Nothing is quite as frustrating, when it comes to money and saving, as not having money and having to wait from one paycheck to the next in order to have money but mostly just because you need to do so just to pay bills.
Living from paycheck to paycheck is rather common among the masses and that is apparent based on the fact that less than half of the population have a viable savings account. And by “viable,” that means zero dollars to their name, other than what they make every two weeks (or weekly) at work.
So how exactly do you break that chain in order to start having money saved or not worry about how your next paycheck could be your last?
For starters, if you don’t have a budgeting system, you should start one. But the real issue is that if you can’t save or are living paycheck to paycheck, you might be overspending. The easiest thing to do is see what you’re spending money on and start cutting accordingly. If you’re complaining you’re living from one check to the next or never have any money saved but yet still are getting bi weekly massages, picking up a new outfit at the mall every week or not ditching things like gym memberships, nail appointment or your hair done (or at the very least examine the trends of what you’re spending and how often), you’ve already answered your own question as to why you’re paycheck is your lifeline and the only money you have at your disposal.
And, in fact, you are disposing of it quite effectively.
The real issue centers on those who complain they don’t have any money yet have no plan put into place to save. The golden rule when you get paid is that you should pay yourself first, and while that sounds redundant, it simply means that when you get your check, put aside $50 for example and forget about it.
Few also want to disrupt life as it stands, and that means not wanting to ask the hard questions, like if you’re spending too much on housing or if that expensive car needs to be downgraded. Rather than struggle, why not start over? Pressing the reset button doesn’t mean you have to file for bankruptcy but instead rethink how you’re spending and why you need a $2,000 mortgage or a $600 car payment when half as much would mean an extra $1,300 per month in your pocket.
Asking the tough questions and making even tougher decisions is what can take the paycheck to paycheck burden right off your back and start you, more importantly, down the road of actually saving.
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