By that I mean securing a steady, full-time position, maintaining a dependable bank account and building retirement savings.
After graduation, my savings were nearly gone, so I moved back in with my parents. Living under their roof feels a bit like cheating, and I’m aware I’m fortunate to have this option to help me get by.
That option isn’t available to everyone.
More than half — 52% — of Americans are finding it hard to make ends meet, according to a recent study from the FINRA Investor Education Foundation.
The foundation has published its Financial Capability in The United States report, which polled 25,000 U.S. adults about their “financial capability” — a phrase that covers your knowledge, resources, access and habits around money.
The Upside and Downside of Americans’ Financial Health
Being able to make ends meet and having financial capability aren’t solely determined by your personal balance sheet. Numerous broader economic forces play a role, so keep that perspective in mind.
First, the encouraging news: the national economic indicators are improving.
Compared with the depths of the 2009 recession, fewer people now report trouble paying their bills, and the share of Americans who say they’re satisfied with their finances has almost doubled.
Unemployment has also fallen, which helps make many things feel more manageable.
But it’s not all rosy on the money front.
Even though fewer Americans struggle with bills and the proportion satisfied with their financial situation has increased, 69% of us — myself included — still say we’re dissatisfied with our financial standing.
Perhaps even more startling, nearly one in five people spend more than they bring in. (Which is why I’ve chosen to live at home for now.)
Practical Financial Assistance
If you’re like me and want to become more financially literate and capable, read up and get inspired. I’m confident that with patience, persistence and a lot of careful saving, I — and you — can get our finances in order.
Below are eight resources I’ve found particularly useful. (I’m currently working through No. 6.)
- Feeling perpetually short on cash is exhausting. Here’s how to stop living paycheck to paycheck and begin putting money aside.
- When your budget can’t be trimmed further, it’s time to boost your income. Find a side gig to bring in extra cash each month.
- Pay down credit card balances. It’s tough, but finally making that last payment is incredibly liberating because you’ll stop paying interest and can concentrate on what matters.
- Closely review your monthly bills and spending. Figure out what’s essential versus what isn’t, and start bargaining where you can.
- You need to eat, but you don’t have to overspend. Use these tips to cut costs on groceries and household items.
- Begin an emergency savings fund. If unexpected expenses arise, this will be your safety net.
- Has it been a while since you discussed pay with your manager? Planning to change jobs? Consider negotiating your salary or requesting a raise.
- Seek out free perks in everyday life. And if your birthday is coming up, be sure to claim the complimentary offers!
We can do this, Savinly Readers! Here’s hoping all of our financial numbers keep getting better.
Your Turn: What tips would you share with those of us trying to get a handle on our money?
Alyssa Bennett (@AlyssaBennett) is a junior writer at Savinly. After recently finishing graduate school, she focuses on cutting expenses — and surviving the move back home with her parents.
