A Few Easy Tricks to Help You Stop Living Paycheck-to-Paycheck

Living paycheck-to-paycheck can be extremely stressful. It means always wondering what would happen if that paycheck didn’t come as scheduled and never having the opportunity to do anything “extra”. So how can you stop this cycle? Implement these tips ASAP:

• • Find a few big-ticket items to sell. Do you have a record player you never listen to? How about a garage refrigerator you only use at Thanksgiving and Christmas? Most of us have at least a couple things we could get rid of sitting around at home. Sell a few big-ticket items and put the money directly into your savings account to give you some cushion.

• • Get rid of unused subscriptions and memberships. Look through your monthly billing statement. Do you have a gym membership you never use? (you don’t have to tell anyone!) How about a magazine subscription for a magazine that always gets tossed into a basket you never dig into? Look for memberships and subscriptions you’re paying for every month, but won’t even miss if you stop. These expenses can really add up!

• • Set a goal. What are your financial goals? (If you’re not sure, we can help.) Write down your goals and keep those in mind when saving and cutting down expenses gets hard! At the very least, you should plan to have a few thousand dollars in savings in case something should go awry.

• • Create a budget you can stick to. The key to creating this budget is making it one you can stay on track with. Don’t make it so tight you can’t ever grab something to eat, or buy a new shirt. Create a realistic budget and then do everything you can to stick to it.

• • Schedule an automatic transfer from checking to savings. Would you really miss $50 from your paycheck each month? How about $25? Set up a recurring transfer from checking to savings so you’re building your savings without even thinking about it.

Living paycheck-to-paycheck is no fun! Take these small steps to get closer to financial freedom!