The recent Federal government shutdown was tragic. The anguish of fellow citizens forced to live with the uncertainty of hunger and possible homelessness steamed across the media for weeks. The heart felt stories of personal disaster and financial upheaval resonated with all too many Americans.
Watching the assault on the independence and dignity of good people for reasons out of their control was painful. Hardworking tax paying, public servants were pushed into a position of fear and vulnerability because they did not have sufficient saving to withstand 35 days , two to three pay periods without a check. The shutdown was a visual reminder of how frail our society and economy really are. Financial disruptions due to computer viruses, computer hackers, and a unstable economy are reasons to establish a habit of consistent savings.
Though the government shutdown has ended it should not be forgotten. It is a new thread in the fabric of our history that forged an opportunity to learn, reflect and change. Ideally new resolutions have emerged for 2019 to foster saving and more frugal spending patterns.
Knowing how to save or having a willingness to save may not be enough if you are barely living above the poverty line. Recent data suggested that most people feel they are not making enough money to pay for their daily needs and are spending too much on a regular basis. They sadly are correct.
CNBC recently wrote an article that stated 30% of Americans are constantly stressed out about their finances. It is not surprising when 66% of adults and 71% of millennials don’t have the suggested 3 month emergency fund.
Many say they don’t have enough money set aside to pay for unexpected expenses of any kind. The 2015 American census data ( The most current) released he average American income which was $56,516. More surprising is that more than 49.3% of Americans earn less than $30,000 a year. No wonder they are having trouble saving money.
The Solution Is Simple
- Make more money
- Reduce expenses
You can cut your expenses you can earn more money. but let’s face it when you’re working a 40-hour work week finding time for an additional income can be exhausting. That is why many people are creating home-based businesses. They use their secondary stream of income to build their savings.
Take control of your future. Hold yourself accountable for the change that you want to see in your life. if you’re willing to be patient to grow and nurture your second income stream like you have your current career you’ll be surprised at what you can achieve. The key is patience and consistency.
You have probably spent several years honing your professional skills with an average raise of 3 to 5 percent a year. Invest five to ten hours a week in a home business and you will give yourself and impressive financial boost so you can save more. Just remember not to spend more.
Melanie Gray Ph.D, RN