Living pay check to paycheck? Why?

I maintain virtually anyone can find money to save and invest. Here’s why.

Americans in the lowest income bracket (under $30K per year) spend an average of $2,118 annually on restaurant food, prepared drinks (such as such as coffee, tea and smoothies) and lottery tickets, according to a new report. These financial vices comprise 13% of their annual income on average, the largest percentage of any income bracket.

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  1. I know someone whose spending greatly exceeds his income. He spent the last several years supporting his lifestyle via credit cards. He recently wiped out all his debts by declaring bankruptcy. But because he has not changed his formula for disaster, he continues to spend more than he takes in and is already in cc debt again.


      1. I’ve known him for decades. Not only has he ignored all my good financial advice over the years, he has even laughed at me at times for monitoring my every dollar spent.


  2. I think another issue is that we as a society are paying for everything with plastic (credit or debit) and do not realize what we are spending. I also know people who never balance their checkbook. They either look on their phones for their balance or depend on the ATM balance.

    First key to saving money is to know where you spend your money and looking at your checking statement or credit bill will start to give you an insight. Using a money program can help give you an ideal where you money goes and helps set a budget too.

    For somethings, I still only pay cash. I look into my wallet and have to decide if I really want to spend my last $10 bill for the month on something I don’t need.


    1. Credit cards are not the problem. The problem is the lack of discipline of the individual who misuses and abuses them.

      I only have a modest income. Thank God, I am thrifty and debt-free [including my home], live a comfortable life, and was able to save/invest enough money to retire early [age 55.] I put almost everything I spend on a cash rewards credit card, pay it all off every month [pay no interest or annual fee] and get cash back from the credit card company for doing so. I have been doing this for a long time without a hitch.


      1. I do the same thing. I think that the difference is that we both know what we are spending, look at our statements, and then pay them off. I bet you can come very close to telling me all your balances without looking at any given time during the month. I know people who only know that their card was not declined.


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