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Stop Living Paycheck to Paycheck Like 1/3 of Americans

by on August 8, 2012

By Samantha Savory

The Consumer Federation of America revealed in a new survey that two in five, or roughly 38 percent of American households live paycheck to paycheck. The study consisted of 1,508 households who revealed all of their finances and decisions regarding how they manage their money.

So what does that mean exactly?

Many of them have slightly higher expenses than their income can cover, many of them lack the proper budgeting and money management skills required to be fiscally successful and even more of these people have no emergency fund savings to rely on if something major occurs like a job loss or car accident.

According to the same report, families living paycheck to paycheck have increased 7 percent over the last 15 years. The latter part of those years are obviously attributed to the recession that has plagued the American economy and caused millions to lose their investments, savings and jobs.

These numbers are for sure alarming, but how can you prevent this from happening to you? Being proactive rather than reactive is the key. Budgeting and getting a full picture of your current personal financial situation is the first step to achieving healthy personal finances. “Our survey clearly shows that having a personal financial plan helps both rich and poor achieve their financial goals,” said Stephen Brobeck, CFA’s Executive Director. “Having a financial plan increases one’s confidence and effectiveness in managing, borrowing and saving money.”

PowerWallet, a free online budgeting tool, can help you achieve your financial goals and dreams! With PowerWallet, users can manage of all their financial and online bill accounts with ease at no cost. Users cannot only track their savings goals and expenses but they can get bill alerts every month to remind them when each individual bill is due. That means no more unnecessary late fees or interest on past due bills that may be the leading cause to many people living outside of their means and paycheck to paycheck.

In addition to the budgeting and bill reminder incentives, PowerWallet also helps users get more bang for their buck with customized coupons and daily deals. PowerWallet offers each user personalized coupons depending on their geographical location and spending history so that way, users get deals that they actually care about and will likely use.

Visit today to sign up for free and start taking power over your personal finances!

From → Living Well

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