Number of households living paycheck to paycheck increasing, wealth advisor gives tips to save
While the troubling trend is slowing, more and more Americans are finding themselves living paycheck to paycheck.
According to Bank of America, nearly a quarter of all households aren’t able to build up their savings after paying for their necessities, also leaving them without any discretionary funds.
“Unfortunately, people are living check to check,” Nicole Middendorf, Prosperwell Financial CEO, said.
“Money doesn’t have to be overwhelming. Money doesn’t have to be intimidating. Money doesn’t have to be scary,” Middendorf said about people not shying away from their money matters.
Middendorf says there are ways to get ahead that go beyond taking fewer trips to the coffee shop.
“My whole goal [is to] make money fun. So how can you make this a game for yourself, let alone your family? So, get a jar and have it be the goal is to fill that jar,” Middendorf said about physically tucking cash away to start building reserves.
“Maybe you’re putting in $1 every day, or you’re putting in $5 or what, whatever fits within your situation, but that the goal is every single day, just like how we want to drink more water, every single day [put more] money into this jar,” Middendorf added.
When it comes to grocery shopping, she says to not shop for meals, but to shop for sales and then build your meals around those discounted items.
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