HomeFinance News72% of Middle-Income Americans Say Their Paychecks Can't Keep Up With Inflation....

72% of Middle-Income Americans Say Their Paychecks Can’t Keep Up With Inflation. Do These Things if You Feel the Same

One person looks anxiously at financial documents and laptop.

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There are steps you can take to get more financial headroom.

Key Point

  • Inflation is making it difficult for middle-income earners to maintain their daily payments.
  • With blistering inflation likely to linger, it may be time to rethink spending and take steps to increase income.

it’s hardly a secret inflation soared In 2022, it will be very difficult for many consumers to keep up with their bills. Low-income households were undoubtedly hit hardest by inflation last year, but many middle-income families suffered as well.

In fact, recently Research by Primerica, 72% of middle-income earners say their salaries are not keeping up with inflation. If that’s the boat you’re in, it’s not necessarily stuck.

1. Save big money

Canceling your $15/month streaming service might help you a bit when it comes to managing your bills. credit card If you’re in debt each month due to inflation, you probably need to do more than just cut $15 in spending. It may be time to make some big sacrifices, like finding a roommate to split up with, or getting rid of your car if you work from home and can live without it. One in the evenings and weekends.

Remember that lifestyle changes you make to account for inflation don’t have to be permanent. But making changes to minimize the amount of debt you’re forced to accrue over the next 12 months can be costly.

2. Fight for a raise

If you’re good at what you do and know that your employer is consistently counting on you, there’s no reason not to march to your boss’s office (politely) and ask for a raise. , is cutting expenses (and headcount) because of inflation, fear of recession, many are prosperous. Therefore, it is never a bad idea to openly ask for a salary increase that you feel you deserve. Especially if the company didn’t give him a raise for 2023.

That said, I recommend researching salary data before having that conversation. If you know that the average person in your industry makes the same amount that you currently make, you may have to work harder to claim higher wages. But having that data can help you strategize.

3. Have a side job

Your budget may not have large expenses that you can reasonably cut. And even if you make a strong case, your fight over a pay raise may be in vain.

With another job, you might be able to cover your bills in full without continuing to rack up debt. You may be able to earn enough to cover your leisure expenses.

It could be a few more months before inflation subsides and everyday bills become affordable. So until that happens, do what you can to weather this period of inflation and avoid getting into more and more debt.

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