More Than 40% of U.S. Adults Struggle to Make Ends Meet
The Consumer Financial Protection Bureau found that 43 percent of American adults struggle to make ends meet in a new survey. make ends meet meaning: 1. to have just enough money to pay for the things that you need 2. to have enough money to buy what you need to live. Learn more. How to make ends meet and get ahead financially when it seems like I was barely living on a minimum wage income, raising two teens and paying off I do understand what you mean and can relate to how you feel about.
make ends meet
Andrea, I know just what you are talking about. I have lived that way for a good portion of my life. To make matters worse, I am the type of person who loves to have a nest egg and be prepared for emergencies.
It was not uncommon for me to have the washer break down, the car get wrecked, the sewer back up and the heat go out all with in the same week, without a penny of savings. To add to my frustration, I would hear financial gurus say you must save X percent of your income each month.
World Wide Words: Make ends meet
I had no wiggle room at all, but here are a few things I learned. Though they might be nice to have, none of these are real needs.
Once I knew there was no place to cut back at all, I would make do the best I could. If my washer was out, I would wash things by hand until I could get a new one. Once my car was wrecked so badly that I had no window on the driver side. I drove it like this until I could get the money to fix it.
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- BARELY MAKE ENDS MEET
I frequently had to stay up all night dumping out buckets of water. I finally prayed about it. I know better now.
I had been a good steward of my money but there was still no money available so, if God wanted me to save for emergencies, He would have to provide it for me. When I fully relaxed about it, I started finding myself getting a little extra here and there. At one point, I talked to a very good financial adviser.
When he first started talking to me, he knew he could find money for me to save. Financial planners often suggest you stash at least 10 percent of your income every month.
Focus on paying down high interest debts. Sometime it makes more sense to pay off debt than to save, especially if you have high-interest debt like credit cards.
Lifestyle inflation is the ultimate budget-killer — a widespread phenomenon that occurs when people spend more as their incomes increase. Learn to ignore the Joneses. Focusing on your needs and goals rather than aligning them with the people in your life or in your social media feed is critical to being happy with the state of your finances and your life. Come up with strategies to help break your negative spending habits.
Simply using an app to track your spending or asking your HR department for a review of your retirement savings options are good places to start. The key is to engage in day-to-day money management and establish a habit of saving and budgeting. The products that appear on this site may be from companies from which MagnifyMoney receives compensation.
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