New Yorkers Spend Paychecks Faster Than You Might Think

Payday can feel like a fresh start. Money reaches the bank, bills get paid and debt gets handled. What happens next may be a little more surprising. A new national survey found that Americans spend about 40% of their paycheck within the first 48 hours.

Payday Money Goes Quickly

FinanceBuzz and Wells Fargo surveyed 2,000 full-time workers across the country. They asked workers how they get paid, how they would like to be paid and what they spend their money on after payday.

Bills Come First for Many Workers

Most people begin by taking care of important costs. That can include rent, mortgage payments, utilities, and groceries. Three out of every four workers said they have a bill due before their next payday.

Many People Run Low Before Payday

The survey found that 54% of Americans regularly run low on money before their next paycheck arrives. That means more than half of workers have faced a time when there was not much money left in their account.

Payday Is Also a Time for Treats

Payday is not only about paying bills. Nearly nine out of 10 workers said they do something to mark the occasion. For 46% of those surveyed, that means buying something special for themselves.

One of the Best Days of the Month

Most workers look forward to getting paid. The survey found that 88% of Americans are excited for payday. About one out of every three workers even called it their favorite day of the month.

A Paycheck Can Disappear Fast

The survey shows how quickly money can come and go. Workers may begin payday by making responsible choices, but bills and everyday costs can take a large part of a paycheck almost immediately. For many families across New York State, the hardest part may not be deciding what to buy. It may be making the remaining money last until the next payday.