Almost 6 in 10 Workers Say Their Paychecks Can't Cover Their Living Costs

Image source: Getty Images

For months on end, consumers have been getting battered by high inflation . In fact, since the start of 2022, many people have been forced to raid their savings or carry credit card balances just to do basic things like keep the lights on and put food on the table.

It's not surprising, then, to learn that almost 60% of workers today are concerned that their paychecks can't support them during this period of rampant inflation, as per the American Staffing Association . But while that may not be surprising, it's problematic. And if you're in a place where your paycheck can no longer cut it, here are some options worth looking at.

1. Fight for a raise

Many employers gave out fairly generous raises at the start of 2023 to account for higher living costs. If yours didn't, you may need to take matters into your own hands and fight for a raise not just based on inflation, but also your own performance.

Think about the different ways you've added value to your company over the past year -- or, better yet, saved your company money. Make a list and then schedule a meeting with your manager to discuss it. If you can prove that you're worthy of higher pay, you could see your salary rise, making it easier to keep up with your bills.

2. Pursue a new job

Sometimes, jumping ship and working for a new employer is the best way to score a boost in pay. If your company won't increase your wages, don't hesitate to look for a job elsewhere.

Despite recession warnings , the job market is still pretty hot. So it's a good time to dust off your resume and start reaching out to your network of professional contacts and asking for help in finding a new role.

3. Pick up a side hustle

Leaving a job is easier said than done. It could mean having to relocate, dealing with a change in schedule, or having to worry about losing out on certain benefits, like health insurance.

If you don't want to leave your job but your company refuses to increase your pay, consider padding your income with a side hustle . Just as there are plenty of full-time jobs to be found these days, there are tons of options available right now in the gig economy. And you never know when a given side hustle might end up being more lucrative than expected.

In other words, if you take on a side gig, you might do more than just keep up with inflation. You might earn enough to meet other financial goals and have more opportunities to pay for fun things, like vacations.

It's not at all shocking to learn that employee paychecks aren't going as far as they once did. But rather than resign yourself to ongoing financial struggles, do what you can to boost your pay -- whether by advocating for a raise, searching for a new job, or supplementing your income with a side gig.

We're firm believers in the Golden Rule, which is why editorial opinions are ours alone and have not been previously reviewed, approved, or endorsed by included advertisers. The Ascent does not cover all offers on the market. Editorial content from The Ascent is separate from The Motley Fool editorial content and is created by a different analyst team.The Motley Fool has a disclosure policy .