Think you're the only one who's living on a financial knife's edge? You are not alone. Recent data show most American workers live paycheck to paycheck.
The statistics seem accurate to Joseph Driscoll, a 39-year-old San Diego resident on active duty with the Coast Guard. His co-workers began panicking before the first paycheck was missed during the December-January partial government shutdown.
Driscoll is also a financial coach – yet his own finances were once far from healthy. He and his wife lived paycheck to paycheck until the day they had had enough. "We had campers, jet skis and $52,000 in debt — and this was after cleaning up debt previously," he said.
They learned to budget and cleared up the debt, and within two years they were back on track.
So take heart. Others improved their finances and you can, too. And take note: Any combination of strategies can help, from Frugal February to picking up a side hustle.
If you have credit card debt, continue making payments. But you may need to drop payments down to the minimum. Consider transferring the balance to a zero-interest credit card. Not accumulating more interest could be a substantial win.