Your Financial Security
Living paycheck to paycheck is stressful.
The end of the month is always met with empty fridges and emptier wallets. You pray that the car doesn’t break down, or the kids don’t get sick because you know that one setback could ruin you financially.
If this sounds anything like you, you aren’t alone. 43% of Americans say that they live paycheck to paycheck, with 27% of respondents with graduate degrees admitting that they wouldn’t have enough to pay bills if they missed a paycheck.
So, how do you get control of your financial security? Here’s some advice.
Do the math.
Figuring out your specific budget is the first step in your plan. Take what you earn in a month, and factor in:
- House bills (heating, electricity, etc.)
- Average grocery expenses
- Car payments
- Medical expenses, if applicable
- And any other essential expense
Once you subtract all of those, you’ll know exactly how much money you have to work with each month.
Figure out where you can save …
Are you fostering a caffeine addiction? Blowing money on alcohol or video games?
These non-essential expenses are great things to cut down on if you’re looking for ways to save money. If you’re serious about saving more, it’s good to consider saving these things for an occasional treat, rather than a regular expense.
… But don’t forget to have fun.
That said, you’re just as deserving of a treat as anyone else.
When you’re in the saving mindset, it’s easy to make yourself into a martyr, completely forgoing anything that brings you joy in the name of money. But this will often hurt you more in the long run.
If you’re miserable saving money, it will be all the more easy to convince yourself to quit.
So continue to buy the things that make you happy. Just make sure you do it in moderation.
Start putting aside money.
This may seem obvious, but it’s a step many people skip. In fact, 66 million Americans have no savings at all.
If you think you just don’t have the wiggle room to set aside money, think again. No matter what the amount is, any amount of savings is better than none.
Start small. Skip one of those non-essential expenses one day and put aside the $5 you would have spent on it. The next week, do that again. Eventually, all of those little savings will add up into something bigger.
Write things down.
We’ve talked before about setting goals on this blog. And this is one of the most relevant pieces of advice we can give you.
It’s not enough to just say, “I’m going to save money.” You need to have a clear, decided goal.
This is where writing things down come in handy. You’ll be able to look at your goal whenever you feel discouraged or unsure. It also makes sure that you know exactly what your goal is.
Want more financial security?
If you’re still struggling to save money, though, maybe it’s time for some extra help. Check out our Millionaire University for your next steps towards financial security.
With our help, you’ll never have to worry about how you’re going to make it until your next paycheck again. Join today!