Crazy Money! Paycheck-to-Paycheck Lifestyles
It’s Crazy Money Day!
Bloomberg reports that according to one survey, more than a third of Americans earning at least $250,000 per year are living paycheck to paycheck. These are in the top 5% of wage earners in America. Now that’s CRAZY! Their income is primarily going to household expenses. Housing costs for sales and remodels skyrocketed during Covid. Higher income earners typically put expenses on their credit cards, but usually pay them off in full each month; but not everyone can. Consumer borrowing soared in March as credit-card balances and non-revolving credit jumped. This reflects both solid spending and rising prices. High credit card interest can ensnare people in a paycheck-to-paycheck lifestyle.
Are you caught in the paycheck-to-paycheck trap? You can escape by developing a mindset of tighter control over your expenses. With a budget in place, you can begin to step back from the financial cliff. Self-control, accountability, and hard work are required along with choosing to live contrary to the rest of the world. Ignore the availability of credit. Learning to wait is a great discipline. Pausing and praying for needs allows us to see God provide. Credit robs us of that blessing. God wants us to steward wisely what He provides – for our good and the benefit of others. Let’s live in such a way that we can offer hope to the hopeless. Stop the crazy ‘paycheck-to-paycheck’ lifestyle.
Now if you’ve been blessed with My MoneyLife, I invite you to discover the Crown Stewardship Podcasts. They focus on helping you find freedom in your finances and career. You can subscribe on Spotify and iTunes, or listen at Crown.org.