?
He wasn't making a face. That is his natural facial expression

 2 weeks ago '16        #25
Proveone  topics gone triple plat - Number 1 spot x1
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 Skateboard T said
Yup I really hope he drops a plan to get more tradesman in the neighborhoods that have been most impacted by gentrification and white supremacy.

Imagine if instead of having to import a bunch of uppity rich kids to make a neighborhood more attractive, the residents were able to do it themselves AND go join a union to get regular work.


+3   



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