What would you do if you suddenly lost your job and found
out that your most recent paycheck was your last? Hopefully, you’d have some
savings you could dig into that would allow you to “coast” until you could find
a new job and start earning some more money. Unfortunately, however, that’s not
reality for most Americans. A recent survey performed by Bankrate.com reveals
that around 62% of Americans are living paycheck to paycheck, meaning that they
don’t have adequate emergency savings accounts.
In fact, most Americans who participated in the survey said
they’d have to survive by cutting back on other expenses, borrowring money, or
living off credit cards. Sadly, similar surveys, such as one
People give lots of reasons for not saving, such as being in
debt and simply not making enough or only making just enough for survival. Even
if you find yourself in that second group, the absolute best thing you can do
is to start putting a little money aside from each paycheck. Even if it’s only
$5 or $10 per month, every little bit helps. It’s money that might just end up
helping you to last a month or so longer than you otherwise would, and
sometimes, a month can make all the difference.
If you’re in a better financial situation but just haven’t
taken the initiative to start savng, do it now. You never know what will happen
in the future, no matter how stable your job may seem! You may even want to
talk with a financial advisor about starting a savings plan that can help you
to set and reach specific savings goals. Whatever you do and however you do it,
the important thing is to start saving now, because truly living paycheck to
paycheck is a scary thing.
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