Free Yourself from Living Paycheck to Paycheck
Article by Earnin.com
MIND YOUR BIZNESS
(BPT) - About 80% of Americans live paycheck to paycheck, often struggling between paydays. If this is a challenge for you, here are three easy ways that can help you get from one paycheck to the next with ease, avoid financial pitfalls, and even come out ahead.
Avoid overdrafts and late fees
Since most people are paid bi-weekly, money you've already earned is being held up, often right when you need to pay bills. Instead of overdrawing your bank account and getting hit with fees or using high-interest credit cards to bridge the gap to payday, there are apps you can use to get your pay when you need it.
With Earnin, community members can use Cash Out to access pay they've already earned with no fees, loans or hidden costs. Community members pay what they choose for the service (even $0) and can access up to $100 per day or $500 per pay period. Once your paycheck is deposited, the money is automatically paid back to Earnin.
Avoiding overdrafts can be challenging, especially if you have automatic withdrawals. Earnin also offers members a Balance Shield feature, which sends out push notifications anytime your account falls below a certain amount. While most banks send low balance alerts to customers, Earnin allows members to choose to link to Cash Out, so that up to $100 will automatically be transferred into your account if it falls below $100 - and that's money from your own upcoming paycheck, with no fee.
Paying for everyday essentials like food, rent, bills and transportation are among the top reasons the Earnin community accesses their pay before their pay period. An internal Earnin analysis found that if community members made the same purchases but hadn't used Earnin, they would have