HUNTSVILLE, Ala. - Who lives paycheck to paycheck? You may be surprised. Three in every four American workers say they do, at least some of the time.
The survey from careerbuilder.com found 66 % of minimum wage workers couldn't make ends meet; half said they had to work more than one job.
"It's not uncommon especially when people are raising families, working and trying to live some," said President of Cloud Financial Don Cloud.
Here's what Cloud sees contributing to the problem:
- Living above means
- Impulse spending
- Bad debt
The best way to stop living paycheck to paycheck, according to Cloud, is to create a budget.
"Inevitably, when you create a budget, you find that there's waste in there that can always be cut back. We are able to spend as much as we bring in, so learning how to live on less than we bring in," said Cloud.
Cloud says that extra piece of pizza on the weekend or latte during the week may seem harmless at the time, but "the more impulse buying, the less savings you'll have," said Cloud.
Cloud wants you to know that getting out of debt and building savings to stop living paycheck to paycheck is possible; it's something he sees happen all the time.
"A lot of our successful retiree clients have lived pay check to pay check. Those are successful are the ones who have created a budget, consolidated debt and used debt wisely," said Cloud.
If you need help setting a budget or feel stuck in a pay check to pay check rut, Cloud recommends speaking with a professional.