Living paycheck to hourly paycheck: Tips to get by

Living paycheck to hourly paycheck: Tips to get by

We are all a part of evolution- the growing and changing of humanities and species alike. Evolution has many faces, and reaches deep into the nooks, crannies, and pockets of our lives. Many of us are stuck in a cycle of living paycheck to hourly paycheck, unsure of how to break the mold. To truly observe how something is transforming requires some insight into the past. A reference point, so to speak. Without a reference point there is no way to put a true measure on growth or change. I am of course citing one of Einsteins great theory of relativity- an example of the great result of our evolution, is the great minds that have come about.

Living paycheck to hourly paycheck: Tips to get by

April 22, 2017 No Comment(s)

Hourly Paycheck

We mark time with cataclysmic events. In finance we often site the great receession and market crashes that occurred within the last decades, as many of us were directly affected by it. It wasn’t a story we read in an old history book, it was our lives, and for many it was completely devastating.

We are all resilient- more then we give ourselves credit. We are creative when we need to be and stronger then we can ever imagine. So since then we picked up and pulled it together, but now not even 10 years later there is a sort of deja-vu in the market.

Did you know that household debt is at the peak of $12 trillion ? This level mirrors the debt levels of 2008, a final marker of the great recession. Instead of home loans, auto and student loans are now the prime sources of debt.

That’s not all that is devastating though, because even today many of us are extremely vulnerable to financial disaster. One sickness or illness can shatter a single person or family with medical bills and seemingly life long repayments. Even middle earners have times in their life when they dip into poverty levels.

The truth is this: Earnings are barely increasing, incomes are fluctuating substantially, and less then half of Americans have a month’s worth of income available in cash for emergency situations.

There is some good news though. The economy is much stronger then it was in 2008, and the unemployment rate dropped from 7.8% in 2009, down to 4.5% just months ago.

Perhaps the American Dream is not as lavish as the Great Gatsby once believed. Instead of making more and moving up ladders, Americans are shifting towards just finding stability .

When you live paycheck to paycheck a lot investment or finance advice goes out the window. You can use an hourly paycheck calculator in the hope that your employer missed out a couple hours, because those hours make the difference between what does and doesn’t make it on the table for dinner.

Some days its ramen noodles and canned foods, because the alternative is just too expensive. At some point it comes down to survival- budgeting down to the line item at the grocery store, or seeing how long you can hold out.

But even then credit card debt is soaring .
At Okcalculator we have compiled a list of tips and ideas, to help those in a cycle of living paycheck to paycheck:

  • Save money by buying in bulk. That goes for home cleaning supplies, personal hygiene items like shampoo and toothpaste, and frozen foods.
  • Call your credit card company to change your payment dates. Plan your due dates around your paychecks so that you can focus on rolling down your debt.
  • Maximize your tax withholdings to get better refunds.
  • Opt free activities in your area for entertainment.
  • Open up a savings account at a bank that is more difficult to get to, that way you wont be tempted to use the savings unless it is an emergency. If you can cut up that ATM card that’s a bonus that serves as a buffer to prevent unnecessary spending.
  • Join a savings group for motivation and accountability. Even saving 5-10% of your income each year will compound to decent savings. Challenge yourself to contribute 1 additional percentage of your income per year.
Blog April 22, 2017 No Comment(s)

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is a columnist for, providing financial insight and economical market condition updates.
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