‘We live paycheck to paycheck.’ – Mother Of Four Says $160,000 Income Barely Takes Care Of Her Family
$160,000 doesn’t go as far as it used to…
Just ask a woman named Maddie, who posted a video on TikTok where she talked about the struggles of getting by in today’s economy.
Maddie explained that she and her husband are raising four kids in Florida and she said that they have no money to spare because of all of their expenses.
She said that her and her husband make $160,000 per year combined but they’re still barely making it.
Maddie told viewers that their mortgage is $1,700 per month and also talked about how much they spend on groceries, gas, and health insurance.
She said, “We live paycheck to paycheck.”
Maddie also said that when she was growing up her parents made about $100,000 a year, lived comfortably, and were able to spend leisurely on things like vacations.
Her video has since been taken down, but this trend has actually been covered by some mainstream news outlets, like CNBC.
The outlet claims that a recent poll by LendingTree reveals that over half of those who make six figures live paycheck to paycheck.
What’s going on? This might offer some insight:
Many experts point to a phenomenon called lifestyle inflation as one of the culprits. Lifestyle inflation, or lifestyle creep, is the pattern of spending a little more as a person’s income increases.
“I think people hold these benchmarks in their mind [of], if I reach this position or I get this promotion or I make it to this age, then I can live this life, or then I deserve to have these things,” said Sabrina Romanoff, a clinical psychologist who works with clients struggling with financial stress.
Another person on TikTok posted a video about this trend of people earning six figures and struggling, and it’s no surprise what the answer is: managing your money effectively.
@the.finance.engineer Living paycheck to paycheck on a six figure salary? This is a great example of living BELOW your means! #money #finance #debt #personalfinance
Understandably, people in the comments did not sympathize…
This person said she shouldn’t have had this many kids…
Another individual doesn’t think the math is adding up.
And one TikTokker is going through it right now…
Anyway you slice it… people are struggling out there.
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