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Five years of coaching has shown me something alarming: getting out of debt and building savings is significantly harder now than in 2020. This isn't just perception – the numbers tell a powerful story of why so many feel financially stretched despite earning more than they did five years ago.

When COVID hit in 2020, stimulus checks and enhanced unemployment created a temporary cash flow that masked underlying financial issues. Fast forward to 2022, inflation skyrocketed to 8%, while income growth consistently failed to keep pace. The Consumer Price Index has outpaced wage increases every single year since 2020, creating a compounding deficit in personal finances. Most revealing? Consumer spending has increased by an average of 9% annually during this period – exceeding even the highest inflation rates.

Those small daily expenses that seemed harmless in 2020 now keep us trapped in financial cycles. That $6 daily coffee might not prevent homeownership, but at $1,440 per year, it contributes significantly to paycheck-to-paycheck living. Social media platforms and easy payment options like Afterpay have dramatically changed consumer behavior, making spending effortless while saving requires deliberate effort. Breaking free requires both tactical adjustments (examining every transaction) and mindset shifts (recognizing your worth and pursuing substantial income growth beyond standard 3% raises).

As a coach, I've seen more clients seeking personal loans, rate reductions, or even bankruptcy in the last 18 months than in the previous three years combined. The path to financial freedom in 2024 looks different than it did in 2020, but remains achievable with the right approach. Ready to break the cycle? Schedule a session through the link in the show notes – I'd love to help you create a personalized strategy for today's challenging financial landscape.

Danielle is a money coach helping those who have been trying to figure out their finances FINALLY create a clear plan so they don’t have to worry about waiting to refill their bank account the next payday.

She is the founder of The Financial Freedom Society on Facebook and her signature money coaching program, The Better Budgeting Playbook. You can sign up for her newsletter by clicking here.

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