Car insurance, rent, student loans, car loans, taxes. Seeing all of these bills stack up on the kitchen table can be a monthly, or even weekly, headache for many people who are struggling to stay afloat financially.
The 50/30/20 budget rule says that about 50% of your after-tax paycheck should go toward needs, like bills, 30% toward wants, and 20% toward savings and investments.
However, in an era when many are not being compensated enough to pay for basic necessities, living by this rule is not always possible. Foxbusiness.com reported earlier this year that 60% of Americans were living paycheck to paycheck in January 2023 and that household bills alone took up 42% of the average income of Americans.
CNBC reports that 45% of Americans have less than $1,000 saved, which they said they don’t believe would be adequate if they got into an emergency.
Couple this with intense inflation, and it’s no wonder so many across the country are struggling to not only provide for themselves, but for their families, like one mother of three who wrote to Item Santa.
“Please help me provide for my children this year on Christmas,” she wrote. “This year has been hard with work and being behind on my bills and rent.”
Through Item Santa, she hopes to be able to spread the joy and magic of the holidays to her little ones, despite economic hardships.
“I hope that you are able to give my three children a great Christmas,” she wrote.
Now in its 57th year, the Item Santa fund helps to make Christmas brighter for those in need. To donate, clip the coupon in The Item and mail it, along with your check, to The Item Salvation Army Santa, 85 Exchange St., Lynn, MA 01901.
There is also a way to donate online through the Salvation Army at http://itemlive.com/itemsanta
All donations are listed in Item print editions through the month of December and into 2024, along with a brief message from each donor, if desired.
NOTE: The application period for aid from Item Santa has closed and The Item does not process applicants. All questions about the program and distribution of gifts should be directed to the Salvation Army at 781-598-0673.
