Is Struggling Financially the New Normal?

Everyone is struggling these days. Whether they’re stuck living with their parents because they can’t afford a home or facing sticker shock at rising food prices, it seems like more and more people are a paycheck away from complete disaster. 

Is this soul-crushing financial struggle the new normal? 

Is Struggling Financially the New Normal?

A stressed looking woman sits at her table unsure of how she will pay the bills to represent a decline in the American standard of living.
Photo Contributor
Vitaliy Abbasov via Shutterstock.com.

One person came to a popular internet community to share their struggles, desperate to determine whether it was just them or something else was happening in the nation at large.   

“People are either not able to find work, working low paying jobs while still living paycheck to paycheck, living at home with their parents, or having to live with 3+ roommates,” shared the Original Poster (OP), adding, “It also seems like the homeless population had pretty much increased all over the US.”

They wanted to know if everyone else felt the same sense of foreboding that this immense struggle to survive was slowly becoming the new normal for most people. 

A Lot of People are Struggling

A sad man watching money fly out of his wallet.
Photo Credit: pathdoc via Shutterstock.com.

Thread users vindicated OP with their responses. A lot of them feel the tension and despair, and although they may not be struggling financially yet, they’re definitely feeling the impacts, whether via decreased savings, prepping, or cutting back. 

People are preparing themselves for a financial storm. 

Decreasing Savings

Many said they were not struggling yet, but the rising costs meant they had to cut savings

“The amount we can put towards savings is definitely decreasing a bit with how much more we’re spending day to day, especially on food!” said one user. 

“Not struggling, but noticing how much more I’m spending on daily needs. Everything has gotten so so so much more expensive the last two years,” shared another. 

The increased costs of essentials paired with stagnant wages mean many have to juggle their budgets. Savings, debt repayment, discretionary spending, and luxuries are the first to go. 

Hoarding Cash

Some went the opposite way. They’re terrified at how bad things will get, so they’re hoarding cash in case the economy worsens. 

It’s a vicious cycle. When people hoard cash, they stop buying non-essentials. This reduces profits for companies, which sometimes lay off staff to stay afloat. Layoffs create even more financial stress, leading to more layoffs, and soon, the country finds itself spiraling into a depression. 

Feeling the Pain

A man holds open his empty wallet in a grocery store to represent a $20 grocery budget.
Photo Credit: Song_about_summer via Shutterstock.com.

Some users said they’re definitely noticing the sharp increases in essentials and minor luxuries. 

“I stopped buying paper towels, dryer sheets, coffee creamer, things I would normally consider “necessities” to save money,” shared one. 

“I haven’t bought a regular-sized bag of chips in a year,” added another. 

Users commiserated, sharing all the things they’re cutting back on due to rising prices. Fast food, snacks, coffee, and juice are all on the chopping block. 

A Constant State of Stress

Most users agreed with OP. They’re living in constant stress, barely able to pay their bills and feed their families. 

“I can’t even sleep at night at this point,” stated one user.  “I’m just on edge 24/7. I can’t afford food.”

“As a 53 year old single mom with a son on the spectrum, I literally had $37 till Friday for gas and food. It’s ridiculous,” said another, who shared that she makes $30 per hour but pays 2K monthly rent – the cheapest place she could find. 

Another shared that she lives with her partner, and they collectively bring home nearly $145K per year, but they’re still struggling. “Between student loans, rent, furniture payment plans, car payments, and groceries, there’s just no money we can put away at the end of the pay period,” she said. 

Job Market Fears

A business man sadly sits next to his box of belongings pondering his life after being fired.
Photo Credit: baranq via Shutterstock.com.

A lot of users still have good jobs which are keeping them afloat despite the hirer costs, but fear job loss in this market will spell doom. 

If I lost my job, I feel like it would take me a long time in this market to find something that pays as well as this. It’s why I feel a little insecure and just praying I don’t get laid off,” shared one user. 

Many shared the concerns, saying if they lost their current job, they fear they’d never find something making a similar income. 

Something Has To Give

The current situation isn’t sustainable. We’re swiftly reaching the point where average Americans can no longer afford to live. What happens when struggling financially becomes the new normal for the majority of the population?

What happens when the vast majority can’t afford homes, groceries, families, retirement, or any other trappings of a middle-class lifestyle?

Do you really want to know what happens when we reach that tipping point?

 

Author: Melanie Allen

Title: Journalist

Expertise: Pursuing Your Passions, Travel, Wellness, Hobbies, Finance, Gaming, Happiness

Melanie Allen is an American journalist and happiness expert. She has bylines on MSN, the AP News Wire, Wealth of Geeks, Media Decision, and numerous media outlets across the nation and is a certified happiness life coach. She covers a wide range of topics centered around self-actualization and the quest for a fulfilling life.