76 percent of Americans live paycheck-to-paycheck
POSTED: Tuesday, June 25, 2013 - 5:58pm
UPDATED: Wednesday, June 26, 2013 - 11:28am
Tyler , TX (KETK) — 76 percent of Americans are living paycheck- to-paycheck according to a new report by Bankrate.com.
Bankrate.com surveyed a thousand adults.
Their results show that fewer than one in four Americans have enough money in their savings account to cover six months of expenses.
"At least I'm getting money coming in to me that's something better than nothing," said mother of two Lydia Nanez.
Nanez falls in this category.
"I'm basically just trying to get money for school and raise my kids. I'm living paycheck-to-paycheck right now, I don't have a job so I am doing whatever I can to make money."
Nanez sells Tupperware out of her car at different locations in Tyler to get money for school and support her two young boys.
"By the end of the month, we're needing more and it's like I have to come out here and do this to be able to feed my children and continue to have light, water and gas."
President and CEO of Feliciano Financial Group Jose Feliciano says this study does not surprise him.
He says many people are spending more than what they have.
"It's just deciding what's important to you. Some people are living for today instead of tomorrow if you want to think long term then you have to start paying yourself first and get to where you want to go," said Feliciano.
Feliciano says it's important to put at least 10 percent of your paycheck into your savings account and set up an emergency fund.
"You've just go to start a savings plan that automatically drafts out of your account. Look at yourself as a bill. Once you look at yourself as a bill and you pay yourself on automatic draft, you will be successful."
According to the survey, 27% of Americans have no emergency savings.
If you want to purchase Tupperware from Lydia here is her contact information: