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Jun 05, 2018

According to a recent CareerBuilder survey, about 80% of American full-time workers live paycheck to paycheck. This is highly concerning, and a reality check on the strength of America's workforce. The problem is evident with high-income earners as well. The survey recorded 10% of full-time workers earning $100,000 or more a year struggle with the same problem.  

With this information in mind, the question needs to be asked: how can American workers do more to secure their financial future, and how can employers help in this endeavor?

Tips for Employees

Who doesn't love paydays? We all enjoy getting paid, but we fall into some financial traps that relate to our mindset. Next time you get paid, try a few of these tricks to keep more money in your pockets. 

Optimism vs. Pessimism 

There are advantages to being an optimist, but when it comes to your paycheck, you might want to consider taking on a pessimist persona. Being an optimist might not prepare you financially for an unexpected problem. Be happy about your profession and paycheck but be cautious as you never know what's around the corner. 

Pick Your Lifestyle 

Never live beyond your means. It may be tempting to rent a luxury apartment and lease a fancy new car, but is it financially smart? Choose a lifestyle that fits you financially. Otherwise, you will be strapped for cash when you need it most. 

Watch Your Spending 

This is easier said than done. While every employee has a different scenario, monitoring your spending can be as simple as budgeting your paycheck and not purchasing anything you can't afford at that particular moment

Try using our paycheck modeling calculators to budget your hourly or salary pay.

Spending to Impress 

Designer brands, flashy cars, and big homes are all things people don't need. Trying to impress others by spending money will eventually hurt you financially. Impress people with your intelligence, not your bank account.  

Want vs. Need 

Do you want the latest version of a Mercedes or do you need it? Confusing a want with a need can lead to an empty bank account. Next time you're out shopping, ask yourself: Do you want it, or do you need it? 

Fear of Missing Out 

The fear of missing out can lead us to a disastrous financial situation. Why risk something you have for something you don't need? Be calm, maintain your financial discipline, and you will be happier in the long-term. 

Tips for Employers

Talent retention should be on every employer's radar. One practice to retain your best talent is to offer benefits that improve their standard of living.  After all, happy employees can do a lot for creating a positive company culture. Below are a few recommendations on retaining talent and ensuring your employees are financially stable.  

Free Financial Education
Financial problems will stress your employees and distract them from doing their best work. Often, employees will find themselves with a financial burden due to their lack of understanding on financial topics. One way to limit this is to offer your employees financial education. Classes on credit card use, saving for retirement and emergencies, and proper budgeting is all relevant to your employees.  

Student Loan Repayment 

If you have a recent college graduate on your team, they most likely have some form of student debt. Why not help them out and match their repayment? This will go a long way in building a trusting relationship with recent graduates and most likely will encourage them to stick around.

Emergency Loans 

American employees are not doing enough saving. In a survey by Bankrate, 57% of American adults would not be able to pay for a $500 surprise expense. Your employees could always use some help in a dire situation. Instead of having them get a short-term loan from a shady lender, why not offer an emergency loan?


It's common for employers to have employee benefits, but are they doing enough for their employees? Encourage your team to save for retirement and offer to match their 401k contributions. Also, providing easy access for employees to see where their money is going is important. Build a solid relationship with your employees, and they will return the favor by doing their best work.

Managing your finances is no easy task. But monitoring your mindset when it comes to getting paid can have a positive impact on your wallet. Make sure to not overdo the shopping sprees, live beyond your means or differentiate between a want and a need. As for employers, try offering emergency loans and student loan repayment. While this might seem like a burden, the payout can be huge. There is no better way to hold on to your talent and create a positive culture than to offer benefits catered to your employees.

Looking to budget your next paycheck? Try our free paycheck modeling calculators to help you see your financial freedom!

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