Tired Of Living Paycheck to Paycheck? Well You Are Not Alone Consider Freelancing From Home

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So all of us in North America and around the world go to school to learn the ABC’s and the 123’s, and some are fortunate or smart enough to go to post secondary education. All this, for most, for the glory of getting a better job or vocation. But for most North American workers, the majority have been and are living a life of paycheck to paycheck. This according to a survey held by a financial crisis group. So regardless of your education, especially with the economy seemingly going in the tank, the period between paychecks are getting longer and the amounts seems to be getting smaller.

So are you in the same boat as others where they feel you really have to stretch out your funds to make ends meet? Well, you are not alone, if that makes you feel any better.

More than 55% of workers, from all facets of occupations, say they have been and are expecting to live the paycheck to paycheck lifestyle, just to make the ends meet. This is an increase from around 40%, which was just a few short years ago, according to the survey.

So if you are wanting to map out some type of financial plan, your situation makes it a little difficult. The results showed that more than 1/3, or 38%, are unable to put any amount of money aside for saving and investment purposes. Only 29% of those surveyed, claimed they are able to only put aside around $100 or less every month.

More than 20% also stated that they have to hold down more than one job to make ends meet, as in keeping up with paying monthly expenses. So the result is that over 65% are not actively participating in any type of retirement fund planning.

These findings are obviously a big concern, but to top financial experts, is not a surprise. The bigger concern is that there is a greater risk in the upcoming years as a full fledged recession hangs over the unstable economy. The most effected are those who live paycheck to paycheck. These are the ones who are the most vulnerable to any type of economic downturn.

So in these hard times, what is required is a need for better financial literacy. Regardless of how much these employee’s are earning, most are not taking advantage and making the most out of the money that they earn.

One of the main reasons for the current financial crisis in the United States is that a lot of the Americans had access to easy credit the past few years, where they could borrow money without will, but also without fully understanding the consequences of what they were getting into. These individuals were spending way beyond their means and most are unfortunately a few paychecks away from being living on the street.

The survey showed that women are the most vulnerable and are much more likely to be living the paycheck to paycheck lifestyle, this at 60%, where men were at 49%.

So comparing male and female demographics, 70% of men versus 59% of women claimed they saved a portion of their paychecks for a retirement fund every month. A greater proportion of women however, stated they have some type of monthly budget in place. But as cash crunch emergencies occur, having a set budget does not necessarily mean staying within that budget.

So for individuals, just like businesses, going over that set budget has negative consequences and directly affects the bottom line.

Some Tips on Putting More Extra Cash Back In Your Pockets:
– Strongly consider hiring some type of financial planner, someone who has experience in all types of incomes and budgets. Someone else experienced in financial situations may uncover different ways to save.
– Speak with your human resources department to see which additional employer benefits you can take advantage of, such as retirement savings or company discounts etc.
– Review your commuting options. When breaking down costs per month, many claim commuting to work is one of the biggest expenses on their budgets. Find alternative modes of transportation such as car pooling or taking transit.

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