How To Financially Cope When Even 47% of Six-Figure Incomes Are Living Paycheck to Paycheck

How To Financially Cope When Even 47% of Six-Figure Incomes Are Living Paycheck to Paycheck

Nicole Spector   Fri, December 16, 2022

It wasn’t long ago when making six figures in the U.S. meant one was doing pretty alright — great, even. Now, amid inflation, a person making that salary may just barely be getting by.

According to a recent report from LendingClub, 63% of Americans were living paycheck to paycheck as of November 2022 — up from 60% in October. Of those pulling in more than six figures a year, 47% reported living paycheck to paycheck, up from October’s 43%.

So how can Americans who are just scraping by paycheck to paycheck cope? They can start by taking control of their finances through the following steps:

1. Itemize Assets and Debts

People living paycheck to paycheck should make a list of all of their assets and debts. This is so they can get a picture of exactly what they have and what they owe.

2. Redo Budget

If a budget was made before these times of heavy inflation, it may need to be looked at again and revamped. Consider areas that can be trimmed down, such as subscriptions to services that are not essential. Be honest about wants versus needs.

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