Olde Hornet
Well-Known Member
1. You’re spending more than you make
About two-thirds of Americans (65%) are living paycheck to paycheck, according to the 2024 Your Money International Financial Security Survey from CNBC and SurveyMonkey. Survey respondents cited a lack of savings, economy-wide instability and rising interest rates as some of their financial stressors.At the same time, many Americans are spending more than they earn, living off credit or indulging in a lifestyle they can’t really afford.
Keeping track of your spending for a few months could shed some light on where your money is going so you can get back on track. Consider making a budget that works for you.
In some cases, it might mean cutting back on unnecessary purchases. That doesn’t mean you have to start buying your clothes at a thrift store — rather, it could mean buying fewer clothes overall or setting an annual budget for clothes to avoid impulse purchases.