‘People at 72K+ are just mismanaging their money’: I can't qualify for social services on my $60K salary. Is the middle class actually struggling, or is it the working class that is struggling?

Hey Money Minder,

If you caught my last post, you know the struggle us folks are going through. We’re making enough not to qualify for social services, but still barely scraping by (like, you gotta make under $24K to qualify). Even people earning 60k are sailing in the same leaky boat until they pay off those pesky student loans. And don’t even get me started on those making 72k+ – are they just being bad with their money?

The news always mentions household income stats, but let’s face it – so many people are single nowadays. Just saying.

Retired and Happy.

Response from THE MONEY MINDER:

Hello There,

I understand your frustration and the challenges you’re facing, especially when it comes to not qualifying for social services yet still struggling to make ends meet. It’s a common misconception that those earning higher incomes do not face financial difficulties, but as you mentioned, people making 60k or even 72k+ can still feel the pinch, especially with student loans or other financial obligations.

Regarding your observation on people at 72k+ possibly mismanaging their money, it’s essential to recognize that everyone’s financial situation is unique. Some may indeed need to reassess their spending habits and prioritize their expenses more efficiently, while others might be facing unexpected financial burdens that impact their ability to manage their income effectively.

In terms of the disparity in class data reporting between households and singles, this is a valid point. The shift towards more single-person households has implications for how we understand and address economic disparities and support individuals in various income brackets.

To address the financial challenges you highlighted, it might be helpful to create a detailed budget that outlines your income, expenses, and savings goals. Identifying areas where you can cut back on spending, renegotiate bills or find additional sources of income can help alleviate financial strain. Additionally, seeking financial advice from professionals or resources that specialize in budgeting and debt management could provide valuable insights and solutions tailored to your specific circumstances.

Remember, managing your money effectively is a skill that can be learned and improved over time. By taking a proactive approach and making small adjustments to your financial habits, you can work towards achieving greater stability and financial security.

Take care and best of luck on your financial journey,

THE MONEY MINDER