Article by:
Anika | What Anika Says
Struggling to make the ends meet and looking for ways on how to stop living paycheck to paycheck?
Use these tips to manage your money effectively and build savings even if you are not making enough.
If you struggle to make ends meet between paydays, know that you’re not alone.
Recent economic reports show that the living paycheck to paycheck percentage is anywhere from 50-75% of the population.
It’s stressful, but many of us know all-too-well how to effectively live paycheck to paycheck — at least, as best as we can! But a brighter future is possible.
Even if you aren’t earning much each year, you can still manage your money, build savings, and stop spending every penny you earn. Sound good? Read on to learn how I stopped living paycheck to paycheck and saved my first $1,000.
What Does Living Paycheck to Paycheck Means?
Before we dive in any further, let’s first discuss what does living paycheck to paycheck means? It may hold a different meaning for different people.
But in simple terms:
You are living paycheck to paycheck if all your monthly income goes towards covering your monthly expenses and there is no money or savings left by the end of the month. Basically, you are making just enough to cover your monthly expenses.
How to stop living paycheck to paycheck
You can stop living pay check to paycheck and build up your savings using these tips:
Create a Budget
The very first thing you must do when figuring out how to stop living paycheck to paycheck is to create a budget and stick to it. You may think making a budget will be a hassle or sticking to it means you’ll never get to do or buy anything fun, but the exact opposite is true.
Unless you’re a personal finance geek, creating a budget probably isn’t that exciting. However, if you take a few hours to figure up your bills and necessities for each month and allocate your earnings to take care of those needs, you may be surprised by the many benefits. Read more...
Do you also run a small business or side hustle in another niche like automotive services? Here are a few helpful tools and resources:
To list your automotive business, click here
To sell your inventory, click here
To post your automotive event, click here
See other automotive businesses like yours, click here
See all upcoming automotive events click here
See how other automotive-related businesses showcase their inventory for sale, lease, or rent, click here
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