New Yorkers Living Paycheck to Paycheck Face Bleak Holiday Season

The cost of living keeps climbing and our wages can't keep up, so it's no surprise that many of us are feeling it when it comes to our wallets. But how are New Yorkers hanging in there, and what's the deal with our budgets and savings habits? Let's find out.

Living Paycheck to Paycheck: The Real Struggle for New Yorkers

According to recent findings, 40% of Americans are living paycheck to paycheck and the struggle isn't missing the streets of New York. With basic necessities like groceries and utilities on the rise, 84% of New Yorkers say their finances have been negatively affected by the current cost of living crisis.

61% of survey respondents in New York feel like they're working harder than ever to make ends meet. 40% admit to living paycheck to paycheck, while another 11% say they're finding it tough to make it through each month. I'm actually surprised that those number aren't higher.

Budgeting in 2024: How New Yorkers Are Making It Work

New Yorkers are turning to creative ways to make ends meet. The latest trend on the block? "Underconsumption." This word means consciously cutting back on new purchases, whether it's thrifting, reusing items, or slipping into those hand-me-downs to save some serious money.

More than 1 in 4 New Yorkers have taken on the challenge of a "no-spend" spree, only shelling out cash for essentials. Bonus points go out to those who tried this challenge and saved an average of $1,458! TikTok has played a part too, with over 10% of participants inspired to join in thanks to the viral trends online.

‘Tis the Season to Save: New Yorkers Gearing Up for Holiday Shopping

As the festive season creeps closer, the big question is - how will New Yorkers tackle holiday shopping in 2024? While some New Yorkers are already checking items off their gift lists, nearly half (49%) are feeling the financial strain of the holidays, especially when it comes to family gifts.

Many are getting an early start on the holiday savings game, with nearly a third already putting money aside. And for those planning handmade gifts - you're not alone! A quarter of New Yorkers are going DIY to save a few extra dollars.

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Despite the budget-conscious mindset, the average New Yorker  plans to spend around $946 on holiday gifts this year. Woah! Hey, let's keep those wallets in check and our savings goals in sight as we ride the financial rollercoaster of 2024!