The Federal Minimum Wage increased on July 24, 2008 to $6.55. This raised the minimum wage by $.70. Approximately 2 million Americans make minimum wage. This results in approximately an additional $5.60 a day, $28 a week and $112 a month for a 5 day work week. An additional increase will occur next year and raise the minimum wage to $7.25 an hour. Twenty-three states including the District of Columbia have a minimum wage higher than the new federal requirement which affects approximately 60% of American worker and are: Alaska, Arizona, California, Colorado, Connecticut, Delaware, District of Columbia, Florida, Hawaii, Illinois, Iowa, Maine, Massachusetts, Michigan, Missouri, Nevada, New Jersey, New York, Ohio, Oregon, Pennsylvania, Rhode Island, Vermont, Washington and West Virginia.
The poor and middle class are greatly affected by the current recession. The minimum wage could not have come at a better time, however it is not enough. Many Americans are struggling just to make end meet and to buy basic necessities and have to use credit cards just to buy food and gas.
The average family is spending approximately $4,655 more on basic necessities such as food, housing and gas. Child care costs have also increased for those with children under age 5 to $1,508 a month and for after-care with older children to $622 a month.
Americans will have to find ways to reduce expenses and make their money stretch further. If you like to eat steak for dinner substitute it for chicken or fish, eat hotdogs and beans for dinner or breakfast food for dinner. Fix tuna casserole or other types of casseroles for dinner to save money on food costs. You can also shop at wholesale stores, buy items or sale, use coupons, carpool to work, shop at thrift stores or discounts stores such as Ross, Marshalls or JC Penny.
The key is to cut expenses in every area you can. You will have to make sacrifices to make ends meet but it is possible. Think of creative ways to save money by reusing items, holding a yard sale or bartering services with others who have businesses. It will take a lot of hard work and discipline to make it through these tough times but if you make it through you will know that you are a survivor. Good luck to you.
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