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Harris-Courage & Grady, PLLC July 28, 2016

In today’s world, nothing is guaranteed. Health problems and job losses are all too common. If you’re one of the more than 50% of Americans living paycheck to paycheck, things would be pretty bad if something stopped that next paycheck from coming.

We want to help you eliminate this source of stress in your life. You can improve your financial situation!

Follow these steps to ensure that you and your family will be okay if something happens keep you from getting your next paycheck.

  1. Make a budget. To improve your financial situation, you need to know how much money you have and where you’re spending it. First, write down how often you are paid, and how much. Include your tax refund, as well as any other infrequent work or income. Next, list all of your expenses. Include fixed expenses, like your mortgage or rent, insurance, and car payments. Also list variable expenses, such as groceries, utilities, home and vehicle maintenance, and recreation. Once you have your budget, it will be easier for you to eliminate unnecessary spending from your life. Spending less than you earn is essential for financial stability.

  2. Examine your debts. Debts can feel overwhelming when you’re living paycheck to paycheck. If you feel like you will never be able get out of debt, consider filing bankruptcy to give yourself a fresh start. Eliminating your debt can also eliminate lots of financial stress and worry. Call our office at (855) 269-2889 to see if bankruptcy might be a good option for you.

  3. Start an emergency saving fund. You won’t worry so much about that next paycheck when you have some savings set aside. You don’t have to put aside a lot to get started. If you save only 50 cents every day, at the end of the year you’ll have more than $180. Make a commitment to saving something out of every paycheck, even if it’s just your loose change.

  4. Increase your income. There are endless ways to earn more money. Devote some of your spare time to a new income-increasing activity. Add your new income to your emergency savings fund, and see how quickly it can grow.

Changing habits to stop living paycheck to paycheck can be challenging, but you can do it. The first step is to decide to change.

The practical tips above can help you.

You can improve your financial security and reduce the stress in your life.