How to survive while living paycheck-to-paycheck
Reported by Liku Zelleke
Living from paycheck to paycheck is the reality for millions in the workforce. Sometimes, advice about saving and investing money to create wealth goes in one ear and out the other simply due to the fact that the money earned is gone as soon as it comes in. Many who are struggling financially even end up going into debt by paying for their essentials using credit cards.
Below are some ways to help survive while living paycheck to paycheck:
- Know your limits and try to live within them. Don’t spend all that you earn. Whatever you have left over, you should save.
- Cut back on things that aren’t an absolute necessity. As a matter of fact, if you look hard enough, you will find plenty of things that simply drain your account that you could live without.
- Settle all your debts and try to pay back more than just the minimum. If you have a bill you can cover in full, do so first. Next, look to pay off debts with the highest interest rates.
- Don’t forget that cents add up to make a dollar; and if you save all the pennies and cents that come into your pocket, you will one day be surprised at how much it will all add up to.
- Yes, you might be working a full day — and not getting very far. But what if you were to look for another way of making extra money? A quick online search should give you a huge selection of part-time jobs, online freelance gigs, and investment opportunities to choose from. If you look hard enough, you should find something that will allow you to earn cash outside of your regular work schedule.
- Always, always, always save money for retirement — you might be twenty years old today, but time really does fly. As you age, make your money grow by saving and investing it wisely — you won’t regret it in your old age.