topic Re: Paycheck to Paycheck in Community Chat

Paycheck to Paycheck

lolakimono — Thu, 11 Aug 2016 20:19:02 GMT

WASHINGTON — CareerBuilder says 75 percent of Americans claim they are living check-to-check just to make ends meet, at least sometimes.

http://wtop.com/money/2016/08/living-paycheck-paycheck-even-six-figure-salary/

Its survey says 38 percent of working Americans occasionally barely make it to the next payday.

Another 15 percent say they usually live paycheck-to-paycheck, and another 23 percent say they always do.

Among minimum wage workers, 66 percent say they can’t make ends meet and 50 percent say they have to work more than one job to pay the bills.

CareerBuilder surveyed more than 3,200 full-time workers and more than 2,100 full-time hiring and human resource managers from May 11 to June 7.

But there are plenty of well-paid professionals that find themselves crawling to the next payday.

The survey says 19 percent of workers at all salary levels were not able to make ends meet every month, including 9 percent of workers making $100,000 or more.

And 23 percent of Americans making between $50,000 and $100,000 live check-to-check.

Keeping up with heavy debt eats away a big chunk of Americans’ wages. The CareerBuilder survey says 68 percent of all workers are in debt, and 55 percent of them think they will always be in debt.

Re: Paycheck to Paycheck

deepwaterdotter — Thu, 11 Aug 2016 20:25:01 GMT

Guess I've been lucky to be able to live within my means so far.

Re: Paycheck to Paycheck

QueenDanceALot — Thu, 11 Aug 2016 20:26:04 GMT

Rut roh.

Re: Paycheck to Paycheck

Mz iMac — Thu, 11 Aug 2016 20:29:45 GMT

I'm glad my parents made us kids budget minded.

When I got my very first job, my mother had me (her only daughter) get a savings account. She told me every week put $5 in it & only touch it for emergencies and/or a rainy day (same thing). Then she said NEVER let the right hand know what the left hand is doing. That comment made a light bulb go off. My mother had an account that my father never knew about!

I still have that account (at a different bank now) & still add $5 weekly. Intead of an emergency/rainy day account, it is now my "entertainment" account.

Re: Paycheck to Paycheck

Wayne-QVC — Thu, 11 Aug 2016 20:32:04 GMT

This post has been removed by QVC because it's unkind.

Re: Paycheck to Paycheck

hoosieroriginal — Thu, 11 Aug 2016 21:07:35 GMT

Everyone keeps saying the economy is good - IT'S NOT. Macy's just announced closing of many of its stores - more people getting laid off. Of course if people didn't LIVE on their credit cards, they would be much better off. I myself do not have one credit card - like my parents used to say, if you don't have the money to pay for it in cash, you don't need it. I learned well. I think you have to live within your means. Always ask yourself, "do you want it, or do you need it?" I don't worry about those people who make over $100,000 a year and are in trouble - I worry about the elderly who can't pay for their medicine. People need to control their overspending.

Re: Paycheck to Paycheck

SeaMaiden — Thu, 11 Aug 2016 21:39:04 GMT

I do not doubt this at all. Even if you are making $100,000 a year, unless you live frugally, house payments, car payments, insurance, taxes, daily living expenses.....add up. I own a home, and this year we are replacing a old deck and a portion of a fence that is falling down....not $8,000 I want to spend, but it is necessary. I need a new roof, new windows and a paint job....,I try to do a little at a time. It adds up. You must Save save save and scrimp to keep up with everyday living expenses..... I do not live out of my budget....I drive a 16 year old van, my husband has a new car to replace his old 15 year old car that was nickel and diming us. It is safer on the freeways and actually saves us money! It is hard for the middle class to make it.

I want to add, I shop at the dollar store for certain things....and I shop Goodwill for many things rather than buy new....I use coupons often. My husband makes a great salary....I choose to be more frugal when I can to save up for those expenses that come with everyday living. I know people who would never shop where I do......and they are in debt up to their eyeballs. I do not want to be in debt. I still live very comfortable even with cutting corners.

Re: Paycheck to Paycheck

Mz iMac — Thu, 11 Aug 2016 20:49:24 GMT

I think it's the Baby Boomer generation that are budget minded. Those of us whose parents and/or grandparents made it through the "Great Depression."

The X Generation knows nothing about saving. Also, as far as I am concerned this country is still in a "Depression." Especially the states that STILL have unemployment rates of 6%+. Which NEVER count the folks who have been unemployed 5+ years.

Re: Paycheck to Paycheck

ItsME — Thu, 11 Aug 2016 20:49:47 GMT

Many, many years ago, I designed compensation programs for a very large corporation, and handled all the administration of the compensation for the senior executives. One guy was promoted to VP .... and if I remember correctly, he was in a finance position. With the promotion came an allowance towards to the lease of a car. He picked an expensive car. Several months later, he wanted to trade it in on a less expensive model. (I don't remember if he was allowed to change it, but I don't think so.)

It's very difficult (likely impossible) to make ends meet for people in minimum wage jobs. However, many people at upper income levels don't handle their money well. Hopefully it's a small percentage!

Re: Paycheck to Paycheck

tansy — Thu, 11 Aug 2016 20:50:36 GMT

@hoosieroriginal wrote:
Everyone keeps saying the economy is good - IT'S NOT. Macy's just announced closing of many of its stores - more people getting laid off. Of course if people didn't LIVE on their credit cards, they would be much better off. I myself do not have one credit card - like my parents used to say, if you don't have the money to pay for it in cash, you don't need it. I learned well. I think you have to live within your means. Always ask yourself, "do you want it, or do you need it?" I don't worry about those people who make over $100,000 a year and are in trouble - I worry about the elderly who can't pay for their medicine.

It's not that people are not shopping but they are choosing different stores or shopping online. The economy is very good where I am. Restaurants are full, people are driving new cars, houses are bought at more than the list price.

Re: Paycheck to Paycheck

Trinity11 — Thu, 11 Aug 2016 20:54:56 GMT

@lolakimono wrote:
WASHINGTON — CareerBuilder says 75 percent of Americans claim they are living check-to-check just to make ends meet, at least sometimes.

http://wtop.com/money/2016/08/living-paycheck-paycheck-even-six-figure-salary/

Its survey says 38 percent of working Americans occasionally barely make it to the next payday.

Another 15 percent say they usually live paycheck-to-paycheck, and another 23 percent say they always do.

Among minimum wage workers, 66 percent say they can’t make ends meet and 50 percent say they have to work more than one job to pay the bills.

CareerBuilder surveyed more than 3,200 full-time workers and more than 2,100 full-time hiring and human resource managers from May 11 to June 7.

But there are plenty of well-paid professionals that find themselves crawling to the next payday.

The survey says 19 percent of workers at all salary levels were not able to make ends meet every month, including 9 percent of workers making $100,000 or more.

And 23 percent of Americans making between $50,000 and $100,000 live check-to-check.

Keeping up with heavy debt eats away a big chunk of Americans’ wages. The CareerBuilder survey says 68 percent of all workers are in debt, and 55 percent of them think they will always be in debt.

Interest rates are ridiculously high for those in debt probably contributing to why so many think they are stuck and won't ever get out of debt.

Maybe cutting the rates down to a manageable level instead of 28 percent on some credit cards will help people. The banks are greedy.

My savings are getting less than 1% yet the banks charge 21 percent and upward on credit card interest rates.

Medical expenses can wipe a family out. I wouldn't be quick to judge anyone's finances unless I knew all of their circumstances and walked in their shoes.

Re: Paycheck to Paycheck

Ms X — Thu, 11 Aug 2016 20:58:19 GMT

According to numerous news stories I've seen in recent years, wages have been stagnant and the bulk of jobs created don't pay much. At the same time, the cost of everything has been rising steadily. The official inflation figures have been cooked and massaged since at least the Nixon administration, according to many financial writers I've read. This leaves people with growing expenses and shrinking earnings. If someone truly is overspending, I have no sympathy, but many of those who have nothing to put away are simply victims of our current economy. It's long past time for us to think of American jobs first so that people can move up and have a better life. That has not been a priority in our country.

Re: Paycheck to Paycheck

Noel7 — Thu, 11 Aug 2016 20:59:16 GMT

@tansy wrote:
@hoosieroriginal wrote:
Everyone keeps saying the economy is good - IT'S NOT. Macy's just announced closing of many of its stores - more people getting laid off. Of course if people didn't LIVE on their credit cards, they would be much better off. I myself do not have one credit card - like my parents used to say, if you don't have the money to pay for it in cash, you don't need it. I learned well. I think you have to live within your means. Always ask yourself, "do you want it, or do you need it?" I don't worry about those people who make over $100,000 a year and are in trouble - I worry about the elderly who can't pay for their medicine.
It's not that people are not shopping but they are choosing different stores or shopping online. The economy is very good where I am. Restaurants are full, people are driving new cars, houses are bought at more than the list price.

*************************************

It's the same here, too, @tansy

But there is a new variable of a lot of money pouring in with the tech people.

Re: Paycheck to Paycheck

tansy — Thu, 11 Aug 2016 21:04:46 GMT

@Mz iMac wrote:
I think it's the Baby Boomer generation that are budget minded. Those of us whose parents and/or grandparents made it through the "Great Depression."

The X Generation knows nothing about saving. Also, as far as I am concerned this country is still in a "Depression." Especially the states that STILL have unemployment rates of 6%+. Which NEVER count the folks who have been unemployed 5+ years.

Not my experience at all with my two Generation X sons, both of whom live within their means, don't run up CC debt and save substantial sums for their eventual retirements. I don't think they are unusual in their spending.

Re: Paycheck to Paycheck

Trinity11 — Thu, 11 Aug 2016 21:04:47 GMT

@tansy wrote:
@Mz iMac wrote:
I think it's the Baby Boomer generation that are budget minded. Those of us whose parents and/or grandparents made it through the "Great Depression."

The X Generation knows nothing about saving. Also, as far as I am concerned this country is still in a "Depression." Especially the states that STILL have unemployment rates of 6%+. Which NEVER count the folks who have been unemployed 5+ years.
Not my experience at all with my two Generation X sons, both of whom live within their means, don't run up CC debt and save substantial sums for their eventual retirements.

My children all started with savings accounts when they were small. It was a habit that every week they would make a deposit. Today they both are very savy with their money.....frankly, they could teach mama a thing or two. LOL They have helped me make investments and given me some really good advice.

Re: Paycheck to Paycheck

on the bay — Thu, 11 Aug 2016 21:05:18 GMT

I think this just shows again, that when we hear the economy is doing "well", that is not really true for a lot of Americans, whether they are living within their means or not.

With some it may be a matter of living not within their means but with others, it may be not having a job, looking for a job, having a job that doesn't pay well. not having good insurance and paying monthly for medical bills with money they don't have etc etc or trying to find a place to live whether apt or house that they can afford.

My daughter is a nurse and works 12 hour shifts. Just recently after FIVE years, they got a raise. She is happy she can pay some more for her $275/mo she owes the hospital bills. Even when sick, she works. She is an extreme minimalist. She's always been this way. She doesn't like a lot of "stuff" or decorations for her apt,her main clothes are scrubs, she rarely goes out and her insurance is 80/20-that can amount to thousands of dollars every time she goes to the doctor or hospital.

I just want to point out that she is probably better off than many, and her situation has nothing to do with her not living within her means or having overspent for wants. She is grateful she has a job even though it makes it very difficult to save, which she actually does!

There are many Americans who are having a very hard time, even with very little amenities, who are working very hard.

It always amazes me when people reporting on America's improved economy, that they don't acknowledge the many who are not having such a great improvement and are really struggling.

Re: Paycheck to Paycheck

SaRina — Thu, 11 Aug 2016 21:07:15 GMT

I have known quite a few people over the years who have cried poverty and lived paycheck to paycheck while not understanding how they were living above their means.

Re: Paycheck to Paycheck

Noel7 — Thu, 11 Aug 2016 21:07:33 GMT

@tansy wrote:
@Mz iMac wrote:
I think it's the Baby Boomer generation that are budget minded. Those of us whose parents and/or grandparents made it through the "Great Depression."

The X Generation knows nothing about saving. Also, as far as I am concerned this country is still in a "Depression." Especially the states that STILL have unemployment rates of 6%+. Which NEVER count the folks who have been unemployed 5+ years.
Not my experience at all with my two Generation X sons, both of whom live within their means, don't run up CC debt and save substantial sums for their eventual retirements.

************************

My daughter, also. She is paying a large amount every month on her student loan and has a retirement account which she puts a substantial amount into monthly. She also pays for excellent medical coverage and has no other debt because she pays off all bills monthly.

Re: Paycheck to Paycheck

Laura14 — Thu, 11 Aug 2016 21:09:28 GMT

@Mz iMac wrote:
I think it's the Baby Boomer generation that are budget minded. Those of us whose parents and/or grandparents made it through the "Great Depression."

The X Generation knows nothing about saving. Also, as far as I am concerned this country is still in a "Depression." Especially the states that STILL have unemployment rates of 6%+. Which NEVER count the folks who have been unemployed 5+ years.

This GenXer has probably outsaved most people and I don't make six figures or anything close to it. I've been very lucky to have survived (so far) three ownership changes in the past 15 years plus an economic downturn all while working in the hospitality industry which is one of the first frills to go when people get squeezed.

I've been very lucky to live cheap, probably cheaper than most people can tolerate, and had a great example of a single parent who struggled every day with three jobs and three kids.

And for those whose minds went somewhere, my father walked out on us and literally emptied the house and bank accounts of everything he and she owned so this was not poor life choices on her part. My biological father just lost his mind after his father died and ran away from every responsibilty he ever had and stayed gone.

It's never all about savings or how you live your life. You can do both well and still get wiped out by a job loss, medical, or family. I personally think most people do the best they can and the lazy immature overspender in debt up to their eyeballs is not as common as everyone believes it to be.

And if we are going to blame whole generations of people, look to the one previous because they were the ones who raised us. Thank goodness I got a good one.

Re: Paycheck to Paycheck

hoosieroriginal — Thu, 11 Aug 2016 21:10:20 GMT

@tansy wrote:
@hoosieroriginal wrote:
Everyone keeps saying the economy is good - IT'S NOT. Macy's just announced closing of many of its stores - more people getting laid off. Of course if people didn't LIVE on their credit cards, they would be much better off. I myself do not have one credit card - like my parents used to say, if you don't have the money to pay for it in cash, you don't need it. I learned well. I think you have to live within your means. Always ask yourself, "do you want it, or do you need it?" I don't worry about those people who make over $100,000 a year and are in trouble - I worry about the elderly who can't pay for their medicine.
It's not that people are not shopping but they are choosing different stores or shopping online. The economy is very good where I am. Restaurants are full, people are driving new cars, houses are bought at more than the list price.

@tansy - yes, and it all goes on their credit cards at 26% interest! Come to the Midwest - people are suffering.