Rich … and Broke? Why Even High Earners Can’t Seem to Save

Via LearnVest By Jennifer Liu

Living paycheck to paycheck isn’t just a problem for those at the bottom of the pay scale.

In fact, a new SunTrust survey reveals that nearly one in three households earning at least $75,000 a year feel they can barely make ends meet.

Even more shocking: As many as one in four Americans raking in six figures also fess up to living paycheck to paycheck.

So why are even well-to-do Americans struggling to sock away at the end of the month?

In the survey, 68% of all overspenders designated dining out too much as the factor most contributing to their lack of savings, while 37% named shopping as their biggest budget-buster.

In other words: these high-earners have been hit by lifestyle inflation, or the phenomenon where as you earn more, you simply spend more—instead of ramping up savings or getting ahead on goals.

In fact, a third of participants in the survey admitted that they lack financial discipline—and said it’s holding them back from reaching key money goals.

Unfortunately, that lack of progress showed through in the survey: just 37% of high-earners ages 45 to 54 said they feel financially ready for retirement.

Feel like overspending is keeping you from making progress? Find out how you can deflate lifestyle inflation—and finally start getting ahead.

The post Rich ? and Broke? Why Even High Earners Can’t Seem to Save appeared first on LearnVest.

LearnVest’s mission is to help people feel amazing about their money.

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  • Sharon

    I am so interested in saving and budgeting my money is there a book I can buy to help me start this? I am a 48yr old grandmother of two beautiful girls and I need to control my money better. I am also a penny pincher but I don’t have a dime in the savings account. I really need financial assistance bad. Can you refer me to a source to where I might get some assistance in my financial issues. I would greatly appreciate it.

    Sharon Leblanc

    • Mary Johnson

      Thanks for your question Sharon! There are many great books on money management, here are a few you might be interested in:

      How to Get Out of Debt, Stay Out of Debt, and Live Prosperously: Based on the Proven Principles and Techniques of Debtors Anonymous by Jerrold Mundis
      The Total Money Makeover: The Proven Plan for Financial Fitness by David Ramsey
      The Money Saving Mom’s Budget: Slash Your Spending, Pay Down Your Debt, Streamline Your Life, and Save Thousands a Year by Crystal Paine
      Personal Finance For Dummies by Eric Tyson

      May I also suggest that instead of buying them, check first with your local library to see if you can borrow them for free!