Imagine trying to juggle flaming torches while riding a unicycle on a tightrope. It is an intense image, isn’t it? Now, what if we told you that's how many Americans feel about their finances in 2024? Living paycheck to paycheck has become the modern-day circus act, with far too many nervously awaiting their next payday. Are you in the same boat? More importantly, are you looking for ways to break free from living paycheck to paycheck? Let's dig into the numbers and reveal a super-effective solution. 

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What The Stats Say 

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According to a 2024 CNBC survey, almost 7 out of 10 Americans report living paycheck to paycheck. This is a widespread issue that likely affects you or someone you know. And for some context, living paycheck to paycheck practically means most Americans are constantly working. There’s little to no room for taking a week off, even on account of illness. That’s because a few days off could result in real-life issues like missing rent or not being able to afford a decent meal. But away from that, why are so many Americans living paycheck to paycheck in 2024? 

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Lack of Savings 

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According to another CNBC survey, nearly 6 out of 10 Americans live paycheck-to-paycheck due to a lack of savings. Surprisingly, this is more than just a problem for those with lower incomes. Even high earners (nearly half of those making at least $100k a year) struggle to save enough. The issue often isn't how much people earn but rather how much they are able to save.

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Inflation

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Inflation has been on the rise in 2024, says the Bureau of Labor Statistics. Last year, the average credit card interest rate soared to almost 23%, according to the Consumer Financial Protection Bureau. To make matters worse, reports suggest that individual credit card holders carry an average debt of over $6,000 each.

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What is the Advice from Experts? 

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Financial advisors have advised Americans to consider setting up emergency savings accounts and utilizing systems that take automatic deductions from their paychecks. Just for emphasis, setting up automatic deductions is a vital part of the plan. That’s because it is an effective way to ensure that every time you get paid, a bit of cash goes straight into your savings account. It’s like paying yourself first! Now, let’s talk about a tool that can help you set up automatic deductions successfully. 

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Automatic Savings with Cash Goblin

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Cash Goblin is a new mobile app that helps users automate savings, streamline personal financial goals, and efficiently manage their income in a way that guides them toward financial freedom (aka no more living paycheck-topaycheck).

The app helps you save money by automating the savings process. You can set up rules to automatically deduct a specified percentage of your income and direct it into designated savings accounts. This automation ensures consistent savings without the need for manual transfers, making it easier to avoid living paycheck to paycheck. Additionally, Cash Goblin provides real-time tracking of progress, keeping you informed and motivated about your savings journey.

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So, if you are ready to save your financial health and break free from living paycheck to paycheck, start using Cash Goblin today!

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Download the Cash Goblin app today

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