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Payday pains: How to get better control of your money

By: Brandpoint

August 27, 2024 at 09:27 AM EDT

(BPT) - Have you ever had to skip a fun event with friends due to a temporary lack of cash? If you find it challenging to get through each pay period without running out of money, you're not alone. According to a recent CNBC/Survey Monkey survey, 65% of Americans currently live paycheck to paycheck.

To better understand the challenges presented by the outdated two-week pay cycle, Chime, the #1 most-loved banking app in the country, partnered with 72Point to learn more about how this system doesn't support people's everyday needs. In the survey,* 3 in 5 Americans (59%) say they experience "pay paralysis" - a wave of anxiety or fear due to low funds between pay cycles.

How does that impact daily life? Almost 3/4 of Americans (72%) have had to miss events for financial reasons, including nights out with friends (39%), weekend getaways (34%), concerts (28%) and even weddings (11%).

The good news is, there are ways you can control your money better, to help you handle unexpected emergencies - or participate in events that are important to you. Financial activist and coach Dasha Kennedy offers her tips and tools to help you with smarter money management.

"Not only are 72% of Americans spending most of their paycheck on paying bills, 69% say that's the first thing they do when receiving their paychecks," says Kennedy. "Rising costs are impacting Americans' finances in more ways than one, so it's important to prioritize your financial well-being."

Know your numbers

It's important to have a clear sense of what's coming in (your paychecks) - and what's going out (what you spend every month). Writing down your monthly income and comparing it to necessary bills (rent, utilities, insurance, food, transportation, etc.) and what you like to spend for fun or entertainment will help you understand where your money's going.

"If you're having a difficult time figuring out your spending patterns, pull your bank statements or credit card statements, whichever account you use to charge your monthly expenses, and highlight every item that was not an essential expense in one color, and every item that was an essential expense in another color," says Kennedy. "Then you can start identifying cost-cutting and income-increasing measures. For example, eating at home more often can save a lot over time."

Make a plan

Setting financial goals can help you stay focused. For example, regularly saving toward an emergency fund can help you weather unexpected expenses, or you can save toward a trip or concert tickets you really want. Just be sure to check how you're doing monthly so you don't lose sight of your goals.

"The best way to improve your financial future is to create a plan, then check up on it regularly," Kennedy says. "Stay on track and you'll be glad you did!"

Create a bill calendar

Keep a calendar with all your bill due dates on it. If you see too many bills due around the same time - like right before your payday instead of after it - try calling your credit card and/or utility companies to ask if they can adjust your monthly due dates. Some companies will change that date, so it's definitely worth asking. This can help ease a cash crunch at a certain time each month.

Avoid cash crunches with MyPay™ from Chime

Whether you want to grab those concert tickets while they're on sale, buy a gift for your friend's wedding or just make sure to pay a bill on time, MyPay™ allows those with an immediate need for money a simple way to access up to $500 of their pay before payday.

MyPay™ is available directly in the Chime app, so members can conveniently access their pay without having to download any extra apps or sign up for a separate subscription. Chime members become eligible to enroll in MyPay by receiving qualifying MyPay™ direct deposits of $200+ into their Chime checking account, plus other qualifying criteria.**

Eligible members can access $20-$500 each pay period (the amount may increase or decrease over time). They simply select how much they'd like to have advanced, and it's deposited directly into their Chime checking account within 1-2 days, fee-free. Members can also opt to get funds instantly for a flat fee of $2 per advance. There are no other fees, tipping or subscriptions required. Repayment is automatic: The balance is simply repaid when the next direct deposit arrives.

"Nobody wants to endure an emergency or miss out on important life events or fun activities," says Kennedy. "Creating a plan, building an emergency fund, and taking advantage of tools that can help you access your own money before payday will all help you enjoy each month with a lot less financial stress."

Learn more about MyPay™ at chime.com/mypay.

* Survey methodology: This random double-opt-in survey of 2,000 employed Americans split evenly by generation (500 Gen Z, 500 millennials, 500 Gen X and 500 baby boomers) was commissioned by Chime between April 25 and April 29, 2024. It was conducted by market research company Talker Research, whose team members adhere to the American Association for Public Opinion Research (AAPOR) Code of Professional Ethics and Practices. Researchers are also members of the Market Research Society and the European Society for Opinion and Marketing Research (ESOMAR).

** To be eligible for MyPay, you must receive Qualifying MyPay Direct Deposits to your Chime Checking Account as set forth in the MyPay Agreement. A Qualifying MyPay Direct Deposit is a deposit from an employer, payroll provider, gig economy payer, government benefits payer, or other permitted source of income by Automated Clearing House ("ACH") or Original Credit Transaction ("OCT"). Your MyPay Credit Limit and Available Advance Amount may change at any time. MyPay is a line of credit and available limits are based on estimated income and risk-based criteria. Eligible members may be offered a $20 - $500 Credit Limit per pay period. Your Credit Limit and Available Advance Amount will be displayed to you within the Chime app. MyPay is currently only available to eligible Chime members in certain states. Other restrictions may apply. See MyPay Agreement (The Bancorp Bank, N.A. members) & MyPay Agreement (Stride Bank, N.A. members) for details.

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Payday pains: How to get better control of your money

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