Tuesday, August 16, 2016

Making ends meet

The end of the seemingly never-ending recession, stagnant wages--a lot of people are digging in the couch cushions for loose change at the end of  the month.

Ladan Nikravan, CareerBuilder, gets into this.

Recently a study showed that a sizable portion of the population would have trouble coming up with $400 for an emergency repair.

Three-quarters of Americans, according to a recent CareerBuilder survey, live paycheck to paycheck.

Nineteen percent of ALL workers, at all salary levels, did not make ends meet every month in the last year. Almost a fifth.

Sixty-eight percent of all workers say they are in debt. Most can manage it, but 16% have reduced their 401K contributions in the lasrt year and more than a third do not even have a 401K.

Of those in debt, more than half say they will always be in debt--from credit cards(64%), auto loans, mortgage, student loans, family loans, taxes, or other.

Some tips for retiring some debt:

--Stick to a budget. At least write down where your money goes--see places to cut?

--Save for emergencies. This means 3-6 mos of expenses in case you lose your job or your heat pump goes out.

--Develop a plan to consolidate your debt. Call your creditors--ask for lower interest, special payment plans, or anything they can come up with. Pay the ones with the highest interest first.

--Learn o manage your 401K. At very least, don't borrow from it.

Get a side job. Teach an instrument, write articles, help people write resumes, anything you can think of.

The last thing you should do is bury your head in the sand. That never improves anything. And you get all sandy.

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