According to a recent survey conducted early this summer by CareerBuilder, 42% of workers are having trouble making their ends meet and are living paycheck to paycheck. From this group, 14% of them are workers earning six figures, showing that every almost every demographic is having trouble saving money during since the recession. So if you are worried about your finances and savings, you’re not the only one!
CareerBuilder found that many are dipping into their savings accounts to make ends meet as well as reducing their retirement savings amounts. This may fix this short term problem, but it will cause a larger problem in the future!
With all the trouble everyone seems to be having with the economy, here are a few tips from on how to survive the economic downturn.
- Look at your expenses carefully – Place all of your expenses into a spreadsheet and analyze what you spend each month. From your restaurant dining, bills, and shopping, you will be able to see more clearly where you can cut back.
- Put money away no matter the amount – Set aside money each month for your savings even if it is a small amount. If you have trouble remembering, you can set up an automatic deposit from your checking account into your savings account through your bank online.
- Take full advantage of your company benefits – Talk to your HR department and see if there are other ways to save with help from your organization. Become familiar with your benefits plan, sometimes they offer discounts to stores and services.
Click here for more tips on how you can stop living paycheck to paycheck! Do you have any other ideas on how to ride out the economic downturn? We would love to hear from you! Please comment below.