Taking the example above, if your essential costs did equate to 80% of your paycheck, you may want to allocate some of that remaining 20% to discretionary spending and not all put into your savings.

Despite earning an estimated combined income of $500,000 to $600,000 a year, Bill from San Diego admits he and his wife ...

Some 61% of Americans of all income brackets were living paycheck to paycheck as of July, with many citing nonessential spending as a major factor for their situation, according to a new survey.