Here's an article talking about . The highlights:
If you are struggling to save money and think that a larger paycheck is the key to solving your problems, a new report suggests that may not be completely true. According to a recent survey by SunTrust , almost one-third of survey respondents making $75,000 per year or more live paycheck to paycheck on occasion, as do one-fourth of the respondents making over $100,000 annually. The secrets to saving are as much of a mindset issue as they are an income issue.
Now some might think these people are struggling because they live in a or have some sort of extra expense like doctor's bills weighing them down. I'm sure that happens, but that's not the main reason these better-than-average earners are spending too much. It's because they can't control themselves:
The response to another question highlights the financial discipline aspect. Within the group that aren’t saving as much as they want to save because of their lifestyle choices, 68% said that expenses from dining out was the main reason for their lack of saving. The number was slightly higher among millennials (70%), but in general, this was true across the generations. Entertainment and clothing were also listed as reasons that saving was limited. These are all discretionary purchases related to fiscal discipline, regardless of income.
Let's repeat that: "These are all discretionary purchases related to fiscal discipline, regardless of income."
Lots to say on this topic:
- This is why . Because no matter how much you make, you can spend it all if you have little self-control.
- As I've said many times, discipline is one of the keys to building wealth.
- If you spend like crazy, you can't grow your wealth on any amount: $100k per year, $133k per year, $250k per year, $1 million a year, or $2 million a year.
- I've posted on this topic previously. For more insights, see How Many Americans Live Paycheck-to-Paycheck? and How to Be at the Bottom of the Financial Barrel.
Not much else to say other than get a handle on your spending, America! and use it to control what you spend. And do it asap!