HOUSTON, TX – Many families are living pay check to pay check, without any savings, leaving them in a position in which losing a job, or a medical emergency could financially destroy them.
Jessica Horton with Money Management International said, “The economy and the job market, definitely plays a role in it, and that in combination with the fact that saving isn’t a priority for a lot of people.”
Salaries haven’t grown, yet everyday necessities have gotten more expensive, so what do you do?
“I think that you need to prioritize,’ said Houstonian Carrie Field. ‘My dad was a teacher and they were able to save with one teacher`s salary, and my mom stayed home and raised a family, so I feel you can. You just need to prioritize what`s important to you.”
Yet even with full time salaries, people are struggling.
Selene Ballestis is struggling to make ends meet, and said, “Gas and food prices… it’s ridiculous. $200 doesn’t take but maybe a week’s worth of food now, whereas before it would take maybe 3 or 4 weeks depending on how much you cook.”
So if you are in a tough spot, here are some sound words of advice:
“Regardless of your financial situation, saving for emergencies is critical,” said Horton.
For those of you struggling to save, at least you know you’re not alone. Almost 50% of the Americans are in the same boat.