Still living paycheck to paycheck in Sarnia?

by Joel Sandwith on September 26, 2010

Paycheck to paycheck is a term most, if not all of us are familiar with.  Basically, it means that you are spending money as quickly as you earn it, or even faster.  This will lead lack of money for emergencies, and possibly to severe financial difficulty.  It’s a phrase that gets tossed around causally, as though living paycheck to paycheck is easy, normal and expected.

Each morning I get up early and enjoy a quiet coffee before the day begins, and read financial and other news on the Internet.  Two items caught my attention this morning, both related to paycheck to paycheck living.

The first was a posting on a Canadian based ‘deals’ website called  This site is quite useful for finding bargains on things, but also has an active forum of fellow bargain hunters.  One of the contributors started a thread of postings about how to live paycheck to paycheck.

Now, this posting is meant as a bit of a joke – the poster has had a tough summer financially and is using humour to help him through it.  Throughout his posts, however, there are realistic situations that he describes, that point out how difficult living like this can be.

Coincidentally, the Toronto Sun has an article today on a poll by the Canadian Payroll Association, which notes that 59% of Canadian workers would have a hard time paying bills if their paychecks were delayed by just one week.  These types of articles are printed all the time, but think about this for a second – 59% of employed people have so little savings that they’d be behind on bills with just one missed pay.  This doesn’t even take into account the large numbers of people who are NOT employed, who may be receiving Employment Insurance benefits, or perhaps have even run out of those benefits.

If you are living paycheck to paycheck, or relying on credit for everyday needs, you may need a better plan.  In some cases a budget check up can resolve these issues, but for some folks debt may still be a problem.  In those cases, it may be wise to speak with a professional about debt solutions.

If you’d like a free consultation to discuss options to manage your debt, such as a consumer proposal or a personal bankruptcy, please feel free to call us locally at 519-344-1058 or toll free at 310-PLAN (7526) – no area code required.

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