We all started 2020 full of hope didn’t we? It was going to be the year we paid off debt, saved more money, pay for a vacation and all those things.
Yeah…. about that…
How’s that going?
2020 hasn’t turned out like any of us have planned. And for a lot of us, we took a hit despite our best efforts when 2020 began. Our household personally went through job loss that we were not prepared for. According to Mint.com, in 2019, 59% of adults in the U.S. admitted to living paycheck to paycheck and in July 2019, 28% of U.S. adults had no emergency savings. Which means any kind of upset in 2020 would be detrimental to people in those categories. And I would say that 2020 has been full of upsets.
But, also according to Mint.com‘s statistics, payroll employment rose by 4.8 million in June 2020, and the unemployment rate declined to 11.1%. Which means people are getting back to work. In fact, the Bureau of Labor Statistics found that total employment was 142.2 million in June 2020.
So you’re back to work and you need to recover from what 2020 threw at you so far! Where do you begin?
Setting up a budget is a great start! This personal budget calculator will help you figure up your expenses vs. income.
GoBankingRates reports that spending on nonessentials averages $5,442 a year (that’s $453/month or just over $113 per week). That can certainly blow your budget! Getting nonessential spending under control can make a HUGE difference to your budget! What can you cut from your weekly spending right now in the name of reaching financial stability?
Also, according to GoBankingRates, the average American household has over $6,800 in credit card debt. How do you measure up? You can use this debt payment calculator to help you figure up the best way to pay it off quickly.
If you’re looking for some more articles on savings, check out this list: