Paycheck Panic – New Yorkers Are Burning Through Money Faster Than They Can Make It
If you live in New York and if you have a tendency to blow your budget two weeks after payday, welcome to the club!
While the number of people using coupons and promo codes has increased by 79 percent in just the last year and while rising inflation has everyone raising their eyebrows and wondering what could be coming next, New Yorkers are simply awful at sticking to their budget.
A report by the Brookings Institution found that thanks to inflation, Americans don't feel financially safe. But get this - even though there's a very real feeling of financial uncertainty, the average New Yorker is burning through their budget just two weeks after payday and by doing this, they're leaving themselves with either very little money for the rest of the month, or they're having to dip into their savings in order to make it through the rest of the month.
What's scary is that survey respondents were asked hypothetically, if they lost their job how many months they would be able to live solely on what they have saved. On average, people said they really could only live on their savings for the span of two months before things would get really bad for them.
Inflation is currently the highest it's been since 1981, over 40 years, and a slew of things are draining our wallets. From gas prices to groceries to household products, the average household is spending almost $300 extra each month which translates to an extra $3,600 in yearly expenses, not including the unexpected or emergency expenses.
While New Yorkers are doing an awful job sticking to their budgets and dipping into their savings, they are trying their best to find savings where possible. According to Coupon Birds, since January of this year, there has been an 82 percent increase in online searches for "coupon" and a 76 percent increase in online searches for "promo code."