Why Most Americans Are Still Living Paycheck-to-Paycheck
August 3, 2020 | Emma Frost
If you’ve ever lived paycheck-to-paycheck, you understand just how stressful it can be, especially when you consider the high cost of different emergencies. As many as 78% of workers in the United States are living paycheck-to-paycheck, which means that 78% of people in this country are one large cost away from sinking into debt.
Many people report having no money set aside to handle an emergency cost. This leaves a very small portion of the population ready to handle a financial emergency when it comes their way. If this sounds all too familiar, you've probably wondered at some point what you're supposed to do when a surprise cost pops up to jeopardize your already tight budget. Here are some of the main reasons why Americans are living paycheck-to-paycheck, as well as how title loans in Illinois can help you when your emergency fund fails.
Spending Isn’t Being Tracked
Spending money is much easier to do than saving money. With the rise in convivence and popularity of online shopping and the collection of various streaming services and subscriptions, it's easy to create a monthly budget that is hemorrhaging money through various random charges. To combat this, start tracking your monthly expenses. You'll be holding yourself accountable, which will make it easier to spot how much money is being spent on extraneous items and services.
The High Cost of Living
The cost of living in the United States has experienced a steady upward trend over the past few decades, which hasn't coupled well with industries being inconsistent in the annual raises that are given to employees. This makes it nearly impossible to set aside extra cash each month to help grow our emergency and savings funds, let alone handle a surprise cost when it occurs.
If you suspect your cost of living outweighs your paychecks, take some time to review your costs from month to month so you can take note of the areas that can be downgraded. Separate your monthly expenses into a necessary and unnecessary column, which will show you where you can cut back to save some money each month.
You Don’t Have an Emergency Fund
Without an emergency fund built into your finances, you may find yourself scrambling to handle a sudden cost that emerges within your already tight budgets. This leaves many of us left to decide between paying our bills, paying for food, or handling the emergency. Studies indicate that many Americans have a savings fund of around $400, which leaves us little wiggle room when we consider the high cost of home repairs or medical expenses, arguably the two most expensive emergencies that we're left to deal with.
Many turn to credit cards to handle their expenses or to selling their belongings to procure extra cash, but there are other options, like title loans, that can provide fast and hassle-free financial relief. Here's how they work!
Title Loans in Illinois
Title loans are a short-term loan option that is provided by the friendly loan experts at Illinois Title Loans, Inc. which severs several locations throughout Illinois. Our application process can be started online from the comfort of your home and can be completed in as little as 30 minutes. After a brief meeting with a representative, you'll provide some information that will help to determine how much money you'll receive on your loan. The information you'll be asked to provide are:
- Your vehicle for inspection
- The lien-free title to your vehicle
- Your driver's license or state-issued I.D.
Once you provide the information and allow your vehicle to be inspected, you'll find out how much money you'll receive on your loan! We've streamlined the process so that you can obtain up to $4,000, depending on the state of your car, on the same day that you submit your application! Title loans aren't dependent on your credit score because we understand that your financial history shouldn't define your financial future. We welcome all credit scores, whether they're great, good, poor, or nonexistent.
If you're living paycheck-to-paycheck in Illinois and find yourself face to face with a financial challenge, turn to title loans as a quick relief option that will help you handle whatever challenge comes your way.