Nov. 22, 2017
Did you get a pay raise in the last year? If so, consider yourself lucky. A new survey from Bankrate.com finds that more than half the workers in this country – 52 percent – did not get a salary increase in the past 12 months.
On average, American workers are only getting an increase every other year. The Bankrate survey found that nearly one in five workers is earning more because they found a better job.
With prices going up – the annual inflation rate is about two percent – the imbalance between income and expenses can put a real strain on the household budget.
“Household budgets are already tight and when you add in those only sporadic increases in income with the steady upward creep of household expenses, it puts a further squeeze [on them],” said Greg McBride, Bankrate’s chief financial analyst. “It limits people’s buying power and puts a squeeze on their ability to save, too. So we see people continuing to feel uncomfortable with their savings.”
That's what it's important to be disciplined with your spending – and to make savings a priority. Do it first and do it automatically, before the money's gone at the end of the month.
Click here to listen to Herb’s interview with Greg McBride on KOMO Radio
More Info: Did You Get a Pay Raise This Year?