Stop Living Paycheck to Paycheck Today in 5 Steps!
I’ve been there.
Looking at the bank account and having just enough money to pay the expenses for that week. Even worse, the feeling knowing that I am about to pay for the flat tire with a credit card that was quickly reaching its limit. ugh.
Living paycheck to paycheck SUCKS. Early in our marriage, we lived this way and thought it was completely normal. What do you mean you aren’t supposed to have just enough savings to pay your expenses? What do you mean I’m supposed to budget?
We didn’t stop there. We got stuck in the payday loan trap and started depending on those to “get ahead”– little did we know, we were actually just digging more and more into debt.
What if your next paycheck didn’t come next week or even take a month to arrive? How long would it be before you needed it or got into debt? Thankfully, there are some easy things you can do to stop the paycheck to paycheck cycle and reduce your chances of this happening.
Guess what? There is hope! 🙂 Check out the simple steps you can take to climb out of the debt and start living a better life with fewer money worries and more financial freedom.
Here are some tips that you can take now to secure a better financial situation and stop living paycheck to paycheck:
- Reduce your expenses.
Yes, this means getting rid of something but in reality, it might not be as much as you think. Paying for movie channels that you don’t watch? Get rid of them! You can easily save yourself $20-30 a month by doing this. Reducing expenses is an instant way to have more savings left over at the end of every month. Look at all the things you’re spending your savings on that you don’t really need. Do you spend a lot of money every month dining out? Do you REALLY need 2 cars?
Is your lease almost up? Can you move to a smaller house? Maybe even an apartment? Stick out living in a smaller place, once you have some emergency money in the bank, you can always move back to a bigger place after that lease is up.
- Make More Money.
There are a lot of things that you can do to make more money!
* Is it time for a raise? It is never easy to ask your boss for more money, but if you are a good employee you critical to the company’s success. Don’t underestimate your value.
* A part-time job isn’t a bad option and in some situations, this is a good idea. Maybe you can find some work to do at home in the evenings. Consider selling on Amazon (which is totally legit BTW) a lot of people make a full-time income working part-time, from home. There are more traditional options as well: Walking your elderly neighbor’s dogs, mowing their lawns or shoveling snow for them could bring in some extra income on a regular basis.
- Take responsibility.
Although your current situation may not be your fault, you should solve your OWN financial challenges at taking responsibility of your expenses. After all, no one can fix this for you.
*Do not spend time fixating on the past or blaming yourself. Instead, budget and take control of yourself and your situation! The more time you spend fixating on what went wrong, the less money you are making for your family.
- Decide that you and your family deserve better.
Sadly, a lot of people earn what they believe they deserve to earn and end up living paycheck to paycheck. Think about it, you wouldn’t take a job that paid half as much as you’re making now, because you know you deserve more. What if you thought in your heart that you deserved to earn an extra $15,000 a year? What would that do for your family? Change your circumstances, right?
You can be pretty sure that you’d be out there finding a way to get it and you wouldn’t stop until you did. It can be a challenge to stop living paycheck to paycheck, but the solutions are relatively simple. I challenge you to start implementing the practical tips above TODAY and enjoy financial freedom where you start experiencing a less stressful, more fulfilling life.
- Start a new budget!
Do you know where every single penny of your hard-earned money is going? Do you budget how you spend your money every month? If not, this is probably why you are living this paycheck – paycheck cycle! It’s okay if you aren’t doing this now. But it is critical to start as soon as possible.