Many cash-strapped Americans feel the sting as the cost of living spikes

A San Antonio, Texas, pharmacist named Benjamin Gibson makes more than $100,000 a year and owns his own home.

The 40-year-old is struggling to afford basic necessities, including groceries and gas.

He said that when you are used to spending a couple of dollars on fruits and vegetables, then you are paying a lot more, it stresses you out.

With an emergency fund and no 401(k) plan, Gibson says he weighs every purchase, from dinner out to a recent oil change.

He said he cringes whenever he pays by credit card.

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The report found that about 70% of Americans feel their paycheck isn't enough to keep up with inflation.

29% of respondents said they expect to barely be able to make ends meet this month, and roughly the same number predicted that their spending will likely exceed their budget in the months ahead.

The people are struggling to figure out how to meet the challenges.

A survey by LendingClub found that over half of the U.S. population is living paycheck to paycheck.

Americans with higher incomes are having a harder time getting by. Half of workers earning more than $100,000 said they had little to nothing left over at the end of the month, according to a poll.

The challenge is that this requires them to deplete their savings and their safety net and that can cause other problems.

He said that they become financially vulnerable.

A hot job market, low unemployment and a historically high rate of savings gave many Americans a boost heading into 2022, making them more willing to pay higher prices for goods and services.

Wages have grown, but they have not kept pace with inflation.

The Bureau of Labor Statistics data shows that real earnings were up 5.6% from a year ago.

There is a presumption that as the cost of goods increases, income will follow.

There’s a presumption that as the cost of goods increases, income tends to follow, which is not always true.

Taylor Byers, who was recently named a director at Boca Communications in San Francisco, said she is still struggling to make ends meet after her pay increase.

Byers lives with her fianc in Orange County, California, and works remotely.

She said that she was trying to put money away for her wedding.

A huge chunk of my paycheck goes to rent. I have a car payment, credit card bills, and now gas. She said that it feels like every single bill has gone up.

How do you keep up with that?

Rob Burnette, a financial advisor and CEO of Outlook Financial Center based in Troy, Ohio, advises clients to start with a month-to-month financial plan. He tells them to identify problematic spending areas that aren't necessary.

He said to completely eliminate those areas until you can afford them again.

In addition, people should switch to a zero-interest balance transfer credit card or consolidate high-interest credit card debt into a lower interest loan.

Don't keep up with the Joneses mentality, even if that means selling an expensive car or downsizing to a smaller home.

If you make the changes you will be able to allocate a percentage of your monthly income to savings, including an emergency fund and a retirement plan.

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