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Smart money tips for living from paycheck to paycheck
(StatePoint) Nearly four in five American workers are now living paycheck to paycheck, according to Career Builder. If that describes you, experts say there are steps you can take to live more comfortably and securely.
Build a Nest Egg
  Having the capacity to absorb a financial shock is one of the major tenets of financial wellness, according to the Consumer Financial Protection Bureau. Unfortunately, nearly 60 percent of Americans don’t have enough savings to cover a $500 unplanned expense, according to a report from Bankrate.
  Does your budget include a line item for a rainy-day fund? If not, it’s time to make room in your budget for one. Most budgets, when closely examined, have some give, so look for where you can cut back in order to divert more funds toward growing your nest egg. Once you’ve determined how much you can afford, automate payments to this account.
Seek Out Buying Alternatives
  Meeting short-term purchasing needs without compromising your long-term finances can be tricky when you’re cash-strapped. Though high-interest credit cards, payday loans or rent-to-own contracts might look like lifelines when faced with a necessary expense you can’t immediately afford, these options can quickly devolve into compounding interest rates, hidden fees or even loss of merchandise.
  Look into new financing options, such as employee purchase programs, which can offer a better way to buy when cash or prime credit are not options.
  “In a high employment market, many employers offer purchase programs as a voluntary benefit to retain loyal, satisfied workers,” says HR industry expert, Racquel Roberts. “It provides easier access to products and services paid over time, but without the usual pitfalls.”
  Programs like Purchasing Power, for example, allow employees to pay for items through payroll deduction over the course of 12 months. There’s no interest on the purchase, no fees and no credit check, making this an ultimately more affordable and accessible way to acquire that appliance, computer or other needed item. For more information, visit
Leverage Other Benefits
  As more employers learn that a financially secure workforce makes for a more productive workforce, you may find a growing menu of voluntary benefits in your workplace designed to help you gain control of your financial life. From financial counseling services to student loan repayment to employee purchase programs, leveraging such tools can help you gain financial footing in a paycheck to paycheck reality.
Give Your Credit a Boost
  The importance of good credit can’t be overstated. However, 20 percent of U.S. consumers have FICO scores of less than 600. For those who pay their cable, phone, utility and other recurring bills on time and in-full, a new program called Experian Boost may be able to help you boost your credit instantly. The program works by factoring in a consumer’s payment history on such bills, to give those with a limited credit history a boost.
  It can be tough, if not impossible to feel secure when you are living paycheck to paycheck, but some smart strategies and helpful resources can help you gain financial footing.

Smart strategies to help pay off debt
(StatePoint) From car loans to student loans, credit card balances and other revolving debt, U.S. consumer debt is higher today than ever before.
  Indeed, that figure now exceeds $4 trillion for the first time, according to 2019 estimates. To reduce and eliminate your own debt, consider the following tips:
• Review where your money is being spent. Create a budget for monthly expenses and stick to it.
• Get inspired by expert-touted financial strategies and pick one to follow. One popular example is the debt snowball plan, whereby you pay off bills smallest to largest, no matter the interest rates. Or, use the debt avalanche method, paying off highest interest rate debts first, or balancing transfers to credit cards with the lowest interest rate.
• Fifty-eight percent of Americans report less than $1,000 in total savings, according to a 2018 GOBankingRates survey. Without an emergency fund, unexpected expenses can quickly become a crisis, throwing you off track. Work toward growing a savings fund, even if it’s just $500 to $1,000.
• If a retirement savings program is offered by your employer, participate. Of Americans 55 and older, 48 percent have nothing put away in a 401K-style contribution plan or individual retirement account, according to the U.S. Government Accountability Office. Many employers offer matching programs, which is essentially free money. Don’t leave it on the table! 
• If your company offers an employee purchase program, consider enrolling, as this can offer you greater financial flexibility. One example is Purchasing Power, one of the fastest-growing voluntary benefit providers, which gives workers the option to pay for consumer goods and services over the course of six or 12 months through automatic payroll deduction. With no interest on the purchase, no fees and no credit check, this a viable way to break the cycle of predatory lending options.
  “Those high-interest credit cards, payday loans, pawn, title pawn and rent-to-own contracts might all look like lifelines when you’re faced with a necessary expense you can’t immediately afford, but they can be traps leading to compounding interest rates and hidden fees,” says Richard Carrano, Purchasing Power CEO.
  For more information, visit
• Leverage any other financial wellness benefits offered by your employer, like budgeting tools, financial counseling and automated savings and bill-paying services.
• Engage family members in your efforts. Together, celebrate small wins achieved each week or month. Remember, don’t be too hard on yourself. It’s a marathon, not a sprint.
  U.S. Consumer debt may be at an all-time high, but it doesn’t need to be for you personally. Get inspired to gain a solid financial footing.

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