Let's face it, today's economy isn't getting a whole lot better. Your wages may go up, but so do prices. The cost of living is soaring. Today, more than ever, many American's are living paycheck to paycheck. Many are struggling at or below poverty level in today's economy. Always just a paycheck away from losing their home, their car and everything they've worked for over the years. It doesn't have to be this way. There is hope. There is a future. Find out how as we explore the many ways we can save money, save our homes and more.
What is Living Paycheck to Paycheck?
Living paycheck to paycheck is just that. You get paid, pay the bills and live off of what's left over for the remainder of the pay period. Waiting eagerly for the next paycheck. Often this money isn't enough and people are struggling and going without. Juggling bills and paying one in one month and another the next month in order to keep the power on and the insurance in force. You may be one step away from poverty and homelessness. Poverty is becoming more and more common in today's economy.
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How to stop living paycheck to paycheck
Pay yourself first. I know this sounds difficult, but ask anyone who has money, and they'll tell you that in order to save anything, they have to pay themselves first. It doesn't matter how much at this point, just do it. If you can only put $5 into a savings account it's a start. Try for $6 on the next pay period and so on until you reach $100 per pay period. Adding $1 each pay cycle will make it seem easier and take less away from the over stressed budget. In time you'll adjust especially by increasing it in smaller increments. I know one lady that transfers the change from her checking account into her savings account every few weeks. It doesn't add up fast, but it does add up. If she continues on this trend, she will have managed to squirrel away a few hundred over the course of a year.