Stop Living Paycheck to Paycheck!

Ending the cycle of living paycheck to paycheck sounds like a dream come true, right? Having enough money to pay ALL of your bills on time, and even having some left over seems unattainable, am I right? Well, actually, I couldn’t be more wrong.

No matter what your job is, or how much you make, there are ways to end living paycheck to paycheck. I will illustrate these solutions in easy to follow steps that anyone can implement into their daily lives to better get their money in check, and stop this vicious cycle.

The first thing you need to do, is to get a handle on your current money situation. The best way is to write out all of your expenses, with a total amount, so you can actually see where the money is going. You can’t begin to save money until you see how much you are bringing in as well as what you are spending.

Once you have a number for total expenses, you can then move to the next step, which is cutting back your spending. I know, I know, this is easier said than done at first. You will need to start by setting obtainable goals in each expense category where you think you will be able to save money. For instance, keep your thermostat at a lower temperature and wearing warmer clothes can cut back on your gas bill. You could also pack your lunch or cut back on going out to eat to only on special occasions such as birthdays, holidays, or anniversaries.

In addition to your current salary, look for other ways to add extra cash to your income. The options for this step are virtually unlimited! You could look into getting a part time job, or apply for raises and bonuses in your current job. Also, although furthering your education and be looked at as an expense, this could be beneficial long term investment.

The final and most vital step to this process is to visualize a bright future for yourself. Living paycheck to paycheck is usually a temporary situation. Whether you are a student furthering your education or that a raise is on the horizon for you, keep reminding yourself this is temporary. It does get better, and won’t last forever.

What are you willing to do to end the cycle of living paycheck to paycheck?