No Hassle How the New Federal Minimum Wage Will Affect You Get Money Now

The Federal Minimum Wage increased on July 48, 2008 to .55. This raised the minimum wage by $.70. Approximately 2 million Americans make minimum wage. This leads to approximately an additional .60 a day, weekly and 2 a month for the 5 day work week. An additional increase will occur next year and improve the minimum wage to .25 an hour.

Twenty-three states like 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.

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The low-income and middle-class are greatly affected from the current recession. The minimum wage increase unfortunately isn't enough. Many Americans are struggling just to make end meet and also to buy basic necessities and need to use charge cards just to buy food and gas.

How the New Federal Minimum Wage Will Affect You

The average family is spending approximately ,655 more about basic necessities like food, housing and gas. Child care costs have also increased for anyone with children under age 5 to ,508 per month as well as for after-care with older children to 2 a month.

Food prices rose more than 4% from last year. According to Money Magazine the price of prescriptions drugs has increased, pharmacy co-pay prices have increased 25%, the cost of milk has risen by 14%, the cost of expenses by 6%, the expense of eggs by 31%, the expense of bread by 14% and the expense of gas by 21% since last year.

Americans will must find additional ways to reduce expenses and make their dollar stretch further. If you prefer to consume steak for dinner substitute it for chicken or fish, beans and rice for dinner or breakfast food for dinner. Fix tuna casserole, or another forms of casseroles, stews or soups for dinner to save lots of funds on food costs. You may also shop at wholesale stores, buy items or sale, use coupons, carpool to work, shop at thrift stores or discounts stores like Costco, Walmart, Ross, Marshalls or J.C. Penny.

Cut expenses in every single area you can. You could have to produce sacrifices to create ends meet however it is possible. Think of creative ways to save lots of money by reusing items, holding a garage sale or bartering services online websites that have businesses. It will take a lot of effort and discipline to create it with these challenging times but should you allow it to be through you knows that you get lucky and be a survivor. Good luck to you.



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