Breaking Down The Average American's Paycheck

Ever feel like your Paycheck disappears faster than snacks at a middle school sleepover? Well, it turns out you're not alone! A new survey broke down how most Americans’ paychecks are spent, and it ain’t pretty. Hopefully you can’t identify with this, but given the numbers you probably can. 😞

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Here are Five Fast Facts on the breakdown of an average American’s Paycheck:

1. 💨 Pre-Spending - About 51% of our Paychecks are “pre-spent” on rent, bills, and overdue payments, meaning it’s gone before it even lands in our account.

2. 🏃 Just Passing Through - After that, about 43% vanishes within three days of getting paid. But hey, at least you had a little bit of time to meet and get acquainted, right?

3. 🏧 Leftovers - Of our total Paychecks, only 16% goes toward fun stuff, and another 16% limps into savings. Of course, less than a quarter of Americans can even remember the last time they were able to put 20% or more of their income into savings.

4. 😖 Tightness - When money is tight, 39% rely on a side hustle to get by, 31% go to family, and 28% load up their credit cards.

5. ✌️Early Access - Over a third of Americans (34%) say that if they could access their Paychecks just two days earlier, it would help them pay their bills on time.

🔥Bottom line: In short, most of our Paychecks are gone faster than summer vacation. If people could get paid earlier, it would help a lot of folks, but ultimately what we need is for prices to go down so we have more money left at the end of the month rather than more month left at the end of the money.

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Would getting your Paycheck earlier help, or is it about having more money?

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