78% Of Workers Live Paycheck To Paycheck



This number may be further exacerbated by the recent federal government shutdown, which has resulted in more than 800,000 federal employees not receiving paychecks.

So, what can you do to battle financial pressure?

Here's what you need to know and how to improve your financial profile.

Living Paycheck To Paycheck

According to the 2017 survey, CareerBuilder, a leading job site, found some startling statistics related to debt, budgeting and making ends meet.

For example, here are some findings from the survey:

  • Nearly one in 10 workers making $100,000+ live paycheck to paycheck
  • More than 1 in 4 workers do not set aside any savings each month
  • Nearly 3 in 4 workers say they are in debt - and more than half think they always will be
  • More than half of minimum wage workers say they have to work more than one job to make ends meet
  • 28% of workers making $50,000-$99,999 usually or always live paycheck to paycheck, and 70% are in debt

The survey also found that 32% of the nearly 3,500 full-time workers surveyed use a budget and only 56% save $100 or less a month.

So, what are the best strategies to weather a financial storm?

3 Strategies To Weather A Financial Storm

1. Start an emergency fund

Don't wait for a financial disaster to happen and then start an emergency fund.

Start an emergency fund now.

Many federal employees didn't expect a government shutdown - nor did they expect the shutdown to last this long. As a result, many federal employees can't pay their rent or mortgage, and some are considering quitting their jobs.

Whether it's a government shutdown, unforeseen medical expense, unexpected home or car repair, or even unemployment, you never know when you'll face an emergency.

Invest in your financial foundation now.

Your emergency fund ideally would have at least six to nine months (or more) of cash to cover such unforeseen expenses.

Make sure the cash for your emergency fund is placed in a separate bank account that isn't co-mingled with your living expenses.

2. Start a side hustle

If you're facing financial stress, you already may be working more than one job. So, adding a side hustle may not seem feasible.

There are myriad opportunities online to start your next side hustle. Your side hustle might even lead to a higher-paying, full-time gig. For example, these three freelancers collectively earn $700,000 a year. They leveraged their talents - in copywriting, voice over performance and website design - to build growing online businesses.

You can too.

3. Consolidate your credit card debt

Credit card debt is a $1 trillion issue in the U.S.

So, if you have credit card debt, you're not alone. Plus, credit card debt is expensive, with interest rates higher than those of mortgages, auto loans and student loans. In some cases, the interest rate on credit card debt can be higher than the interest rates of your mortgage, auto loan and student loans - combined.

The smartest way to save money with credit card debt is to consolidate your credit card debt into a personal loan, which is also referred to as a credit card consolidation loan. You can use the interest savings to start an emergency fund, pay off student loans or save for retirement.

There are several reputable, online lenders who can help consolidate credit card and may help you earn a lower interest rate. If you have a strong credit score, in particular, personal loan interest rates may be as low as 6-7%. That could yield you substantial savings, considering that credit card interest rate can be in the double-digits.

This credit card consolidation calculator can help you determine how much money you may be able to save with credit card consolidation.


Zack Friedman is the author of the highly-anticipated, blockbuster book, The Lemonade Life: How To Fuel Success, Create Happiness, and Conquer Anything. Zack is the fou