President Obama and congress let a temporary payroll tax cut lapse, resulting in lighter paychecks. Estimates say a person earning $50,000 a year will take home $1,000 less per year.
Meanwhile, a study from online lender NetCredit found that one out of two Americans live paycheck to paycheck.
Despite the grim news for everyday workers, there are simple steps to take right now that will make take-home pay last until at least the next pay day.
A recent infographic from NetCredit compared paychecks from yesteryear with those of today. (You can see the infographic here.) The graphic includes seven tips to stretch paychecks. Here are those tips, along with some commentary:
1. Make your own coffee
According to NetCredit, brewing your coffee at home instead of buying one $2 cup every weekday could save $250 a year. If you want to take that home brew with you, invest in a good travel mug. Chicago-based Intelligentsia coffee makes a great one. It’ll cost you $30, but this mug is worth it. Find it here.
2. Buy in bulk